4 don’ts to follow to succeed with money
ARE you conscious on how you spend your money? The moment we’ve garnered consciousness in this world, we have been made aware that there are rules to live by. As infants, our parents told us not to put our hands in our mouth, as toddlers, we were often restricted in touching things that we might break, and as soon as we started going to school, we were constantly told to be nice and to not fight with the other children in our class.
The list goes on even until adulthood. Do’s and don’ts have become a constant in our daily lives. But it seems like the don’ts appear to be more convincing to most people. No wonder most of us are inclined to follow them better.
When it comes to our finances, we may have encountered a lot of lessons and step by step to do’s in order to be successful but since we just ruled out that, the don’ts may have a different level of effect on us, let’s see if doing the don’ts can give us a clearer picture of how we can succeed in our finances.
1. Don’t exceed the ability to pay back within a month
The ultimate way to be successful in our finances is when we are able to make ourselves debt-free, and the No. 1 cause of being in debt is the inability to pay back what needs to be paid.
Take for example the cases of credit card holders. A lot of credit card holders consider their credit cards as “extra money” when in reality it really is not. Anything that is something that needs paying back in the future must be treated as something that can be paid back today.
Just because credit cards can come in handy doesn’t mean we can just spend away and consider this money disposable. Credit cards, when not taken care of, can be the supreme reason for debt. Credit cards are not villains in the financial world, it’s when people mismanage them that becomes tricky.
– Land Bank, trustee;
– RCBC, market maker; – Metrobank, Multinational Investment Bancorporation, PCCI and RCBC, broker specialists.
(Disclosure: This writer is an Independent Director of Bank of the Philippine Islands and two of its wholly-owned subsidiaries – BPI Asset Management and Trust Company and BPI Direct BanKo.)
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