Experts' Corner

guru forex ask

Always be yourself ... do not go out and look for a successful personality and duplicate it.

  • Tom Burke
  • Posted Articles: 6
  • Last Posted: 2017-07-28 10:57:14
    • Guru StarsGuru Stars

Managing Finances and Money Perspectives

2017-05-19 11:00:21

How does our view on money shape the way we manage our finances? It can simply prompt us to spend wisely or excessively. We hear several successful and disastrous money management stories. From these accounts, we can pick up something which can help in our financial decisions. This is called money scripts in finance and this can greatly influence our judgment when handling money. Here are certain viewpoints on money and finances.



Avoiding Money



Some people tend to hold a not-so-positive perspective on money and prosperity. They primarily assume they hold no right to earn a considerable amount of money when other people suffer adversities or good ones do not store hefty riches. Whilst this concept is deemed valid, it can deter you from saving money for the rainy days, making long-term plans, or making a budget.



Being Vigilant about Money



It sounds a bit competitive. These people tend to presume they should keep their potent weapon to earning a considerable amount of money. This is an acceptable principle to live by. However, it can make a person too frugal, to the extent he will spend a portion of his money to sustain his daily life. Having a closed communication on money matters, as well as not discussing and learning from these can limit our knowledge about money management and hamper personal and professional growth.



Holding Money Stature



Imagine Keeping Up with the Joneses. For those who hold this mentality, their net worth depicts their true self. These people do not buy a product unless it is new or the majority of poor people do not deserve the opportunity to amass wealth. Be mindful of this line of thinking as it can lead you to incurring debt in order to make yourself look like a rich person. This won’t help you become wealthy and select the best investment options.



Lauding Money



Somewhat similar to the second ideology, but worshipping money like a master prods you to think that it can improve life. Having additional money can be useful if you have a limited budget to have decent food and shelter. Money does not define a person’s happiness. And anything excessive is dangerous to your wellbeing.