There is no doubt that money really makes the world go around. Wherever we go, money is always needed to get by. It is the universal currency that allows people and societies to flourish and trade with each other. Without money, it would an understatement that the world will go into a crisis. Thus, it is no wonder that a lot of people have developed weird habits and issues with money. And if you have symptoms of these weird issues, then you might have a problem with your money management skills. And with how valuable money is, it is very important that proper management is implemented for you to separate the necessary from the unnecessary purchases. Always remember that money is a double-sided blade, it can manipulate you and take control of your life.
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Now, without further ado, here are 5 of the weirdest money issues people have that you should avoid.
- Hoarding
The most popular and common bad habit that people have with their money is hoarding. Money hoarding, simply put is, keeping or stockpiling all your money for a long period of time without using it. You see, there is no benefit in hoarding money for long periods of time as money generally loses value over time due to the inflation rate. For instance, a million dollars might buy you a building today, but after a year or two, the building’s cost will increase to 1.2 million dollars. Thus, if you have hoarded your million dollars for two years, you have actually lost 200,000 dollars of value during that time frame. Better yet, put your money in a savings account as they will earn interest to help absorb the effects of inflation rate rather than hoarding them.
- Impulsive buying
Impulsive buying is another bad habit with money that most people have. Impulse buying is the act of buying things on a whim. And in most cases, these things are those that are unnecessary to you and will have no effect or benefit to your daily life. And as impulsive buying grows, your expenses will only grow and will affect the budget for your necessities or worse, will result in unnecessary debts and interests.
- Avoidance of Financial Obligation
Another weird habit that people develop with money is the avoidance or neglect of their financial obligations. This habit, if not corrected in its initial stages will definitely cripple one’s finances or even force them to bankruptcy. You see, it is to be understood that as a person earns money, it will also result in financial obligations in different forms. It is a natural flow of the society that allows it to flow and function. Thus, avoiding temporarily will not eliminate your obligations, it will only prolong and in the end, will come crashing to you like a storm.
- Financial Enabling
Financial enabling is more common to parents who spoil their kids too much to the point of financially enabling them. Financial enabling is a mentality that allows the person to think that money naturally comes their way without working for it. It is like giving your kids a luxurious life that costs millions of dollars per year without them earning even a fraction of it. And upon your death, they will be shocked that their demand for money will not be met because their supply – you, has been depleted.
- Extreme Frugality
And last on our list of weird issues that most people have with money is Extreme Frugality. Extreme frugality is simply being extremely frugal. Yes, being frugal is a good trait as it allows you to prepare for the rainy days and the unknown future, but to be extremely frugal to the point of living way below your means? That is a red flag that you should address. Preparing for the future is a good thing. However, if it means sacrificing your present, then it is a big mistake. Always remember that investing in the present will give you a brighter future.
For more common bad habits and money issues people have, visit https://www.moneymozart.com/money-disorders/.
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