Author: Paul Michael / Source: Wise Bread
There are many factors that determine whether or not you’ll be successful at managing money throughout your life. But of those many factors, your personal habits and character traits are perhaps the biggest.
If you look through this list and see yourself on here, it’s time to make some changes; the sooner the better, in most cases.
As we all know, time is money. The longer you wait to make the change, the more you have to lose.These types of people will never truly win at money.
1. The procrastinator
A big offender in the money game is the procrastinator. These are the people who put off until tomorrow (which never comes) the most important money decisions and actions. For example, it’s tough to set a budget and stick to it. A procrastinator will always find a reason why they shouldn’t do it just yet.
The fact is, everyone should have a budget, whether they’re just out of college or ready to enter retirement. And speaking of retiring, procrastinators also put off saving for that. The longer you have money in a 401(k) or IRA, the more compound interest works in your favor. And so the list goes on — procrastinating on everything from a savings account and college fund, to paying off debt and investing in the stock market. There’s always plenty of time for these folks.
Of course, their lack of action always catches up with them. Don’t be a procrastinator. Set your goals today, and start checking them off. Establish that budget. Open a savings account. Invest in yourself. You’ll be so glad you did. (See also: 7 Biggest Ways Procrastination Hurts Your Finances)
2. The denier
Deniers go hand-in-hand with procrastinators, although in most cases, they’re even worse. Deniers bury their heads in the sand and refuse to admit they have any kind of financial woes. Credit card debt? No problem, it’s all free money anyway. No money to pay the bills? They’ll find some extra cash next month and pay double. No emergency fund? Something will come along to bail them out of a tough spot. The pattern goes on.
You probably know at least a few deniers. Even when you give them subtle hints, they don’t take them. Sadly, it can take a major life event, such as a layoff or a medical emergency, to bring them to their senses. And if you recognize some of these signs in yourself, it’s time to take action. Talk to a financial adviser. Look at the unopened bills piling up on the counter. You can’t solve any problem until you admit you have one. (See also: 7 Warning Signs You’re In Debt Denial)
3. The leech
Leeches are only in it for short-term gain. In the long run, they end up being burned off the person they’re sucking dry, and they’re left for dead.
The problem with a money leech is that they can be the nicest people. They’re friends and family. They’re people you’ve known all your life. But they are usually only nice to you when they want something, which in most cases is cold, hard cash — and then they leech away until that supply is depleted.
Leeches see only targets, and they do not have a plan for creating their own sustainable supply of wealth. If you have a leech stuck to you, the best way to help is to scrape them off. Let them know that they cannot have money, but you’re there to help in other ways. If you’re reading this and thinking, “Uh oh … I sound like a leech,” then you’re already…
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