The Reasons for Financial Failure

Article Title: The Reasons for Financial Failure (Updated)
Author Name: Craig LocknLine Space: 65 characters
Category (key words): Financial Success, Personal Finance, Money, Money Management, Financial IndependancenWeb sites: http://www.craiglockbooks.com and http://www2.webng.com/write
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Other Articles: http://www.selfgrowth.com/articles.html n(self help, words of inspiration, writing, internet marketing and articles on managing your hard-ea
ed money)

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"We share what we know, so that you and your money may grow."n *
THE REASONS FOR FINANCIAL FAILURE

"Money can't buy you happiness. But it helps you to be miserablenin comfort."n- Woody Allen

Why do people not achieve financial success?

Reason One: Lack of knowledge: or more specifically, a lack ofndesire to gain knowledge. Make the effort to read aboutnfinancial matters and you will learn. Many people don't knownwhere to go for unbiased advice so they do nothing.

Reason Two: Failure to set plans. Did you know that only 5 nperopcent of the population sets goals and only 2 percent has anynform of written goals? Their actions have a sense of purpose:nthey are results oriented, they are motivated, they arenpositive. They are life's winners. Without a plan, it is easynto drift aimlessly, and live from day to day. If you set goals,nyou will know what you want to achieve.

Reason Three: Inefficient use of time and poor work habits.
Time is like money - you can spend it or invest it in buildingna better you by self-development. When you waste time, you arenwasting yourself. Plan your day - what do you really want tonachieve today?

Reason Four: Lack of foresight. Achievers can look beyond thenimmediate and into the future. Although some may see you
visions as dreams, do not forget that you have to have a dreamnto make a dream come true. Unless you are fortunate enough to benleft a legacy, the only money you will ever have working fornyou is what you save and invest. People with vision cannmultiply their income by investing in growth investments. Worknfor your money, then make your money work for you.

Reason Five: The need to conform. Dare to be different! Don'tnbe afraid to take calculated risks. The people who make bignmoney are the ones who do the opposite of what everyone elsendoes - sell when everyone else buys, and vice versa.

Reason Six: Poor debt management through excessive borrowing.
Many people have poor spending habits and having no budget. Ifnyou borrow to buy things that lose value, with interest paymentsnyou pay much more for the article than it cost initially.n(Especially new cars, furniture etc.)

Reason Seven: Lack of desire as a result of a poor attitudenabout acquiring wealth. A bad attitude has caused more personalnproblems than anything else. What we expect to happen usuallyndoes. Successful people are optimists, while unsuccessful peoplenhave a pessimistic attitude . Block out negative thoughts andnstereotypes and mix with successful, positive people.

Reason Eight: Inadequate protection against unforeseen events,nsuch as the loss of a home due to natural disaster or the deathnor disablement of the bread winner. Adequate protectionn(insurance) against these events is vital to financial success.
Not being properly covered has wiped out many potentiallynfinancially successful people.

Reason Nine: Lack of discipline. Most people find it difficultnto save: it is easier to say yes than no. Those who lackndiscipline to say "no" will find financial success annimpossible achievement. Many people are easily led bynadvertising and the easy availability of credit.

Reason Ten: Procrastination. Many people put off a savingsnprogram until it is too late. Young people have a wonderfulnopportunity and advantage because they have time on their side.
The reasons people give for not starting a savings program arenvaried, and many are genuine. People in their 20s are justngetting started in life and want to enjoy themselves bynspending on cars, stereos etc. People in their 30s have youngnfamilies and mortgages. People in their 40s say things are toughnwith kids to put through college and unexpected medicalnexpenses. By the time people reach their 50s, it is too late:nthere's no time left to accumulate capital through the magic ofncompound interest. A convenient time never comes.

So what better time to start on your road to financial successnnthan

TODAY?

Craig Lock ("Information and Inspiration Distributor")

About the author:
Craig Lock has been involved in the personal finance field for many years before becoming a writer. This extract is from Craig's "The Mad Money Book" - a simple guide for everyperson in understanding and making the best use of your money.
Written in a light and humorous style. nhttp://www.craiglockbooks.com and http://www2.webng.com/write
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