After working with numerous individuals and couples, I have declared three categories?
I typically don't like to put people in a box as it irritates when someone does me the same way. However, this gives you a clear understanding.
Keeping up with the Jones
People live outside their means and adopt the “by any means necessary” attitude. They value material items more than retirement plans, individual stocks and real estate. Most lack self control of their spending habits and thrive on looking like the “it” woman or man. They would do anything to be the center of attention and long for others to want to emulate their style.
A means to no end
These individuals work to spend money. Their paychecks are recklessly depleted on items but the monthly bills are barely met. Most realize they have a predicament with emotional spending. However, they desire to live outside the household budget. Once spending is realized and controlled, they have the opportunity to save, budget, and manage finances.
Limited functional well being
They are contemplating bankruptcy as a way out of their dilemma. They have splurged on items with credit and loans. They display lack of financial education about what it means to establish and maintain good credit. Unfortunately, they don’t have the desire to keep up with the Jones. Instead, they are attempting to keep up with the minimum to survive from the collection calls. Having lack of funds is indicative of displaying poor money management skills. Bankruptcy seems to be the only way out. However, with firm discipline, negotiation and consultation there is a light at the end of the tunnel.
Be inspired,
Bahiyah Shabazz
No comments:
Post a Comment