Most individuals who are privileged
to attain a certain level in financial ladder attribute the act of
saving money as inherent quality, whereas to financial experts saving
money may not necessarily be inherent, but also attitude developed over
time.
The act of saving money is an enviable
quality which some individuals have failed to posses, though quite
dependent on various factors.
However, cultivating the habit of saving
money is a good quality that usually undergoes a gradual process. It is
not a spontaneous action where an individual could be perfectly glued
to saving money. It must be cultivated over time.
However, this quality could be
beneficial and help to strengthening the financial status of retired
individual who may not be able to earn any other income. With this, such
retired person could lean on the little savings that had been
accumulated over years by spending prudently.
Globally, saving money has always been
influenced majorly by poverty, misplaced priorities and the quest to
living a ostentatious life, among others, this trend making it quite
difficult to be to surmount unforeseen forces that could erode money in
once pocket.
Generally, low income earners and
poverty stricken individuals are always worried over making provisions
for the basic needs such as food, clothing, and shelter as a result of
the little or no income. With these needs confronting the set of people
that belong to this group the mindset of having little savings is
totally out of it.
Also, nobody will love to live a life of
penury, so everybody wants to live in luxury, which in most cases
conflicts with the relationship between income and expenses. If an
individual must get acclimatized with the act of saving, the need to
curtailing expenses cannot be overemphasized. This is in line with
setting priorities.
With the continuous invention of
technology growing from strength to strength, most individuals have
continued to misplace priorities which often deny them of making a
little savings for themselves. Mostly, the teenagers who are expected to
lay a good financial foundation for themselves for future have the
overriding ambition of possessing all the smart devices that will aid
their quest for technological innovations.
By: Justice Godfrey Okamgba
1 comment:
Nice article on finance
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