The subject of money is delicate for many people. Until you run out of money, you may not even know how bad you are at managing it! After all, when fashionable items are widely accessible, spending is simple. It’s time to get smart before you find yourself down in debt. These 12 signs can help you identify whether you are a bad money manager.
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Burning Friends by Asking for “Emergency” Money
The first sign is constantly burning your friends “by asking for emergency money based on some fake story.” Worse, you ask for the money knowing too well you will never repay it.
One user writes, “I had a friend do this exact thing. He borrowed money from a different guy and told my buddy that paying him wasn’t as important because he’s ‘well off.'”
You Only Know the Monthly Payment
Another sign is if you can’t tell how much something costs and are only keen on the monthly payment. Ignoring the interest rates costs you money, and some “companies ruthlessly take advantage of this.”
Purchasing Inventory at Retail Price
Who purchases inventory at retail price with the hope of making cash out of it? You guessed it, someone who makes terrible financial decisions.
Can’t Pay Rent on Time, but Never Misses a Night Out
If asked to choose between spending your money on a night out (or buying a new car, iPad, going to concerts, or something else you love) and paying rent, and your first instinct suggests going out, you will forever be in debt and hold a bad credit score.
Can’t Buy Kids’ School Shoes but Has Custom Rims and Wheels
Also, if buying your car’s rims and wheels (or alcohol, expensive clothes, tattoos, eating out, etc.) is a priority and not your kid’s needs, you are terrible with money.
One trained teacher says, “Parents who have what they want and a child without necessities = neglect. This is a sign of potential abuse of children.”
Having Premium Things With a Minimum Wage Job
How does one afford to buy “top of the line everything” while working a minimum wage job? High chances are there are numerous credit cards involved, incurring more debt.
Expensive Car in the Low-Rent Apartment Complex Parking Lot
“I live in a lower, middle-class neighborhood,” writes a user, “There is a McLaren, a Maserati, BMW i8, and a G Wagon here, all MSRP at 6 figures.”
Making Impulsive Decisions Right After Getting Paid
Yes, if your mind immediately gets into making impulsive decisions after getting paid instead of sticking to the budget, you have money problems.
A post reads, “(It’s) weird how the break room is almost always empty at lunchtime on payday. Everyone has been bringing their lunch all week, but on payday, it’s just me and one other guy most of the time.”
You Own a Bored Ape NFT
“They were the most popular NFTs for the few months that NFTs were a thing. People paid ridiculous, absurd amounts of money for them, and now they’re worth about 10 beanie babies,” writes a commentator. So far, Bored Ape NFT has lost over 90% of its value.
You Are a Part of Mlm
“The MLM mind virus is scary to watch,” reveals a user. And it’s because all MLM agents glorify it as an easy source of income while, in truth, it robs your money, time, and decency.
Carrying Long-Term Balances on Credit Cards
The interest charged on these long-term balances is exorbitant and “will eat you alive,” but people with poor financial decisions have no problem with this. “It (interest) accumulates so fast!” says a user.
Getting Into Debt to Buy Luxurious Products Online
Sadly, “the vast majority of luxury customers aren’t millionaires. They are regular people who earn below 6 figures.” The decision to get luxurious products without the money to fund the lifestyle gradually sinks them into debt.
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