Financial Struggles, and How to Deal with Them

NOTICE OF LATE PAYMENT

Dear Mr. /Mrs. Doe,

“We are writing to inform you of payments which have not been received as of September 15, 2015. You are now 60 days past due. Please make your normal payment on the last bill received as well as an additional $29.00 late fee. This is an URGENT matter, and if not remedied within the next 30 days, y
our file will be sent to collection proceedings.”

 Your Bill is Ready!

Mr. /Mrs. Doe

“Your car payment is due on September 31st. Please make your payment on or before the 29th of the month to ensure processing your payment on time.”

In our adult lives, we all will receive one kind of the two example letters above. Most of us are just trying to make the most of what we have. The problem is that it isn’t always enough. Even when we think we have a steady consistency with how our money is moving, something big inevitably comes up. Whether the car breaks down, the fridge goes out, or you get a huge leak in the roof; your steadiness is disturbed. You feel like you are constantly returning to square one with this financial foundation that you so desperately want to get under control. You even start to tell yourself and even others, “This is just how life is these days,” and, “If I just made more money, everything would be fixed.” 

We as humans have this constant desire to want things. In addition to this, our culture is always tapping into this desire by advertising and promoting new products all the time. They not only promote the product, but they are also promoting the emotions status tied to these products. They make you feel like your high class if you have a luxury car, or they can make you feel like your “Lovin’ It” when you eat certain foods. So, not only are we being bombarded on our bank accounts, but also on our subconscious. Most of us are in a battle we don’t even know we are in, and we are losing. Most of us are in the middle class, and thus don’t have extra money to throw around at these material desires. Gone are the days of “Keeping up with the Joneses.” This is just not possible anymore, especially when the Joneses are living in a multi-million dollar mansion in the Hamptons.

I know by now you are thinking, “Yeah, well this isn’t me. I can control myself and manage my money.” This might be true, and if it is, I applaud you. However, if you are sitting there thinking you might have a small issue with spending money, then thank you for being honest with yourself. There is nothing wrong with having trouble with managing money. In my experience over the years, I would estimate 95% of all my clients have had some form of money struggles. The other 5% typically worked multiple jobs to keep up or had some form of independent wealth.

It is my hope and desire that with every post, our readers will learn how to fight against their financial struggles. Schools primarily do not teach very much in terms of money management these days. And unless you have the ability to go to college and get a business, accounting, or even a finance degree, it is very hard to gain these practical skills. It is time to change that.

See you next week!