Good financial management || the way out of poverty

Greetings!

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One of those things that has been keeping us moving in life is money and there's no way we would talk about money that we would not talk about finance and this is because our day to day incomes and expenditures solely depend on our financial capacity and management.

But for us to be able to manage our finances very well so as to be financially alright, we must be literate about our finances and that's where financial literacy comes in.

One thing I have so far noticed in the lives of many is that they are poor and are in debt because of the mismanagement of their resources which if had been managed properly would have set them on high and freed them from perpetual debt.

The way people spend their resources recklessly these days can't be overemphasized. These days people spend on things that are not necessary and when this happens, you see them lamenting and complaining about the government not being able to stabilize the economy. Though, they may be right as to their complaints, but one thing is that, they too are part of those worsening the economy and even making life unbearable for them.

Just this morning, while I was having a discussion with my colleagues at work, we talked about the financial recklessness of some of our colleagues at work and how it is affecting them to make progress in life. Some of them are fond of collecting loans for no reason and by doing so, this has really rendered them incapacitated when it comes to their financial strength as most are wallowing in debt and abject poverty. All these are because they are not financially literate as they ought to be. Though, I'm not saying the loan is bad, but I believe it must be done with a special purpose that will bring more income to the person who takes it and not add to his or her burden.

Though, I too have found myself in the act of taking loans and spending recklessly before. Back then, I didn't have any priority as to what and what not to get. Back then, I used to take out loans to do shopping without thinking about my priorities or even on what my income could afford, no budget, no planning, no vision, no savings, no investment and no idea how I would even pay the accumulated debt and this really affected me and show how financial illiterates I was.

But, having seen myself not going far with that kind of financial instability, I decided to consult a financial who helped me through my financial recklessness lived life and with the expert advice, I was able to overcome my financial challenges and not only that, I was also able to have the adequate knowledge about financial management, budgeting savings and investment which has really built financial strength and capacity, but before then, I have been in the wilderness of poverty and lack and want.

So, to think right and live a life of financial breakthroughs, one needs to be disciplined and shun all those things that can put one's financial capacity and strength at risk and having done that, one should embrace good financial management skills that would be devoid of recklessness in spending.

So, to be financially literate, one should embrace and imbibe the good act of setting one's priorities right through budgeting, savings investments and in balancing the income with the expenditure, by doing so, financial breakthrough is around the corner.

This is my entry to week 167, Edition 02 of the weekly Featured contest in the Hive Learners community.

Thanks for reading.

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