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7 Excuses Most People Use To Avoid Financial Responsibility

7 Excuses Most People Use To Avoid Financial Responsibility

We would all love to be millionaires. But let’s face it, most people never make it that far. Most of us stall somewhere around the middle class. And that’s not too bad considering the fact that half of the world’s population lives in poverty. Our culture values money and possessions — almost to the extreme. This fosters a ‘keeping up with the Joneses’ (or Kardashians) kind of mentality. People want to be rich — or at least look like they are rich. Because of this, many people make irresponsible choices when it comes to their finances, and many of them make excuses for it. Here are seven of them:

1. I always scream, “YOLO!!!!” (You Only Live Once).

I’m not sure if most adults have heard this ‘Yolo’ term, but it’s one that kids tend to be using these days: “You only live once!” And that is true (unless you believe in reincarnation). But while that term implies living life to the fullest and embracing the moment, that way of thinking can get you into trouble of you don’t think about the consequences of your actions. If you rack up a pile of debt so big that you will have to spend the next 10 lifetimes paying it back, well, maybe you shouldn’t ‘live in the moment’ quite so much.

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2. I need to impress everyone.

This is deadly. As I said in the opening paragraph, many people do have this need. However, what is the point? Just because you don’t live in a huge house or drive a fancy car doesn’t mean that you aren’t successful. In fact, I bet most of the people who do own all the ‘rich-looking’ stuff are really drowning in debt. Wouldn’t it be better to live in a modest house and drive an average car knowing that you can sleep at night because you are not drowning in debt? I think that sounds like a better option.

3. I don’t think money is important.

If you’re thinking, “Money isn’t everything!” then you are probably being financially irresponsible. Of course money is important! But if you think that it isn’t, then you have an attitude of carelessness. If you don’t think money is important, then you won’t pay attention to how or where you spend it. And this lack of attention will get you into trouble.

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4. I can just live off of credit cards.

You do realize that at some point you will have to pay that money back, right? And you will probably have such a huge balance that you will never pay it off. So then you might think, “Well then I can just declare bankruptcy. No big deal.” Well, guess what? Not only does bankruptcy ruin your credit for a very long time, the debt just doesn’t magically disappear. Someone pays for it. And who is that? The rest of us. The companies you don’t pay will have to raise their prices to make up for the loss — higher prices that we all have to pay. Or maybe taxpayer money will go into paying off your debt. However it works, it all comes down to one thing: not taking personal responsibility.

5. I’m already in a ton of debt, so what’s a little more?

That attitude is what got you into the mountain of debt in the first place. Little by little, one small purchase after another adds up to one big mess. It’s kind of like eating a whole birthday cake in one day, bite by bite. Each bite seems harmless. But as you slowly eat your way through the whole cake, suddenly you ate just that — a whole cake. Remember that each step along the way stacks on top of the last and eventually they add up.

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6. I can’t invest my money — I might lose it because it’s too risky.

True, any investment is risky. However, if you are investing for retirement or for your children’s college tuition, then that is a very good reason to take the plunge. As the saying goes, “Nothing ventured, nothing gained!” So if you are avoiding a strategy that could grow your money into a nest egg in the future, then maybe you should rethink your actions.

7. I like to buy things on credit because I can take a long time to pay them off.

This is like the ‘lay away’ mentality, but you actually get to enjoy the thing you bought. Yes, a house usually takes 30 years for most people to pay off. Cars take around five years. Those are normal purchases that we expect to have to pay over time. However, those are necessities. Some things you buy probably aren’t. If you find yourself thinking, “Hey, it might cost $5,000, but the payment plan says I only have to pay $20 a month…so apparently I can afford it!” Well, maybe you really can’t.

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Financial responsibility is really the same as personal responsibility. You just need to be self-aware enough to know that your actions have consequences, not only for yourself, but for other people as well.

More by this author

Carol Morgan

Dr. Carol Morgan is a communication professor, dating/relationship and success coach, TV personality, speaker, and author.

Learn the Different Types of Love (and Better Understand Your Partner) How to Become a Motivational Speaker and Influence Millions of People Why It’s Okay to Hit the Wall and How to Overcome It Fast Are You In a Verbally Abusive Relationship? (And What to Do About It) 25 Pieces of Empowering Relationship Advice for Women

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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