Is your bad habit holding you back? Like is there a significant impact on obvious financial mistakes on your bottom line. Is it something you can change? Are you willing to change? What is the predicted consequence of not changing over a sustained period of time and can you possibly cope with it?

I recently had someone who was almost destroyed by wrong financial choices. He had apparently been in debt for years to several individuals and a few companies. I didn't know this before giving him an emergency loan last November, but that came to bite me as the full extent of his financial indebtedness came to light. The tragedy was he earns more money than I do from his job, and no, he has no added financial responsibilities like a wife or child.

While I still don't know the full story on what caused his financial crisis, my major suspicion has been gambling. When I spoke to him last he blamed it on 'wrong financial choices' and refused to elaborate. I did lose a significant sum, but nothing I can't get back from. If anything, I have simply doubled down my stance on borrowing even further which is unfortunate for some really good people I may turn down in the future.

The lesson here is that we all know what is costing us financially, and what isn't good for us. If something is too costly we have the power to actually change and put ourselves on the right path. Some changes might be more difficult than others and may require seeking help. However, choosing to do nothing to the point where we become financial liabilities to ourselves and people around us from a bad habit is simply unacceptable.

I know this even personally. While not particularly destructive I did have the habit of spending money on a whim, and not being able to recall anything tangible I spent it on. My solution was getting a daily expense tracker that has really helped me put my expenses in focus over the years. Am in a much better place financially not necessarily because I earn more, but I manage my money fairly decently.

Basically when it comes to finances there isn't any compulsion to take anyone's advice because the consequences of being lax quickly arise and can be quite severe. I think every young person needs to get their financial routines and habits sorted out as early as possible in a way that doesn't build liabilities in the future. Bad habits that cost money have to go, and there should be no negotiations surrounding them.

Conclusion

I just watched LeBron James become the all time scoring leader in the NBA. That kind of achievement takes nothing but discipline, consistency and dedication. We all need such traits when it comes to every area of our lives, especially our finances

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