Reasons for personal financial accountability?

[ColdLava40]

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.

2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.

3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.

4. It builds financial confidence in hustling continuously.

How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.

2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.

Thanks for reading through, and what are your opinions regarding personal financial accountability?.

[1714869144]

1714869144

[1714869144]

1714869144

[1714869144]

1714869144

[franky1]

yep.
taking emotional control of your finances is priority.
EG
instead of saying "dont blame me, blame my boss, he doesnt pay enough" (denial, evasion, deflection, avoidance, ignorance)
say "even if i go super frugal, money is still tight, its time to look for a better job"

that way you are not shifting blame, doing nothing and staying in the problem. but instead recognising the problem, evaluating different solutions and making decisions (even if its just hypothetical planning thoughts)

emotional control is prime because if your not ready mentally then it wont help you to motivate yourself physically to do whats needed
taking economical control of your finances is next.
EG
actually audit yourself, write down your income and then look over last few months of bills and expenses and get the min, max and averages
actually look into whats a needed bill vs a wanted luxury. tally up wasteful spending and note how much you could have saved.

then you can realise is it really your income the problem or spending habit the problem
taking exertive control of your finances is next.
EG
actually take physical actions to remedy the solution by trying things.

[Text]

In my view, personal financial accountability is not only about surviving but also about thriving. It enables individuals to set and achieve financial goals, whether it be saving for a significant purchase, investing in education, or planning for retirement. It empowers people to take control of their financial well-being and build a foundation for long-term success.  It is not just about managing money. It’s about taking control of one’s financial future and making informed decisions that can lead to financial freedom and security. It’s a lifelong journey that requires continuous learning and adaptation. This practice is practical and fosters self-discipline.

[Adreman23]

In my neck of the woods, Ive been noticing folks who take out loans from banks with sky-high interest rates for their businesses. Now, instead of handling those funds wisely, considering its money they borrowed, you see them living the high life. strutting around like they own the place. Well that kind of flashy lifestyle eventually catches up with them, and they end up drowning in debt, watching their businesses go down the drain. Its downright crucial to show some restraint in spending, especially when youre dealing with borrowed cash. Then there's another group thats just not on the financial accountability train. You know, those who come into money without breaking a sweat, like through inheritance. In my opinion, it's key for folks to step up their personal financial accountability game. That's the ticket to growing whatever resources they've got and ensuring a brighter future for their families.

[Poker Player]

It is not clear to me. Do you mean financial accounting?

Financial accountability: being responsible with your finances.
Financial accounting: keeping track of your finances.

Anyway, I think both are important and it's difficult to be responsible if you don't keep track, so it would be a previous necessary condition.

[Helena Yu]

You don't have to use so called strategy.

The key is always try to looking a way to increase your income, try to lower your monthly expense, think few times before purchase something and keep DCA-ing Bitcoin. Sooner or later you will become rich, the problem is only the consistency.

Someone: It's hard to increase my income.
Me: Who said it's easy?

[naikturun]

In my view, personal financial accountability is not only about surviving but also about thriving. It enables individuals to set and achieve financial goals, whether it be saving for a significant purchase, investing in education, or planning for retirement. It empowers people to take control of their financial well-being and build a foundation for long-term success.  It is not just about managing money. It’s about taking control of one’s financial future and making informed decisions that can lead to financial freedom and security. It’s a lifelong journey that requires continuous learning and adaptation. This practice is practical and fosters self-discipline.

I agree that even though someone is comfortable and calm because they have enough money to survive for decades, they still carry out development and discipline to continue to develop and grow because they are used to doing that.

[Sebas.tian]

Financial accountability bring freedom that will make you to be responsible in your action to ensure you take a good step to a particular investment that will bring income at the end of the investment. Persona accountability create atmosphere of boldness to make a right choice that will make others people to follow your choice base on what you have achieved before or what you are going to achieve in that particular choice you made when the right time of earning appear. It helps investors not to spend their wealth anyhow than to look for potential investment to invest and have confidence of making something different that will increase your wealth.

[btc78]

yep.
taking emotional control of your finances is priority.
EG
instead of saying "dont blame me, blame my boss, he doesnt pay enough" (denial, evasion, deflection, avoidance, ignorance)
say "even if i go super frugal, money is still tight, its time to look for a better job"

If for instance, the government is not really doing anything to improve its citizens’ livelihoods then you can definitely blame the government but just blaming them would not be enough and as sad as it is most likely it would take a long time before you see any changes or improvements if there would be any

We all get challenges in life and we can’t stay depressed about it we also need to find ways how to make our lives better regardless of factors we can’t control 

[0t3p0t]

Failed to establish personal financial accountability will surely end us broke  or miserable as most of us prioritize wants rather than our needs. We should keep on tracking our finances put a limit on it though being responsible is not that easy specially for people that has this mindset or habit called "one day millionaires" but yeah it's worth trying for our own good.

[AVE5]

Personal financial accountability is undisputable to all individuals because you have all the constitutive capacities to decide how you would manage your finances.
You are indebted to your financial conscienceness to determine your the values of your goals and expenditury, the balls is at your Court to decide your bankrolls of conveniences or inconveniences without anyone to be blamed.
On a short note, personal financial accountability assumes that you are the principal official responsible and in-charge of your financial status.

[Fortify]

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Accountability happens to be an important figure that indicates how well everyone makes use of the resources they have in their possession. Don't be surprised that some people who earn very decent amount still struggle to survive due to the inability to give proper account of how they've spent their money.

Below are the few reasons why personal accountability is important
1. It fosters self discipline in the areas of spending. Accountability sometimes teaches us how to restrain ourselves from our wants.

2. It creates room for investment through wise decision making. In this scenerio, we often consider investment rather than squandering funds.

3. It encourages the regular checking of financial growth, which help us to monitor our earnings and expenses.

4. It builds financial confidence in hustling continuously.

How to practice financial accountability
1. Be truthful to yourself. Certainly, no one knows you better than you know yourself. Your decision to spend right is for your own benefit and not for others.

2. Have an innovative or conservative mindset. By having an innovative mindset, we tend to invest on our own ideas, while by having a conversative mindset, we tend to save our money like some Bitcoin hodlers do.

Thanks for reading through, and what are your opinions regarding personal financial accountability?.

At some point in life everyone has to get a grip on their finances, otherwise you'll be entirely dependent on other people and they may eventually vanish. It's also too easy to "live in the moment" but building up a future is also important, because you need to feel like there is something to look towards and have a safety net for tougher times. Nor is that safety net going to appear instantly overnight for most people, it's something that can take years and decades to build up, so you should start as early as possible. It's no good getting to 60 years old without a plan, because at that point you will struggle and I'm not sure you deserve all that much sympathy when you had a long time to prepare.

[Fuso.hp]

Accountability may seem like a bad idea, but because of this accountability comes the calculation of whether the person spent the right amount of money in the right place. For example, if I send the janitor of my house to go shopping, he must give me an account of where and how much money he has spent. He must give me a list of the prices of the products in the market along with his travel expenses so that I can understand how much money he spent in this market. This calculation will help me know if I am using my money properly.  Earning money is difficult so it is our responsibility to use money properly. Even if we earn a lot of money, we will not be financially sound enough if we spend money unnecessarily.

[ColdLava40]

It is not clear to me. Do you mean financial accounting?

Financial accountability: being responsible with your finances.

This is what i mean. Checkmating your spending lifestyle.

You don't have to use so called strategy.

The key is always try to looking a way to increase your income, try to lower your monthly expense, think few times before purchase something and keep DCA-ing Bitcoin. Sooner or later you will become rich, the problem is only the consistency.

I don't know if all these sounds like a strategy from your point of view, which it doesn't to me. They are facts that lavish spenders can't figure out due to various reasons.

I am quite aware of the DCA method, but it unwise to categories everything using the DCA method. Finance is broad, so let's generalize it because other people make their money outside Bitcoin.

Earning money is difficult so it is our responsibility to use money properly. Even if we earn a lot of money, we will not be financially sound enough if we spend money unnecessarily.

That's it. It's very clear from being selfish to oneself.

[tabas]

That's true that nobody gives an f on what you're doing but as long as you're bringing food to your family's table, that's all that matters and we all survive all day long. Having financial accountability and being a responsible person with finances, this is not just going to be your goal and end game. Soon, you're going to think of your family and the generation that's going to enjoy your wealth. Some may think that it's a boring life that you're working hard with finances and being accountable to what you do just for your heirs to enjoy it. Well, we've got different views on this one but that's how the other and former rich folks did.

[Dunamisx]

It is normal and being professional when you spend money and were being able to be accountable for what you have used the money for, when we spend money, then it must be accounted for, if not then it is believed to be wasted, just as we know that we have needs and wants, what we use our money for should be base under the category of order of preference, some things are more important than the other to be taken care of.

[bangjoe]

The importance of accountability as a tool to track your income and expenditure activities to make it easier for you to update your finances so that they can be managed properly. And this will indeed help you overall if you are looking to control your finances so that you can project what you will buy or whatever in a matter of a month or even daily.

Then create the 4 points that you consider important OP, you can do that well if you have good accounting too. But this will be difficult for those who have no income. LOL

[lovesmayfamilis]

We are taught to live according to our capabilities and not according to our needs; this sounds everywhere. But unfortunately, it isn't easy to adhere to such a strategy constantly. This is where loans arise, and the more people receive them, the more desires for something new arise.
The problem is that not all the things and desires that we are willing to spend money on are what we need. In psychology, there is a way of presenting your feelings after receiving what you want. And statistics say that after virtually experiencing moments of imagined “happiness,” people admit that everything they wanted before is unimportant now.
Therefore, before making financial plans, you need time to understand the importance of having something in your life that you plan to give your money to.

[icalical]

I think most people will finally realize they need to have personal financial accountability where they lack of money. Talking from my experience when I was on my peak income, I tend to less care about my spending, especially on my youth. I buy many things that I don't need, but as expected those much of income will not last forever. My income decrease, I need few months to adapt with that and in those adaptation time I struggle to meet my daily needs, and in those time I realize that I need be more accountable and careful with my money.

[Fiatless]

As day and night keep occuring, hustling to meet our needs is not negotiable as long as we still have an interest in living. Whether working hard or working smart, the primary and secondary goal is to have something that can aid our survival at the end of the day. No one is interested in how you made your money, just get your basic needs and live your life.

Many people might not be concerned about how you made your money but I am very interested. Society might have become materialistic but there are also people that uphold integrity and decency. But like OP said, all these hustlings are geared towards survival, however, we will not uphold criminal activities because we want to survive.

Thanks for reading through, and what are your opinions regarding personal financial accountability?.

Your position OP is very valid because we need financial accountability to survive in this present economic condition. Our ability to focus only on our major needs based on our income is important to survive the financial pressure. Some persons are indebted because they are not truthful to themselves. They prefer to live fake lives so that they can please people. They go to the extent of taking loans to buy new cars or live in big houses because they want to show off. Such a kind of life will only lead to depression and disgrace because many of them might not have the means of paying back these loans.

Being creative and innovative is important because it could help us to cut costs and even create alternative sources of income. Innovation can make you creatively substitute a very expensive product for an affordable one. It could also assist one in diversifying his skills to other areas that is lucrative and high-paying.