Reasons for personal financial accountability?

[harapan]

There's no doubt,Financial accountability puts an individual in charge of  his/her financial affairs.Accountability is crucial for anyone who Wants to be in charge of his/her finance.

Personal financial accountability helps you to be informed of the right steps to take at all times.Some persons find it difficult to manage their finances and as  a results end up with a wrong ideology or conclusion of what money means.

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[bluebit25]

First is to the individual, but followed by responsibility to the community. Think about people with better positions in society, they are always the ones who contribute with great responsibility. I see that for individuals, adapting in life is not a difficult story, if we make efforts, opportunities always exist. Maybe some situations in life seem challenging to many people, but if you think positively, relationships in society do not seem to exist by accident.

While each person is aware of their own responsibility, I believe we are all aware that we are one, a group living on the same planet. Going back to the story of financial responsibility, because it is also an issue where there are no common standards, each individual has their own life and they need to perfect it, so sometimes prejudice or judgment from the outside world makes each person unaware of what responsibilities they need to do.

[Churchillvv]

I'm not going to dispute the fact that financial accountability is very important but one thing believe so much is that time controls everything we do in life.

Even with your financial accountability it doesn't matter, if you're not keeping to time, it is the most important of all. if only you can adhere to time then you will be making better decisions on financial management, like you know this time is not for buying but accumulating more money it will perhaps be the best decision than follow all the financial accountability rule yet fail.

[Kelward]

Thanks for this educative topic, it's very true that without financial accountability people can become recless in their expenditures and the aftermath will be bankruptcy which can lead to being broke and end in poverty. You have provided very helpful tips to achieving financial accountability, above everything that you mentioned, discipline comes top, because without it all the others can be meaningless. What I can add to it is that to sustain our capital so that we don't run into depts or broke after being financially accountable is to live bellow our income, without this we'll keep running into dept that can lead to poverty..

[Mpamaegbu]

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.

In other words, "man know thyself". You're right OP. Until people stop doing things to show they've arrived, they aren't going to stop spending unnecessarily. Those who mostly do such aren't shrewd in their thinking and the end result is often debts and bankruptcy or regrets. Once people begin to realize that they aren't in competition with anyone, such display to please financially will cease.

taking exertive control of your finances is next.
EG
actually take physical actions to remedy the solution by trying things.

That resonates well with me. It was in the bid to try out something new that led me to Bitcoin and then I stumbled on this forum. The rest, they say, is now history.

[_BlackStar]

In the past – I was a person who was bad at managing finances. I don't care how much I spend in a month as long as it takes - but since the pandemic until now I have started to make changes that have resulted in significant progress for myself especially in managing cash inflow and outflow. We are all aware that we will not always earn the same income throughout our lives - that means we need to make preparations about the importance of managing expenses and increasing more sources of income.

Saving, investing and not spending on things that are not really important is the best way to practice. At least this can help us gain a sense of financial security in the long run even if our sources of income dry up for some time. Learning good financial management is important - hands-on practice is a must.

[South Park]

Thanks for this educative topic, it's very true that without financial accountability people can become recless in their expenditures and the aftermath will be bankruptcy which can lead to being broke and end in poverty. You have provided very helpful tips to achieving financial accountability, above everything that you mentioned, discipline comes top, because without it all the others can be meaningless. What I can add to it is that to sustain our capital so that we don't run into depts or broke after being financially accountable is to live bellow our income, without this we'll keep running into dept that can lead to poverty..

Being responsible about our own finances has never really being optional, it is just that many people are just realizing this is the case now, people have become so dependent on the governments for their own survival that they have forgotten what it is like to take control over their lives, and one of the most effective measures which can be taken to remedy this is to take control of your finances, because if you can reduce your expenses, and then use any spare money to invest and do so for decades to come, when the time comes for you to retire you will do it under better conditions than most people that earned the same amount of money during that period of time.

[arimamib]

First is to the individual, but followed by responsibility to the community. Think about people with better positions in society, they are always the ones who contribute with great responsibility. I see that for individuals, adapting in life is not a difficult story, if we make efforts, opportunities always exist. Maybe some situations in life seem challenging to many people, but if you think positively, relationships in society do not seem to exist by accident.

While each person is aware of their own responsibility, I believe we are all aware that we are one, a group living on the same planet. Going back to the story of financial responsibility, because it is also an issue where there are no common standards, each individual has their own life and they need to perfect it, so sometimes prejudice or judgment from the outside world makes each person unaware of what responsibilities they need to do.

That is the role of individuals in contributing responsibly to society, especially those in better positions, brings attention to the idea of social responsibility. People need to have a resilient and proactive mindset, which can be crucial in navigating various situations. The relationships in society are not accidental that reinforces the shared responsibility we all have in creating a harmonious and supportive social environment.

The life of each person is unique that has each own financial responsibilities which could be different to each others. The external judgment or prejudice can indeed sometimes cloud the understanding of individual responsibilities. There should be a nuanced understanding of personal responsibilities and the need for empathy and non-judgmental perspectives in assessing people's choices and actions.

[KingsDen]

In the past – I was a person who was bad at managing finances. I don't care how much I spend in a month as long as it takes - but since the pandemic until now I have started to make changes that have resulted in significant progress for myself especially in managing cash inflow and outflow. We are all aware that we will not always earn the same income throughout our lives - that means we need to make preparations about the importance of managing expenses and increasing more sources of income.

Saving, investing and not spending on things that are not really important is the best way to practice. At least this can help us gain a sense of financial security in the long run even if our sources of income dry up for some time. Learning good financial management is important - hands-on practice is a must.

Learning financial management is not easy. It is a discipline that takes discipline to learn. Just like telling investors or gamblers to only gamble with what they can afford to lose. As we all know, this does not always happen. It can be said that it takes as much effort as it takes to make money in order to learn how to manage the money. Personal accountability is necessary to the financial growth of an individual. I had one tried to be personally accountable but it did not end well because of inconsistency. This year I should honestly try to learn personal accountability again and implement it because in the previous years I had spent so much that I needed not to and could not also track my spendings. I have read from a financial expert that the two sure ways to be financially comfortable is to earn more, if you cannot earn more at the moment, you have to spend less. Relating this to myself, I am unable to earn more at this moment but I keep spending more which is a very bad habit.

It is time we begin to adhere to the instruction of economics and what actually propelled my decision to reapply the person accountability is your statement that "We will not earn the same amount of income throughout our lives".

[NewRanger]

Saving, investing and not spending on things that are not really important is the best way to practice. At least this can help us gain a sense of financial security in the long run even if our sources of income dry up for some time. Learning good financial management is important - hands-on practice is a must.

Well, that's what we most often fail to do, the dominant thing being that if we already have some funds, we often forget to set them aside for saving and investing and the reason is also very rational, it's not enough for our monthly needs.

Being responsible about our own finances has never really being optional, it is just that many people are just realizing this is the case now, people have become so dependent on the governments for their own survival that they have forgotten what it is like to take control over their lives, and one of the most effective measures which can be taken to remedy this is to take control of your finances, because if you can reduce your expenses, and then use any spare money to invest and do so for decades to come, when the time comes for you to retire you will do it under better conditions than most people that earned the same amount of money during that period of time.

If he works for the government but has an entrepreneurial mentality, he just needs to apply for a business loan from the place where he works. So it was also an opportunity to develop the business he had started previously. as long as the management is appropriate and on target and in the end the business runs smoothly and the loan is paid off and the worker retires later without a loan.

[hugeblack]

Responsibility is what drives us to work daily more than passion. Unless you have responsibility and awareness of the necessity of improving your life, working daily will be enough to pay for personal expenses, but if something happens or you are fired from work, your life will turn 180 degrees. Therefore, you will know the extent of your financial ability in the event of economic problems. Not when you have a job and a stable life, so take the initiative to prepare for the black day before it happens.

[jasonjm]

Financial management is necessary for a secure future. It is important to have emotional control in your financial management strategy. A person should take responsibility for whatever decision he makes. You should have a proactive approach to solving your financial problems.
It is important to manage your finances and spend less than your income; for example, if you are earning $4k a month and your expenses exceed your earnings, you are in big trouble, so you should make a budget for your expenses to save more. Without budgeting, it is difficult to keep track of spending, financial management and accountability.

[Rockstarguy]

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.

I think both are important to keep when we are talking about personal finances. Financial accounting and accountability helps one to know how money is being spent, this can also help to be financially discipline not to spend money on necessary things that does not have value. Financial accountability helps in drafting a better budget of managing money.

It is impossible for one to be able to save money without considering abd bring financial accounting and financial accountability in the the equation if personal finance. To be able to have a bigger financial plan for the future it is important for one to give attention on how money should be spent.

[CODE200]

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.

Totally agree, I've seen people that are going on and on with spending their money on stuff that they don't need or will get bored after a month as a result of the culture of rewarding themselves for every time that they do something that they should've been doing normally. Maybe if the people wake up and stop doing all of this things and start being responsible, maybe we can see something different happen to our financial status, I know that it's not the only factor but I do believe that it's one of the big factor that can help someone become financially well off.

[dothebeats]

The main reason should be because you wanted to be financially literate and potentially be in control of your future without having the need to work your back until you're in your 60s. Once you know these things and are hyperaware of them, everything will follow for you in terms of financial gains. It's a huge step, but something that is extremely helpful only if people paid close attention to it.

[arimamib]

The main reason should be because you wanted to be financially literate and potentially be in control of your future without having the need to work your back until you're in your 60s. Once you know these things and are hyperaware of them, everything will follow for you in terms of financial gains. It's a huge step, but something that is extremely helpful only if people paid close attention to it.

People empower themselves to make informed decisions about their money by developing financial literacy, potentially avoiding pitfalls and making choices that contribute to their long-term well-being. The idea that financial gains follow when there's a keen awareness and understanding of one's financial situation is a powerful motivator.

Financial success becomes a byproduct of intentional and informed financial management. It's not just about earning more, but it's also about optimizing the use of the resources you already have. People gain a level of control that can positively impact their present and future financial well-being, because they become more accountable for their financial choices,

[el kaka22]

I believe that we are not going to end up with financial accountability all that easily because most people feel like they are missing life when they do that. I understand the "concept" of it, living bigger than your income, it is something way too common and the main reason for the high debt we have in all people, because people do not want to just live the life they can live without making a debt, that is much worse, life that you can get with a bigger debt amount is better, and that is why we are doing worse.

But if you really want to get debt, get it for something that would make some profit for you, that would be a lot better for you in the end. I hope that we could do something that may end up with a much better return eventually and learn it.

[Natsuu]

Being on top of your money game is a big deal. Whether you hustle hard or work smart, the goal is to secure what you need to survive. Personal financial accountability is like your money GPS because it keeps you on track. It helps you resist splurging on wants, pushes you to invest wisely, and keeps an eye on your financial growth. Just being real with yourself and having a flexible mindset, whether it's saving like a Bitcoin hodler or investing in your own ideas, sets the tone for financial success. It's your money, your life so make it count

[Jatiluhung]

Personal financial accountability is clearly necessary and even must be possessed by everyone if they want to be a person who can achieve success. Because without financial accountability, everything will become out of control. And that is why there are still many people who always rejoice when they are young and complain when they are old. Because they do not understand the responsibility and good use of financial ownership that they must have. Observation and evaluation are also needed. To measure and analyze and so that it is easier for us to see what things need to be improved. Budget reductions and additions or similar can be planned well thanks to good evaluation. The most important thing is to be more disciplined in managing your finances. And financial accountability is indeed needed in this case.

[Helena Yu]

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.

Obviously it's not a strategy, the reason why most of people can't change their habit is they use so called strategy which they weren't used to be like that. Using a strategy make  you life under pressure, this is why when people try to use strategy which they believe it's good for them, they quit it because they didn't feel happy.

The mistake of lavish spenders is the lavish, they had figure it e.g. why they need to spend for $500 to eat in restaurant when they can order or make it by themselves which only cost $30.

If they make money outside Bitcoin, they can convert it to Bitcoin. DCA-ing Bitcoin make you to hedge against inflation and the possibility you can earn is big than other assets.