Ignore Financial accountability to your detriment

[Marvelockg]

If we are interested in making the best use of our earnings and investments, the place of financial accountability can't be overemphasized. It is one of the major reasons why some people will have lots of money in their account this month and the next month you see them struggling with finance.

 When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter. It is one way that helps you plan well for your future since you can probably work on setting a particular amount out of your income that will probably go into short or long-term investment depending on what you want to achieve.

If you've not figured out how to hold yourself accountable financially, you shouldn't even think about making any real investment because it won't take time before you exhaust all the money in your hand and take your investment immediately. It involves discipline, proper planning, and the ability to stick with your plan. Big firms do it and if you take it seriously, even though your income might be little, the proceeds of the income will amaze you.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

[TEBTC]

Accountability in life is key to the success of any body, a man who is not accountable to himself can't make much progress in life even if he has millions in his account
Financial accountability is very necessary for any serious minded individual

[alastantiger]

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

In terms of financial accountability, after I have set for myself realistic financial goals, I look for a significant other and make them my accountability partner.  I have several accountability partners for several goals. Usually they are people with proven financial record of success or life success. I engage them to hold me accountable and provide words of encouragement. My accountability partner provides both the needed support, push and feedback to i desire to sustain my financial discipline as I progress towards financial goals.

[Spaceman1000$]

If we are interested in making the best use of our earnings and investments, the place of financial accountability can't be overemphasized. It is one of the major reasons why some people will have lots of money in their account this month and the next month you see them struggling with finance.

 When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter. It is one way that helps you plan well for your future since you can probably work on setting a particular amount out of your income that will probably go into short or long-term investment depending on what you want to achieve.

If you've not figured out how to hold yourself accountable financially, you shouldn't even think about making any real investment because it won't take time before you exhaust all the money in your hand and take your investment immediately. It involves discipline, proper planning, and the ability to stick with your plan. Big firms do it and if you take it seriously, even though your income might be little, the proceeds of the income will amaze you.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

Money is a very powerful tool, if well managed it will spring up to something wonderful, that is why there are lay down rules and procedures to effectively use money. Budgeting is a pivotal instrument for money accountability, it gives you the pathway to spend your money either within weekly or monthly basis, every multinational company you know have a budgeting system so that they don't spend extravagantly, however they still create a space for miscellaneous, so that any expedition that comes up outside the original budget, that expedition will fall under miscellaneous.

[Coyster]

Making the right financial decisions is very crucial to ones financial life, i learnt early enough that getting rich is not the problem, but staying rich is; you can be earning quite a lot of money, but someone who earns half of what you make could be well richer than you. It sounds common, but a lot of people lack financial intelligence and accountability, and i advise that people lacking in it should read finance books like Rich Dad Poor Dad by Robert Kiyosaki.

Having said that, the most important factor isn't in what you earn, but how you make the most of what you earn, so that when you actually get that big break and start earning a lot of money, you already know how to keep and grow it.

[Stepstowealth]

When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

It is not just this, there are many reasons why a rich person can suddenly become poor sometimes it is also as a result of poor investment decisions. If you make poor investment decisions even with your accountability, it is capable of making you broke and that is a mistake that some rich may make in trying to get more money and cement their status as wealthy, they may rush into making poor investment decisions that may have bad consequences for them.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter.

In a country where there's a very poor economy, it is difficult to practice financial accountability especially when you have relations, loved ones and close family members depending on you for financial assistance. This is a challenge some of us face.

[Richbased]

I tell people that every one is accountable for how they choose to go about with their finances but we should know that there are times when where we solidly depends on fails us and leaves us in disarray but however, proper financial planning is very important in the life of every individual because basically, every one needs money to survive more especially in this current state of economic crisis and instability.

In the quest to acquaint oneself with a better financial atmosphere, sorting out an alternative to our financial inputs is required because one cannot be too dependent on one source of income for a living and when one's finances are coming on a regular, proper investment strategy is needed in other to have a steady financial engagement in the future so inasmuch as the income is coming regularly we should endeavour to make a proper investment planning no matter how little our income is.

[Ben Barubal]

If we are interested in making the best use of our earnings and investments, the place of financial accountability can't be overemphasized. It is one of the major reasons why some people will have lots of money in their account this month and the next month you see them struggling with finance.

 When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter. It is one way that helps you plan well for your future since you can probably work on setting a particular amount out of your income that will probably go into short or long-term investment depending on what you want to achieve.

If you've not figured out how to hold yourself accountable financially, you shouldn't even think about making any real investment because it won't take time before you exhaust all the money in your hand and take your investment immediately. It involves discipline, proper planning, and the ability to stick with your plan. Big firms do it and if you take it seriously, even though your income might be little, the proceeds of the income will amaze you.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

Money is a very powerful tool, if well managed it will spring up to something wonderful, that is why there are lay down rules and procedures to effectively use money. Budgeting is a pivotal instrument for money accountability, it gives you the pathway to spend your money either within weekly or monthly basis, every multinational company you know have a budgeting system so that they don't spend extravagantly, however they still create a space for miscellaneous, so that any expedition that comes up outside the original budget, that expedition will fall under miscellaneous.

     And having money is not easy to come by these days, and we know that people need it. That's why if anyone is strategic in life, for sure he will not be hungry. And there are also many options if we know how to choose things that we can afford.

    Because if not, we won't get what we want in life, for sure. It is in our hands whether our lives will be good or not, so we have to be accountable for everything.

[electronicash]

When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

It is not just this, there are many reasons why a rich person can suddenly become poor sometimes it is also as a result of poor investment decisions. If you make poor investment decisions even with your accountability, it is capable of making you broke and that is a mistake that some rich may make in trying to get more money and cement their status as wealthy, they may rush into making poor investment decisions that may have bad consequences for them.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter.

In a country where there's a very poor economy, it is difficult to practice financial accountability especially when you have relations, loved ones and close family members depending on you for financial assistance. This is a challenge some of us face.

the dependents should have been helping the person they depend on as well. it's harder to be financially stable when there are people always waiting for your help and you will be dragged along when they are not helping themselves. financial accountability is too broad and teaching them to be independent is part of it. if you keep them dependent on you, it will be a bigger problem when they are used to it.

in some cultures, the wife manages the finances and the husband is just there to talk about priorities but its the partner's accountability and decision.

[Dr.Bitcoin_Strange]

With the current situation of the economy in the world today, anyone who is not financially accountable for their income might be faced with some financial challenges. In this current time, the cost of living is very expensive, and so many people are not finding it funny; a lot of people are just managing to survive. Even some people who used to be very rich are not finding the economic situation friendly anymore. So, this is even the time when people have to be very conscious of every dollar they spend because when one doesn't spend wisely, he or she might end up in debt or face other confusing states. 

For example, there was a day I went to the market to buy some food stuff. I did not make a list of things I wanted to buy, so I was just picking randomly and paying. Before I realized it, my pocket was already empty, and I looked at the bag I was carrying. Only a few things were inside, while I had not bought all the things I needed. So, I was not really convinced that I actually spent all the money on the few things I bought already, so I went back home and did a proper calculation before I actually believed my eyes; otherwise, I was feeling that I lost some money, but I did not; things are very expensive. 

I do advise people to also spend wisely and always make a budget before spending. 

[Fortify]

If we are interested in making the best use of our earnings and investments, the place of financial accountability can't be overemphasized. It is one of the major reasons why some people will have lots of money in their account this month and the next month you see them struggling with finance.

 When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter. It is one way that helps you plan well for your future since you can probably work on setting a particular amount out of your income that will probably go into short or long-term investment depending on what you want to achieve.

If you've not figured out how to hold yourself accountable financially, you shouldn't even think about making any real investment because it won't take time before you exhaust all the money in your hand and take your investment immediately. It involves discipline, proper planning, and the ability to stick with your plan. Big firms do it and if you take it seriously, even though your income might be little, the proceeds of the income will amaze you.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

It's some very sensible, if largely generic, advice that you've put together. Most people who have earned and accumulated their fortune will know how hard it is to hold on to money, it is often the people who inherit or come into it through seemingly lucky series of events who are most liable to lose it easily. Financial planning is often not taught too well in schools, or at least it wasn't when I was younger, but is imperative to finding happiness and success in life. Every stage we move through involves people trying to unlock money stored in your wallet, whereas sensible people can detect these money leaks and keep them restrained. It doesn't mean pinching pennies, but you can sure aim for value for money and not waste cash frivolously.

[BlackBaron]

If we are interested in making the best use of our earnings and investments, the place of financial accountability can't be overemphasized. It is one of the major reasons why some people will have lots of money in their account this month and the next month you see them struggling with finance.

 When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Being financially accountable entails that you delegate what your income would be used for and ensure you follow it up to the latter. It is one way that helps you plan well for your future since you can probably work on setting a particular amount out of your income that will probably go into short or long-term investment depending on what you want to achieve.

If you've not figured out how to hold yourself accountable financially, you shouldn't even think about making any real investment because it won't take time before you exhaust all the money in your hand and take your investment immediately. It involves discipline, proper planning, and the ability to stick with your plan. Big firms do it and if you take it seriously, even though your income might be little, the proceeds of the income will amaze you.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

It's some very sensible, if largely generic, advice that you've put together. Most people who have earned and accumulated their fortune will know how hard it is to hold on to money, it is often the people who inherit or come into it through seemingly lucky series of events who are most liable to lose it easily. Financial planning is often not taught too well in schools, or at least it wasn't when I was younger, but is imperative to finding happiness and success in life. Every stage we move through involves people trying to unlock money stored in your wallet, whereas sensible people can detect these money leaks and keep them restrained. It doesn't mean pinching pennies, but you can sure aim for value for money and not waste cash frivolously.

A scientific concept that we never learn in school, can only be obtained from the mouths of business people. Even at school we are never taught how to earn money and see opportunities. I agree that financial accountability is very influential in managing income and determining attitudes towards the money we have. I have to admit, I learn a lot from this kind of advice.

[dothebeats]

Financial accountability is something that not everyone gets until it's late. Not everyone is serious enough to do their finances responsibly, and would rather leave things as is rather than fixing it. I have a few friends who became addicted to loan apps in order to buy luxury goods. They were managing it for the first few months, but eventually weren't able to pay off their debts and have gone into hiding from debt collectors.

Many people are getting blinded by the easy money offered by loan apps, but they don't have the guts to face the repercussions of their actions. These companies are luring the masses to make financial mistakes and profit off of the tears of these people.

[Iroh]

It can never be reiterated enough about how important the need to be financially responsible. Individuals who aren’t financially responsible simply cannot make and go through with a set plan. The money set aside for such plans would be squandered on something else putting the plan on hold indefinitely.
We’ve just got to make better financial choices.

I think people who actually worked hard and long for their bread won’t eat it all in one bite. While literally anyone could be financially irresponsible, I would say a good percent of people who came into money either by inheritance or winning the lotto and didn’t put in any work for it tend to be irresponsible about their finances.

[Natsuu]

Yeah. Making the most of our money starts with being financially accountable. It's what separates those who thrive from those who struggle. Ever seen someone go from rich to poor overnight? Lack of accountability could be the culprit. Planning where your money goes and sticking to it is key. It's like setting aside cash for short or long-term investments and a game-changer for your future. Without it, investing is like throwing darts blindfolded. Big firms get it and so should we. So let's get serious about managing our money or else we'll learn the hard way and that's no fun

[bluebit25]

Yep, this is an important skill needed for stability and success in life. By taking the time and effort to manage your finances, you can achieve your goals and create a strong future for yourself and your family. IMO, financial accountability is not just for the rich and anyone can apply these principles to improve their financial situation.

Discipline and planning are key elements of financial accountability, regularly evaluating your financial situation and adjusting your plan as needed. And if you have difficulty managing your finances, seek help from a professional or experienced person.

[shinratensei_]

agreed with this some people are just not that good at financial management that they are overspending whatever income that they have and that causes them to be losing their wealth quite fast enough.
investing should be followed up by proper planning of growing the capital, compounding is one way to achieve greater height of capital growth that could make us become more and more wealthy.

the people that don't grow their capital even though investing they instead take whatever the profit to buy something they desired while not necessarily important to have like sports car, etc will definitely find themselves in a hard situation where they just gonna be losing their wealth overtime.

growing capital is essential if someone really trying to make themselves financially independent, saving up right now for comfortable life later on.
unfortunately, majority of people don't really conscious about this and just overspend thinking that you only lives once even though thats true not necessarily mean its justified to just waste our money.

[Troytech]

Anyone who doesn't or isn't financially accountable is quite irresponsible, cause there must be a limit between what to spend and what to save in your income, funds must be kept aside for emergencies and for reserves and other necessary kinds of savings, but if your financially irresponsible you would rather engage in worthless spending habits and end up having no investment, insurance or even any back up funds.

It takes a level of disciple to be able to say no to thigns like spending, its not an easy task to stop those kind of habit if you already got them.

[Fiatless]

When you see a rich man who suddenly becomes poor or an average man who never grew above his current financial state, it's basically because they possibly weren't accountable for the money that was coming into their hands.

Many factors can cause a rich man to lose his wealth besides financial accountability. Wrong business decisions, loss of job or contract, shacks or scams, health problems, government policies, natural disasters, conflict or war, etc could destroy the wealth of the most prudent people.

If you don't take your financial accountability seriously and want to allow everything to fall into place by chance, you will learn a hard lesson the bad way.

Spending without a plan or having a budget is one of the reasons why people mismanage their money. Financial accountability is the ability to use funds in a manner that you can give a detailed report of how you spend the resources. Funds shouldn't be spent recklessly because we are not accountable to anybody.

We should know that we must account for our wastefulness or prudence in the future. I know a cousin who was lavishing all he earned as a seafarer on clubbing and women. He failed to enrol for advanced courses in his field while other staff spent money and upgraded. The company later did a staff evaluation and laid off all staff who didn't upgrade their knowledge. Today, he is still unemployed and looking for a means of going back to the marine academy.

[Porfirii]

Thank you for the reminder OP. I don't know how common it is in real life, but every time I see a tv programme on how to manage family funds, the cases are really incredible, especially those from the USA. Those people don't save, they spend all the money they earn and, even worse, they get credit as if there were no tomorrow.

I can't understand that mindset, maybe because I grew in an environment that encourages accountability and they didn't. What do you think? are these cases so unusual, or are they really that common?