Ignore Financial accountability to your detriment

[Jawhead999]

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.

There's nothing like that, they won't manage your funds because you can't even pay their salary (read: your income is little). It's only for the rich because they can afford to pay the salary and they have a lot money which they don't have time to manage it. Financial accountability need to start from yourself instead of trusting to whom you don't know the reputation.

You're correct everyone needs financial accountability, there are many old athletes and public figures who become poor right now because they can't manage their money.

[Silberman]

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.

Most people are like that and they always come up with excuses about why they behave the way they do, but they do not change their ways, so it is not surprising that when people finally retire, they get surprised by the low amount they receive as a pension and discover that now they have to live with that amount for the rest of their lives, but if they had saved their money over the years, they will be in way better shape and they could have kept their current lifestyle without too much of a problem.

[Samlucky O]

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.

Financial instability is caused by lack of proper management of finance due to one reason or the other. Most time spend extravagantly because they have multiple stream of income forgetting that the stream may dey up some day, and the amount generated from the stream would have become a bed Rock by investing from it. Many also want to start enjoying the fruit of there labour while the fruit needs to be planted. After eating the fruit which would have been planted to bear doth fruit they end up not having a fruit or a tree that will bear a fruit to eat. That's is what makes many people go broke. Because of not knowing the right time to strike.

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.

Yes. any money that comes to a man's hand should supposed to be a slave to work out another money. Money is like a stranger, if not properly handle with care in the first visit, next time it will not come any close.

[Volimack]

Financial responsibility must be taken seriously as one can never improve without being financially conscious. Before you can get rich you must first know what your financial house is like. When you know what your financial house looks like it will be easier to start your journey to financial independence. It can be said that the first step in this journey is to know the financial house well. Also when you budget your expenses you will find that there are many unnecessary expenses that you can eliminate if you want.

[Dailyscript]

Financial responsibility must be taken seriously as one can never improve without being financially conscious. Before you can get rich you must first know what your financial house is like. When you know what your financial house looks like it will be easier to start your journey to financial independence. It can be said that the first step in this journey is to know the financial house well. Also when you budget your expenses you will find that there are many unnecessary expenses that you can eliminate if you want.

This is the hard part. Trying to eliminate unnecessary expenses. There are things that we are addicted to which will take quite a long time to het rid of. Some habits as well is now like a traditional things in life. Another thing that is hard to resist is responsibility. I meant the extended family responsibility. Where you have to be taking care of Expenses when it comes, including your personal expenses. Such thing decreases the growth of an individual since they have to think of other and themselves especially when the individual is not yet financially stable but struggling.

[tabas]

Many of the middle class that came from having nothing are wiser but it doesn't mean that there are no people that won't commit any mistake. The problem with those reckless people that every payday, they already have allocation for it for pleasures and stuff that they have never done when they were poorer and young. There's the inner child of most of them that want to buy and do things that they weren't able to do in the past and so they allocate their salary on it because they will just have another payday after 2 weeks or so. While the rich always becomes richer, they know how to take care of money and they practice delayed gratification and that they want to invest their money instead of buying the wants that they need. It's normal to start with some pleasures to enjoy your money but you don't have to all in what you've got and still have that portion bigger for your long term plans than short term.

[|MINER|]

Wasting money never brings anything good in our life. Financial wastage should be prevented by all of us. As soon as money comes, we should separate money for daily use from it and then save the remaining money.  Everyone should practice saving because life is uncertain without saving.  Many rich people have become worse off because of reckless living.  Everyone should have a little plan to manage life properly. Because unplanned life is the same as careless life.

[Jegileman]

Great advice OP, and i will say this is one of the best financial advise that everyone should be aware of and know how to practice in order to be financially accountable for their earnings as well as spending. Having a table, just like a scale of preference in economics, will be a big heads-up to be financially accountable to your income and how you spend them. Spending lavishly without putting it into something profitable will only make you become poorer in the end. Before taking money out for spending, it is necessary you already jot down what they will be used for in order to be accountable for them in the future or when coming to balance the account. Everything has to do with addition and subtraction and when you understand what you are getting at, you won't have any problems when accounting for used money.

[boty]

Great advice OP, and i will say this is one of the best financial advise that everyone should be aware of and know how to practice in order to be financially accountable for their earnings as well as spending. Having a table, just like a scale of preference in economics, will be a big heads-up to be financially accountable to your income and how you spend them. Spending lavishly without putting it into something profitable will only make you become poorer in the end. Before taking money out for spending, it is necessary you already jot down what they will be used for in order to be accountable for them in the future or when coming to balance the account. Everything has to do with addition and subtraction and when you understand what you are getting at, you won't have any problems when accounting for used money.

If someone can record all forms of their expenses, of course this will be very useful for them, because when we get other income, we can assess whether the expenses we had during the last month were correct or not and when we see more expenses that are true. we don't need it, of course we have to be able to fix new expenses next month so that we can use our income well and not make expenses on things we don't really need and after that we will be able to save from the remaining expenses we have.

[Elhindinho]

Financial accountability has big impacts on the ability to make the best use of earnings and investments. People need to allocate funds to different expenses such as bills, savings, investments, and discretionary spending, if they want to gain better control over their finances. Without a budget, it's easy to overspend or misallocate funds, leading to financial instability. Money needs to be tracked where it is being spent, this can identify areas for potential savings or areas where spending can be optimized.

Accountability needs people to set specific, measurable, achievable, relevant, and time-bound (SMART) financial goals. It builds disciplined spending habits, which means resisting the temptation of impulse purchases. There will also be unforeseen circumstances to be prepared by building an emergency fund. Flexibility and adaptability are essential components of financial accountability.

[btc78]

I think one of the major suspects for this kind of situation are credit cards.

Lots of people nowadays are spending money that they do not have yet. They are willing to pay loans for the rest of their lives in order to buy something luxurious. I would understand using loans to buy a house or when setting up a business but it’s usually just phones, shoes, or cars which generally do not make sense to me.

This makes way for people to have their incomes vanish before it even hits their wallets. This is why it would seem that many highly paid people do not progress into their financial states.

[Promocodeudo]

Financial accountability is good but very difficult practice, it takes a courageous and discipline person to be accountable for his money, money is use for planning and anyone to sustain his or her wealth your money must be channelled into meaning ventures.
For example I have an uncle who has attain a highest level in civil service Job in my country, though when he was in active service, I never see him spending extravagantly but i notice something  about him, recently he looks like someone who is broke,  i feel that he has taken some wrong steps or decisions that has made him to be like that.

[God bless u]

I think there should be someone on top of you who should take care of the accounting if you're not a responsible person because making yourself accountable is a very tough task. You just can't blame yourself for your mistakes unless you are a man of faith and words. It needs a big and courageous heart to say that I'm wrong.

If you're accountable for say your wife or your father then it'll be more practical because then you'll fear more. But in my opinion one should learn and make himself accountable to his own being. That's the skill that if someone learns it it'll be better for him in his entire life.

[Darker45]

I think this is part of financial literacy, which many failed unfortunately. There are so many people who are always short in their finances despite having high salaries. There are also many businesses that crumbled down because money coming from them were treated as personal by their owners.

The family of my mother started one business after another. They all ended up bankrupt. The main reason is that they weren't financially responsible. They weren't financially educated. They get money from the business for their personal use. They borrow from it without paying. The business could only absorb so much. It would give up at some point.

[sekalitas]

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.

I agree with your points, and I'd like to add a few suggestions to enhance financial accountability. Firstly, utilizing tools like budgeting apps or spreadsheets can be incredibly helpful in staying on track. Secondly, having specific financial goals (like saving for a down payment or building an emergency fund) will keep you motivated to stick to your financial plan. Finally, it's important to remember that learning financial accountability is a process; making mistakes is normal. Being kind to yourself as you learn adds sustainability to the practice and helps you stay committed long-term.

[CageMabok]

Financial responsibility must be taken seriously as one can never improve without being financially conscious. Before you can get rich you must first know what your financial house is like. When you know what your financial house looks like it will be easier to start your journey to financial independence. It can be said that the first step in this journey is to know the financial house well. Also when you budget your expenses you will find that there are many unnecessary expenses that you can eliminate if you want.

What you mean by financial house can also be likened to a financial scope that we have or that we already have so that each of us can make a little analysis in order to give birth to newer plans. Both expenditure planning and income planning must continue to be worked on as closely as possible, because now what is more difficult to maintain and cultivate well is the level of income. As for the level of spending, I think everyone can manage it well as long as they have money and the awareness not to spend it on things that are not important.

[blckhawk]

Financial responsibility must be taken seriously as one can never improve without being financially conscious. Before you can get rich you must first know what your financial house is like. When you know what your financial house looks like it will be easier to start your journey to financial independence. It can be said that the first step in this journey is to know the financial house well. Also when you budget your expenses you will find that there are many unnecessary expenses that you can eliminate if you want.

Duh, in this world that's made to go around by money, being financially responsible is probably the least that you can do so you won't go homeless, if this wasn't the case, we'd never care about money. I'm curious about this financial house that you're talking about though, it's the first time that I've heard of such term, is this like your financial goal or something like and is being embodied by your house? I can agree with you on that last one, a lot of my expenses these past few months wouldn't have been possible if I don't have a budget for the expenses, helps a lot when you can recall where you've spent your money, that way you know what you can take away and see the potential money left over if you remove some of the excess or unnecessary expenses in your budget.

[Negotiation]

Know how to manage money to avoid financial responsibility. Many people do not manage their money properly and they remain poor in this way you can meet your needs according to the plan spend some money to buy all the products or services you like and ensure financial security in the long term. All these you can do without compromising your quality of life. Allocating some part of the budget for the future will make things easier.

[Uhwuchukwu53]

Wasting money never brings anything good in our life. Financial wastage should be prevented by all of us. As soon as money comes, we should separate money for daily use from it and then save the remaining money.  Everyone should practice saving because life is uncertain without saving. 

What you said here is the facts which stand hidden to many wastage is the most dangerous thing in life mostly once it come to do with financial wastage such as inability to invest appropriately on what will yield income, the problem of failure is associated to this wasteful of money because it takes you back hundred time your required position to be because what you would have solved as a problem keep facing and you must solve it dragging one backwards. But when proper usage and adequate accountability is made with money it position you far ahead of problem and life task as what would have required your Man power alone can hire external manpower to assist solve the tasks.

[kryptqnick]

I think it's more about financial management than accountability, unless we're talking about accountability of, say, someone responsible for using taxpayers' money to the public. It's important to have an understanding of how much one's earning and how much one's spending on which activities. It's not necessary to keep track of everything, and good planning, to me, involves planning a little extra funds to cover some unexpected expenses.
If we're talking about investments, one can set small goals and make small tasks for oneself, and then analyse how it went.