The premise behind the financial champion or financial wimp is to decipher where anyone who is currently employed is excelling or falling behind everyday with money matters.
There’s not much info out there on actual facts whether someone is a financial champion who makes all the best choices with money or a financial wimp who squanders money. (PF Bloggers Excluded) The financial wimp is inclined to make excuses behind each and every financial choice they make. It can be blamed on several factors like not making enough income, not being able to avoid debt, not sacrificing for immediate gratification, etc. Let’s make an effort to stop all the excuses.
Now where the grass on the other side is usually greener or at least appears that way. The financial champions are the folks who constantly strive to do the best for their finances without any mental barriers or #excuses. They fund 401K to the best of their abilities, they have a Roth IRA and fund that as well, they understand the value of money, they take choices regarding money not lightly, they brown bag lunch in order to pay debt off sooner, and they understand happiness does not come from buying everything that glitters.
Now let’s discuss what traits distinguish the two polar opposites of financial people. I am not trying to put anyone down or praise anybody, but there is a truthful way to live a dedicated money life. See below for the awesomeness.
Financial Champion or Financial Wimp?
Do you spend more in a month eating out instead of paying off debt payments? – Wimp
Do you have access to a 401K and at least contribute 15% towards it? – Champion
Are you living life paycheck to paycheck and blame others instead of the mirror? – Wimp
Are you funding any amount into a Roth IRA? – Champion
Do you let various brands own you, because your addiction is decreasing wealth? – Wimp
Do you own stocks in multiple brands and therefore own assets with pride? – Champion
Do you spend more on Coffee and do not buy groceries in a home shared with parents? – Wimp
Do you give parents some rent money and find some $$ left over to buy shared groceries? – Champion
Are you currently working full time and have college loans on forbearance, due to ineffective budget? – Wimp
Are you working full time and can make at least more than minimum on school loans? –Champion
Do you gamble while living paycheck to paycheck? – Wimp
Do you give money to charities and not living hand to mouth? – Champion
Are you buying over 5 pairs of sneakers or shoes a year and not investing? – Wimp
Are you buying 5 pairs of footwear a year and still manage to invest in dividend stocks/ Index Funds? – Champion
Have you never tracked Net worth? – Wimp
Did you track Net Worth at least 1 or more years? – Champion
Do you hate to question or negotiate expenses and monthly obligations from companies? – Wimp
Are you always willing to say anything to help your bargaining position with money? -Champion
The main point I would like to convey is for the advice to be perceived as something that helps to empower you with financial matters. Finances should be placed on high priority because corporate loyalty does not exist anymore and we have to increase our power regarding this topic.
I will paint a picture of someone who is laid off with 50,000 thousand dollars of debt or a person let go with 50, 000 dollars in the bank and debt free. Now which example do you think is preferable for you if this transpired in your life today?
I know that many situations and factors may be affecting you with managing finances, but if a pattern persists year after year the problem is clearly solved by tackling things head on. People are fearful divulging if they are not acting up to par and handling all mighty finances responsibly to others who can guide them better. So hopefully by reading content like this it will help solidify where one resides.
By taking the advice to change behaviors it will ultimately help you achieve all of the Champion tactics mentioned above, and I know we all can accomplish them with fortitude to change.
Money is never available when the priority around handling it, is not present – Rich Uncle EL
Comment if you can relate to the Financial Champion or Financial Wimp. Also if you would like to provide more examples of the two lifestyles.
Rich Uncle EL
Image courtesy of Freedigitalphotos.net
