Sharing Daily Discoveries About Personal Finance And Business Topics

Cheating Yourself Out of Financial Management Skills

So there was news here today that the local transportation system here called Translink is essentially going to ask the people on how it should raise more money for the system. From what I read, the main options are to either increase taxes to the public in general or a carbon tax to people who drive their own vehicles.

I was thinking, if you were running a business or even for your personal financial situation would there ever be an option of “Let’s raise taxes” as a way to solve a financial issue? I would imagine you would have to first take a hard look as to where all your money is going to and from there determining if anything can be changed to save money.

I personally think like any other skill financial management requires practice. By always looking to simply acquire more money to wipe out a debt that you incurred as a result of over spending it stops you from obtaining the necessary skills and discipline to manage money I think. It can be a factor on how people usually turn to loans and credit cards to make up for spending mishaps.

I guess in a way it’s like saying you can’t cheat yourself out of taking responsibility of getting into say debt the first place. Sure some people win the lottery, but taking responsibility for your finances and harnessing your skill in managing it shouldn’t be ignored. It’s a fun skill to learn too once you get the hang of it.

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