Are you a Kamikaze with your finances?
The Kamikaze were the original suicide bombers. During World War II, Kamikaze pilots would attempt to intentionally crash their aircrafts into Allied ships. These aircrafts became human missiles laden with explosives. Sole mission: take out as many ships and people as possible.
When it comes to finances, many of us too, are Kamikazes. We create havoc on our financial lives with poor choices, self defeating activities, and a lack of preparation and planning. For many, it’s intentional. Like the Kamikaze pilot, they wither away any chance of success and “take one for the team”. After all, they say, we become more faithful by being poor.
Many mix up and subscribe to a “poverty gospel” taking a vow (consciously or unconsciously) to remain poor. I have seen firsthand, people deliberately sabotage their success because they didn’t want to possess more money. I see the nobleness of trying to give everything to God, but He calls us to take care of our families and to bless others. This is difficult to do when you need help yourself.
How do people deliberately sabotage their finances?
- They ignore their credit score. This affects the interest rate on everything from credit cards to personal, auto and mortgage loans and insurance premiums.
- They pile up debt. They keep charging away with no ability to pay. Debt is like a habanero pepper – good in small doses (for me at least), but too much is unbearable! Excessive debt often leads to poor health, failed relationship including marriage, and strain relationships, and can ruin personal goals.
- They are unorganized. They ignore bank and credit card statements while late fees, fees for insufficient funds, and over the limit charges pile up.
- They have no savings. You might be living all right paycheck to paycheck, but one cash crisis can cause financial chaos. Emergency funds are a necessity.
- They have no budget or spending plan. Spending your paycheck with a “money in/money out” philosophy will leave you financially rudderless. Take charge of your destiny.
Create new habits:
- Fix the errors on your credit report to improve your credit score.
- Figure out how much debt you can handle and eliminate your debt overload.
- Don’t pay excessive bank and credit card fees. Keep your accounts in check.
- Commit to building an emergency fund.
- Find the best place to save money and maximize your earnings.
- Commit to working with a financial professional or accountability partner
- Come up with a system to easily organize and monitor your finances.