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If you’re doing any or all of the 5 things outlined in this article, a siren should be going off in your head telling you that it’s time to make a change to avoid almost certain future financial problems.
Here they are:
1. No change in spending despite loss or decrease in income.
2. Living without a budget.
3. Restructuring your budget after a family change, like death or divorce.
4. Not discussing/negotiating payments for your medical charges by your doctor.
5. Making only minimum payments on your credit cards.
The fact is these things are hard to do especially after having lost a job or worst, a loved one. But one thing I’ve been told time and time again by the most affluent people I know is you must be authentic with where you really are in your finances or you will never get a chance to accumulate wealth. Or in other words, if you spend more than you have, you’ll never get ahead. Besides, the earlier you face your financial situation, whatever it may be, by making the hard choices today, the less difficult or dire the consequences will be for you in the future. For instance, for those that face the fact that they are in too much debt and decide to do debt settlement instead of being in denial will avoid being unrepresented when sued by creditors or even can avoid having to file for bankruptcy in the future.