Can bankruptcy be prevented? Does bankruptcy have to be
the final solution to mend money problems? The answer depends on the circumstances
of a financial situation and the emotions used. What emotional factors can play
a role in deciding to file for bankruptcy or working to prevent bankruptcy?
Emotions produce two financial effects of how we manage
money. Instant gratification and delayed
gratification are very real roles of emotions that affect how a person spends
and budgets their income. The reasons of bankruptcy do vary of why bankruptcy
is the only solution for many. But what if bankruptcy is preventable by
building awareness about emotions and financial management? What can our
emotions teach us in learning to rebuild after bankruptcy? What can be gained
from mistakes and lessons of money?
Medical debt is a financial issue that can impact credit
scores, decrease spendable money and place hardships on home budgets.
The less suspecting causes of bankruptcy usually stem
from sources or activities that occur by spender choice. Job lay-offs and
employment issues can play a role in choosing to file for bankruptcy too.
However, the majority of home budgets suffer financial hardships due to their emotional
spending habits and inabilities to control their money. Instant gratification
becomes the emotional financial priority before delayed gratification of money
is.
How does these things affect the way we spend money? Instant
gratification is the enemy of money and the greatest challenge to overcome when
managing finances. To convince self that it is better to wait and to be patient
is the hardest reality of managing money wisely and responsibly. Delayed
gratification produces immaturity, impulsiveness, and dangerous high risks of
financial problems that produces unhealthy stress that often leads to bankruptcy.
“People who grow up without a sense of how yesterday has
affected today are unlikely to have a strong sense of how today affects
tomorrow. “– Lynne Cheney
http://blog.iqmatrix.com/instant-gratification
Instant gratification is being happy in the moment, at
all cost. Instant gratification robs people of time and money. This produces an
unhealthy balance of home and work lifestyles. This deprives an individual from
maturing to their real potential in life. Instant gratification does not
produce growth but prevents it.
Delayed gratification produces happiness and solid
achievements. This slower processes allows us time and opportunity to look for
wiser options and mature solutions to create responsible and stress-free
consequences. Work and home life become balance through delayed gratification
because we are not simply rushing to feel the high of a reward but are we patient
to learn it and earn it instead. Time and money are not valued with instant
gratification.
People who misplace life quality with instant gratification
are hurting the relationships they have and their self because they want the
feel good of highs now without regard to the future consequences they are
producing.
Marriages, partners, families, and children suffer in
lifestyles of instant gratification. This is a bigger emotional issue than
financial matters because it does impact every aspect of a person’s life. Delayed
gratification forces us to analyze and evaluate our time and money honestly so
we can responsibly manage both. Delayed gratification helps to build new skills
and healthier goals of moving beyond past mistakes to produce positive changes
with a hopeful future. Delayed gratification gives a sense of honest security
that instant gratification never will produce.
With money, most tend to spend and budget in the
immediate moment. Many feel they must spend their money now. They must fulfill their
wants now. Many juggle their funds to stay afloat of financial priorities to barely
keep their lights on.
But yet, the short-term and long-term suffering they do
to self and others in this instant gratification stress continues on. A harmful
cycle of excessive worrying about bills not being paid and fearfulness of services
being disconnected or repossessions occur to threaten and decrease quality of
their home life.
Many continue to buy the new item they want or go on a
vacation or spent their money with friends or family they couldn’t afford to
enjoy instant gratification. The instant high of this lifestyle leaves them
suffering until the next payday to get them by again on this never ending cycle.
This vicious cycle of trying to force balance of instant gratification against
delayed gratification does not work to produce a healthy living home
environment nor does it help decrease stress.
To be employed or receive any income is delayed
gratification. Each must wait upon their money before they can spend and
balance their budgets. Every company possesses delayed gratification to wait
upon customer payment and other factors to know their income and asset worth.
If only we’d placed as much emphasis on delayed gratification of how we spend
and budget money as we do waiting on it to arrival.
Here’s an example to consider.
If $50,000 cash was given to you as free money, what would
you do with it? How would you choose to
spend the money? This answer will determine if you are an instant gratification
financial manager of your home budget or if you are delayed gratification financial
manager of your money.
Do you choose to use the money to pay off debt, pay off credit
card balances, or pay off balances on recurring bills to prevent late fees? Do
you choose to spend the money on what you want instead for personal desire? Do
you buy an expensive item that you cannot afford future maintenance and repairs
on instead?
Which of these options is the mature ones? Which one of
these options are the immature ones?
Why do you believe delayed gratifications are the mature
options?
Why do you believe instant gratifications are the
immature options?
To pay off debt is to have maturity by using delayed gratification.
Delayed gratification builds awareness to the debt responsibility already
obtained for the services or items you wanted. It is doing the right and moral
thing to pay off debt already owed before increasing new debt. It is wise and
responsible to pay for the items you have already possess versus buying more items
of what you cannot afford.
To buy more items through instant gratification while
having debt pending is producing characteristics of not appreciating what you
have. This displays that you do not respect money that has already purchased
items in your life. This creates a
financial unbalance in your home and will affect how you perform and
financially manage at work too. How is
instant gratification with immaturity healthy for a family or one’s mind,
emotions, and thoughts? Instant gratification is not a healthy life to have nor
does it produce healthy consequences.
Do not get caught up in the envy or desires of instant
gratification of others’ financial choices. They do not buy your home or pay to
live in your home. Do not let their life rule the tools and money you have to
survive and live upon.
Narcissistic people are dominating individuals who value relationships based upon the control they obtain from others. Their tactics can involve
emotions, money, time, supervising or managing roles. Narcissistic people use
others and when it comes to our money we must be aware to their tactics. Do not
ever become manipulated to please others or be accepted by others because of
trying to fit into a lifestyle you cannot afford. Do not be vulnerable with
emotional empathy to give financial assist to others without using logic and
rational thinking in financial matters. For it is only you who suffers the consequences,
not them.
Many suffer from self-sabotage by buying wants before spending
on priorities first. Home budgets, debts, and assets detail the real characteristics
of their real life. Many try to justify their instant gratification with the
mentality that as long as they stay afloat each month to keep their lights on or
their credit accounts open with minimal payments – then they are doing enough
for the next payday that will balance it out again. They get comfortable in this unhealthy cycle. But
what about the future?
How much debt has to be increased before reality confronts
many with the tough choice of bankruptcy as their only option? What type of
uncontrollable emergency will happen to force out the facts of poor spending and
immature budgeting habits? What detriments will occur with income that will
force awareness to the financial problems that exist and can be stopped?
Reality of instant gratification and delayed gratification
occurs in how we manage, budget, and spend our money. But most are too busy
complaining, worrying, or doing nothing to fix their money problems. When
reality hits a curve ball of their immaturity and impulsiveness of mishandling
of bills and impulsive spending – than it’s a completely different story. Self
has no choice but to admit they could have prevented financial problems and
prevent bankruptcy.
Bankruptcy can be prevented. Bankruptcy exists because of
poor financial management skills. This is the only honest way to view
bankruptcy. When debt increases to a maximum limit that cannot be afforded,
bankruptcy is usually the only solution. When we live beyond our income and do
not manage wisely, bankruptcy is what happens. We get comfortable with income and
our health to live accordingly. But if either change, our financial lives must
change with it. By focusing more on delayed gratification of how we spend and
manage money; our future of uncertainty will fare better and with less stress
than doing nothing at all or living in complete denial of how our emotions and
our actions will produce the consequences of our futures.
What lessons can be learned after bankruptcy? Do people
realize the errors of their ways to correct immature, impulsive, and instant
gratification lifestyles or do they simply fall back into their old behaviors
and emotional ways that got them into bankruptcy court to begin with? Do they
repeat these same bad financial choices and budgeting habits?
The most difficult situations of money mistakes can be
reversed to create valuable money lessons. Money mistakes are more forgiving
and easier to overcome through delayed gratification than it is to gain
forgiveness from people when making mistakes. Money is mend-able when damaged than most of our
relationships with people are.
This sad and truthful fact proves how we can turn our
negative money mistakes into positive money lessons. Mistakes teach us our
weaknesses, vulnerabilities, and incompetency. Lessons teach us the values of how
not to repeat those mistakes and how to prevent future occurrences. Learning these
factors of life in our financial and money situations is as important to mature
and learn from as every other topic and life event we endure as adults.
Math is the core component of truth and fact of our
financial situations. Math details our truth, integrity, responsibility, and
maturity that is represented as evidence in how balanced our personal financial
lives are. It does not matter what show we want others to believe about us. All
that matters is that our home budgets and financial matters are balanced with
facts and evidence with truth of who we really are. If we have no integrity of
truth and facts of honesty at home in our financial matters, we will not have this
in our jobs nor with others either. Money details more about us than we
realize.
Excuses possess validity about the existence of a problem that
requires a solution to fix or stop the problem. Get to the source or origin of
the problem – not the excuse. Do not offer quick fix remedies of money problems
for this only increases instant gratification. Denial, ignoring, or seeking quick
fix money solutions to excuses is a clear indication of an instant
gratification problem. Do not allow instant gratification to sabotage your
emotions, wants, and health with unrealistic and illusion financial blinders on.
The truth will come out of how well you cope and manage your money emotionally,
as well as, rationally and logically.
Money is a tool that requires responsibility
and maturity to manage with logical and rational reasoning. Emotional security
of money comes only from delayed gratification to do the moral things with
money, the first time.
This information will help you answer the hard questions about
your money situation to understand the truth of your money, math, and how well
you balance your financial matters personally or professionally. Do not allow
instant gratification of money mistakes to ruin your present or your future.
Acknowledge money mistakes. Work to correct money mistakes.
Be real. Be honest. Math will not lie. The truth and evidence of your spending
and budget habits will not lie; even if, most verbally and visually try too.
#1. – Do you have more debt than your income can pay? Do
you have a plan to pay off your debt?
#2 – Do you ignore or communicate with your debt
collectors?
#3 – Do you spend your money constantly feeling like you
are on a thin, thread constantly dreading something will break your financial
situation?
#4 – Do you have excessive highs and lows with your
income, money, or bills? Why? It is emotional? It is logical? It is mature or
immature?
#5 – Do you feel your employer is at fault because you do
not make enough money to cover your lifestyle of debt and bills? Do you
secretly blame others for not liking you because you can’t afford to do what
they do? Do you blame others when you have no money to spend? How much of your
spending, managing, or budgeting of your money do you hold yourself responsible
and accountable for?
Your honest answers to these questions should give you a
truthful evaluation of your home financial situation.
To prevent bankruptcy is to:
#1 – Budget and plan what to do with your money before
you shop. Stop spending money or borrowing money before income arrives. Decrease
instant gratification spending habits by changing the way you budget and spend
money.
#2 – Pay bills before the due dates. Create a plan to pay
off debt earlier than the statement date. Increase delayed gratification by
paying bills first and decreasing debt to decrease stress and restore healthy
financial balance in the home.
#3 – Communicate with debt collectors and bill companies
when having financial hardships or becoming aware of income changes. Most businesses
do have compromising solutions when you reach out for help. They do not want to
lose customers. How can a business help you if you are fearful to contact them
or won’t communicate with them?
#4- Use imagination scenarios to help you control money
and to be a mature budget-er and spender. What if you were a parent – how would
you teach your child to spend money wisely and responsibly? What if you were a
teacher – how would you teach your students to budget their incomes? If you
were a bank executive – what would you teach your clients to help them manage their
checking or savings account to prevent overdrafts? If you only had $10 cash
left to spend – consider new ways to spend it by valuing it with delayed
gratification instead of instant gratification. Imagination scenarios can
relieve the pressures of making tough money choices and helps produce usable
skills to improve spending habits and to control budgets. It’s harder to waste
money if you think you could be hurting a child by not managing money wiser or
that you would be adding stress to another by the choices you make with
money.
#5 – Lastly, if you would not advise someone else to
spend or budget their money in a harmful way – than do not do it yourself.
Each must learn their method of managing and budgeting
their money responsibly. The internet provides financial tools, emotional
skills, and valuable information to stop and prevent money mistakes to produce
positive and healthy life balances of work and home financial management. Focus
on your math. Focus on your emotions. Be honest of how your emotions affect
your spending and budgeting abilities. No one can make or break your financial
situations but you. Good luck.
