While I initially felt that “6 Bad Money Habits And How To Break Them” might be
a little basic for our group, as I reflected on the clients we have served over the
last 30 years, I realized that “back to basics” as a theme never hurts.
One of the first points the author makes is that there is a need for accurate
financial records. Certainly there is a need for meaningful financial information
and there are many low cost software providers able to help capture the
information. Financial information and more specifically financial statements
derived from that financial information is a critical management tool without which
you will not be nearly as successful as you could have been.
I love the author’s concept of a “spending filter.” Personally, when it comes
to spending, I like the adage “waste not, want not.” Just as I like to tell clients
(tongue in cheek) “It’s totally legal to be out of debt.” But the question she quotes
when a client is about to borrow money “By borrowing money, are you okay with
spending away future earnings?” Now that is priceless!
The author Katie Morell makes a number of other good points well worth the time
I invested in reading the article.
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
