An average person knows that in other to achieve financial success, you need to do a few things which are, get a financial budget, reduce expenses, avoid debt and start investing in an early stage. Becoming financially successful can be said easily by anybody but achieving it requires proper discipline and the removal of emotions. A lot of people who are in debt often blame it to a particular event that got them emotional, especially when it has nothing to do with business. They tell you they got a wedding ring for hundreds or thousands of dollars using their credit cards after which it takes them a long time to pay it off, or they spent a lot of time at the mall that they didn’t want to miss out of a discount goods that they had to go into debt in other to get them. Some people will want to show off their new lives to proof they are making heads way and so they get into a new mortgage for a home they can’t afford to buy to buy at the moment. Also, the pandemic also showed another way of how emotions affects a lot of people. Because of the pandemic, a lot of people had to withdraw their entire savings and investment just to buy things and feel save.
Emotion has a lot to play with the financial success of a person. Being emotionally tied to a lot of thing allow you to either forgo or waste money. Ego, Laziness, temptation, and so on this are emotional fruits which often affects finance. Going to a mall but because you want to impress someone, you get out your credit card and buy into more debt so you do not feel less is an emotional issue which often affects finance. After sleeping for 8 hours, the feeling of not doing any work but just sleeping happens to virtually everyone but the zeal to push forward is what keeps you up and not sleep but when you decide to lay down for 1 hour more, after which you lay for another 1 hour more and so on, then you end up sleeping for the productive period of your life. This is a loss in terms of income because you will be losing money since you spent your entire day laying down. Laziness still balls to not wanting to disturb yourself about paying the utility bills, feeling weak to cancel a Netflix subscription you are not using and many more. These things incur more debt and as such money is being lost. With simply sparing a few minutes of your day, this things could be resolve thereby helping to save money.
Emotion goes down to temptation and this affects our financial life. We get tempted to watch our favorite movie instead of working, we get tempted to buy what we like and not what we need, cutting our financial status. We get a lot of this temptations and what we do in term of controlling our emotions affect us and our finance. Emotion and finance aren’t always going together because they see two different things. Emotion see pleasure not satisfaction.