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Home > The Top 8 Lame Excuses That Keep You Broke – part two

The Top 8 Lame Excuses That Keep You Broke – part two

April 5th, 2011 at 09:38 pm



The original post can be found here:

Text is Debt Free and Link is http://www.daviscoachingsolutions.com/top-8-lame-excuses-that-keep-you-broke-part-2
Debt Free


In my last post, we looked at the first 4 Lame Excuses people make that are keeping them from getting ahead with their money.

Let’s take a look at the rest of the Top 8 Lame Excuses That Keep You Broke!


5. "I’m Just Not Good With Numbers, So I Can’t Manage My Money.”

“My problem is that I’m just no good when it comes to math.” Many of us feel intimidated and overwhelmed when we begin looking at all the numbers. The numbers overwhelm us, the numbers scare us, the numbers intimidate us. I’ve been in banking, finance, and now financial coaching and I can still feel overwhelmed looking at too many numbers. This is a very common experience, but it is not an excuse for allowing your finances to go unchecked.

Why It’s Lame:

The reason you feel inadequate with the math and numbers is simply that you are unfamiliar with the process. The math required to balance your budget is really nothing more than adding and subtracting. You don’t have to learn a lot of complicated formulas. You simply need a calculator and a system for tracking your income and spending. If you go to our site, you can download an easy to use budgeting form that will help you get started. There are much more sophisticated software programs available, but a simple sheet of paper or basic spreadsheet can easily do the job. And your numbers don’t have to be perfect. You just have to get started. Trust me…if I can do this, you can do this!



6. "I Don't Have Time to Deal with My Money"

“With my schedule and all the competing priorities, I just don’t have time to deal with all this financial stuff.” We live in a world where everything seems so urgent. We rush around day after day with schedules that seem so full we can hardly fathom taking on something as daunting as managing our finances properly.

Why It’s Lame:

The last time I checked, we all have the same 24 hours that we’ve always had. Time management is something that most of us truly struggle with. There are two reasons this is a lame excuse.

First, taking control of your finances doesn’t really take that much time. When you first start organizing and setting everything up, it will take you a good bit of time. You will need to sit down with your spouse and evaluate your current financial situation, come up with your budget and overall financial plan. But once you get familiar with the process and are working your plan, it may only take you 2-3 hours per month.

Second, the argument that we don’t have time to deal with our finances is a little hard to believe when you consider that the average American watches almost 1,500 hours of TV per month, according to the U.S. Census Bureau. If we will take an honest look at how we use our time we should be able to carve out a few hours each month to make sure that we are on track with our money.



7. “I Get Discouraged When I think About My Finances.”

“It’s just too much to handle. I don’t want to think about it.” Some people go into a panic thinking about making a budget. Others freeze up when the idea of a Will or Life Insurance comes up. It just all seems so negative and scary. And no one will disagree that these are serious subjects that aren’t necessarily fun.


Why It’s Lame:

Many people would say, “Making a budget is just too overwhelming,” or, “Creating a will and getting life insurance are just too morbid for me to think about.” But that’s a lot like saying, “I know this lump might be cancer, but I’d rather not deal with it.” You don’t have to actively manage your finances. But you must acknowledge that if you don’t, you are likely headed for financial ruin. You don’t have to institute a will and buy life insurance. But you must acknowledge that by not doing so, you are not protecting your loved ones from the inevitable.

Research states that 70% of us will experience a major negative life event in the next 10 years. Get your will and estate in order. Purchase life insurance, disability insurance, health insurance, and insurance for your home, car, and other belongings. Put together an emergency fund to see you through a job loss or other problems. This is all part of being a responsible adult and making sure that you and your loved ones are secure.


8. “I’ll Get To It Some Day.”
“There are just so many things going on in life right now. I know I should take control of my finances, but I’ll make that a priority later.” Career, marriage, kids, hobbies, family….there are just so many priorities we are all juggling. It is very easy to procrastinate and put off developing and working a financial plan.

Why It’s Lame:

It’s so easy to put things off until later. But it seems like that “later” either comes too late or never comes at all. As I’ve said before, personal finance is much like health or weight loss. The longer you put off improving your health, the harder it is to come back. The longer you ignore your weight problem, the worse the problem gets and it’s even harder to lose the weight. The longer you put off getting serious about your finances, setting up your budget, paying off debt, and saving for retirement, the more it will cost you and the harder it will be to get your financial life under control. With your money, sooner really is better than later.



As I said in part one, I have often been guilty of making excuses and most (or all) of them were pretty lame. Excuses are simply a way to avoid taking responsibility for your finances. Financial Freedom will require sacrifice, some hard work and doing some things you would prefer to ignore. But you work too hard to be broke. Don’t let lame excuses keep you from taking control of your finances and living the life you have always dreamed of.

Whatever your financial situation, I believe that you can make great changes and experience the financial freedom that most people only dream of. Believe in yourself, and know that you can start winning with money!


Let us know if there’s anything we can do to help!

Yours In Freedom,
Clint Davis

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