They make the common mistake of thinking all their problems are over once they make money, hence the phrase “money can’t buy happiness“. Little do they know that money is only a means to an end and not the end itself.
When you start treating your income as a means, you learn how to better manage it. You understand that it must be maintained, nurtured, and tracked. Being able to track your expenses is an important life skill that should be learnt early in life.
In our video of the week, personal finance coach, Tito Abumere, describes it as the easiest personal finance habit. Not only is it an easy habit to adopt but it is also a beneficial one.