The effect of being financially consciousness

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Financial consciousness is the awareness of how our financial decisions affect our lives. It’s about knowing how to maintain our financial stability so that we can live a better life.
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It's not just about money - it's about understanding how to build and manage our finance portfolio, and knowing what to look for in quality of life that we can afford.

This is important because many people are not financially conscious, which could lead them into risky investments or other sinful investments that may jeopardize their dreams, goals, and aspirations.

It's not always easy to tell if your financial decisions are the best for you or others. The effects of financial consciousness are often felt long-term, especially when it is not practiced.

In a world where we are less and less reliant on the financial stability of our employer, we must embrace the reality that our finances are in a constant state of change.

Those without financial consciousness seem to struggle

On a typical day, we are constantly bombarded with advertisements for financial products, such as mortgages and credit cards. The marketing is successful because it is tailored to who you are and what you need.

However, on the other end of the spectrum, some people do not have enough money to buy clothes for their children or provide food for the table.

These people might lack financial consciousness because they have never had access to education about personal finance and insurance products.

Now that we see how pervasive financial products are in our lives, it seems important that we spread awareness about these topics so that everyone can be financially conscious and live a better life.

The effect of non-financial consciousness can be seen through the way that those who don't think about their finances are then forced to start making some tough decisions.

Being financially conscious can lead to people changing their lives for the better by making changes in their spending habits, opening savings accounts, putting money into them, and seeking out new ways to make money on the side, investing, etc. The effect of being conscious is seen when these people can put themselves onto a better path for the future.

Having financial consciousness is no longer a privilege of the rich. With people living paycheck to paycheck, everyone must have at least a basic knowledge of finances. Without this knowledge, those without will likely struggle with their finances.

It can be hard to teach people who are struggling with their money management skills the basics of how to manage money and make better spending decisions. But if they are willing to learn these skills then it could help them avoid some of the struggles they might have later on in life.

Those without financial consciousness seem to struggle with their finances and transitioning from one income stream to multiple income streams can be difficult for someone who has never dealt with this before.

Being financially conscious has lots of benefits

Most people nowadays are more aware of their financial responsibilities, as compared to a few decades ago. This awareness is due to all the financial and economic crises we have been going through.

Financial consciousness has lots of benefits. It can help us with:

  • Knowing how much we can spend without being in debt

  • Maintaining a healthy and disciplined lifestyle

  • Doing things that will help us save money

  • Making wise decisions especially when it comes to investing money, etc

The benefits of making, saving, and investing money are endless. While it's not always easy to save, putting money away for future investments will never be a regretful decision.

Does multiple streams of income feel like a chore to you?

In this day and age, it's difficult to make ends meet with a 9-5 job. It doesn't matter how much you make an hour, if you don't have a side hustle or multiple streams of income, it can feel impossible to get ahead. You need multiple streams to be able to have enough for your basic needs and some left for investments.

Someone who isn't financially conscious would see the idea of having multiple streams of income as a burden. They may likely stay on one job, without considering side hustles, nor trying to part with some of their earnings and move them into investment accounts.

However, the moment someone understands why their finances are important, they will do all that it takes to create those streams that help them move ahead financially.

Posted Using LeoFinance Beta



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6 comments
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Here is a good one and I agree,financial consciousness is important

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These people might lack financial consciousness because they have never had access to education about personal finance and insurance products.

This is one of the crucial problems! We have never had education about personal finance, probably because many adults don't have it at all... Or, teachers have the same problems as many others that have been lured by marketing into irresponsible spending... Sometimes, I'm not sure about children's education... Is it made to fit into moral and "healthy living" templates, or it's made to fit into the current narrative and benefits of big corporations and banks?


I have picked this post on behalf of the @OurPick project which will be highlighted in the next post!

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I know I already said thank you on your post. Let me say thank you again for visiting, sharing a few extra points, and especially for choosing my post. Thanks again. ❣️

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Great points! Yea having that consciousness/awareness can allow you to look at your finances from a bird's eye view.

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