We can begin on the road of better financial health without hanging over the cliff.
How would you react if you are told that you will go on a tight health plan that builds in one hour of tough physical exercise every day and cuts out most of the things you love to eat and drink? You may do it if you were facing a health crisis and this was the doctor’s order. You may begin doing it if motivated enough. But most people won’t stick to it unless, literally, their life depends on it. Managing money is very similar—you plan to do it, but sometime in the future and when they do begin, they begin with many large goals that mean fairly drastic changes in their current way of living. But this soon fizzles out, leaving them with not more money but a mild sense of guilt. Just the way it takes a health crisis like a heart attack or diabetes to shock a person into initiating and staying with a diet and physical activity plan, it takes a life crisis, like a job loss, the death of the main breadwinner or a large loss in business to get a family to begin and stay with financial fitness.