“The 5S Sytem of Handling Cash”
Majority of us really don’t know how to handle our finances systematically. Yes, we do budgeting and compute our spending, yet we wonder how money slips away in as little as a couple of days after we receive our income.
Financial ignorance can lead us into unexpected financial trouble if we can’t handle our money properly, which happened to me not too long ago.
I fell into the gaping pit of debt simply because I didn’t know how the money should work for me. A loved one unexpectedly became seriously ill and I found myself in the midst of a blossoming financial crisis. Being the breadwinner, I was unprepared and financially ignorant.
My debts piled up and I was at a loss on what to do. This painfully dragged on for almost seven years. I realized that I had been staying in my comfort zone for far too long – working, getting paid, and paying debts.
When I was short on cash, I resorted to borrowing money from lenders who charged extremely high interest rates. The cycle just went on and on until exhaustion claimed me. I was painfully breathing and barely living.
I yearned to get out of my dire situation. Despite my financial difficulties, I decided to invest in my financial education. I attended seminars and webinars, bought financial books, and sought mentors. I did all of these to better understand my finances and how I could manage my money properly.