Awakening to Accountability: Your Role in Financial and Personal Stagnation
“Ever wonder if the barrier to your success is not the economy, the market, or the competition, but rather the person you meet in the mirror every morning?” This is more than just a provocative question; it’s the uncomfortable epiphany that can catapult you into a new realm of financial prosperity and personal growth. Welcome to a frank conversation where we hold nothing back about the central role you play in your life’s narrative.
Personal Experience/Story:
Have you ever had the feeling that you need to look at your bank statements but you choose to ignore it? Have you ever needed to do something that will help you discover the truth and you play dumb like you don’t know how to do it? Nobody likes pain so we try to avoid it at all costs. That is why many times we don’t like to do the hard things. Especially if they will show and prove to us that we are wrong and that we are doing what we aren’t supposed to be doing.
It is a lot easier to blame others and things out of your control when things are not going your way. It gives us some type of relive and in a way makes us feel a little bit better if we say that is not our fault. But the reality of it all is that it is all responsibility whether we like to admit it or not. I think that there is a quote that says; “Our present is a reflection of our past decisions”. I know that life sometimes throws a lot of unexpected things at us. And some of those things are painful and difficult, but the way that we react to them is what will determine where and how we will stand in the future.
Recently, as you may already read in some of the other blogs, I have been going through a very challenging financial situation. I have made a lot of bad decisions in a very short amount of time. And if I am honest, I started to blame everyone and everything but me. But a couple of nights ago I dared to ask my wife to sit with me and to help me crunch the numbers in detail. I told her, I know is going to be painful, but we need to know exactly where we are and where we want to be so we can create a plan that will help us get there.
Most times, we don’t want to do that. Because we have to come face to face with reality and see all the mistakes that we made. But let me tell you, we spend about 4 to 5 hours analyzing and calculating every expense, and every bad financial decision that I have made in the last 3 months or so. At the end of it all, I put myself and my family in a worse situation than we were before. We were almost debt-free three months ago but now we have about $100,000 in debt. And all this happened within three months and right after my second bankruptcy.
Definitely not a good feeling nor a good place to be. At the beginning and during the process of going through all the numbers it was very painful and depressing. But after we finished we were encouraged. Now we know exactly what happened, and we have a plan to get out of it. We needed an extra $2,500 by the end of this week to cover some financial commitments. And of course, we didn’t have the money for it. Part of the conversation was to brainstorm. And one of the ideas was, let’s clean the garage. So over the weekend, we cleaned the garage. We started posting stuff on Facebook that was sitting there occupying space and that we no longer use or need. Guess what? Just over the weekend, in 2 days we made $2,400.
You see unless we face reality and know where we are and where we want to be, we won’t be able to trace the right plan that will get us where we want to go. Moreover, we made realistic projections and we realized that we were not as bad as I thought we were. Of course, any amount of debt is bad. But, with God’s Grace and Favor, after we sell the vehicles that we have, we should be able to pay off more than half of the debt that we currently have. And if is in God’s plans, all of this will happen within the next 90 days. This realization gives us a lot of hope. We know that God has taken care of us in the past, He is taking care of us right now and He will take care of us in the future.
He has gotten us out of the worst situations before. And trust me, it doesn’t feel good dealing with the same problems over and over. Failing on and with your family, your business, and your finances are not fun. Can we avoid these mistakes that cause us to struggle in these areas? Absolutely! But sometimes we don’t do the right things. And I think that’s ok too. Sometimes the struggles could lead you to the freedom and blessing that you are looking for. Don’t be afraid of the Giant that is in front of you. God has given you the knowledge, tools, and resources to fight it and beat it. So I encouraged you to face your giant today no matter what is called. Trust God and you will succeed.
Data:
Studies show that self-accountability is critically tied to success. According to a 2019 study by the American Psychological Association, individuals who consistently hold themselves accountable are 3.5 times more likely to achieve their goals. Moreover, data from a 2021 financial literacy survey indicates that 63% of Americans who actively manage and review their finances monthly report higher satisfaction levels and perform better in investment outcomes (National Financial Educators Council). To delve deeper, books such as “The Total Money Makeover” by Dave Ramsey offer blueprints for financial transformation, whereas resources like the Financial Industry Regulatory Authority’s (FINRA) website provide invaluable tools for financial education and decision-making.
The Problem and The Solution:
The core issue at hand is the lack of personal accountability, which manifests in financial disarray and hinders business growth. The solution? A disciplined approach to self-audit and the adoption of robust financial habits. One practical example is the debt snowball method, which emphasizes paying off debts from smallest to largest, thereby gaining momentum as each balance is cleared. Similarly, for entrepreneurs, implementing systematic business reviews can spotlight areas of wastage and inefficiency.
Conclusion:
Our journey through the looking glass of self-accountability reveals an empowering truth: you are the architect of your destiny. By embracing this role, you can transition from a place of financial and personal stagnation to one of dynamic growth and prosperity. Let’s recap our toolkit: regular financial reviews, embracing educational resources, and implementing structured debt and business management strategies.
