Financial success relies on two things.
If the knowing what to do part is missing, it will not matter how much money you earn or how long you earn it. You may have noticed how few lottery winners, rockstars, and professional athletes end up with a lot of money. They had it in hand, but did not know what to do with it.
Earning money is hard enough without letting it disappear as fast as it is earned.
Education, skill, work ethic, diligence and ambition can easily look after number 1, but it takes at least modest financial literacy skills to look after number 2. Set about learning those.
Revenue alone cannot solve a debt and spending problem. To avoid the problem you control expenditures at a level below your income. If you lack the necessary skills to control spending, you will always be in debt and falling further behind.
If you would like to see real world evidence, take a serious look at how the government of Ontario does things. They have lost their way and do not even know they are lost. They are running out of methods to get money and that won’t help.
Follow a different path.
Don Shaughnessy is a retired partner in an international public accounting firm and is now with The Protectors Group, a large personal insurance, employee benefits and investment agency in Peterborough Ontario.