What does a fair shot at financial success mean?
What does it mean when we say that we believe that everyone should have a fair shot at financial success? Does it mean that we set a level playing field where everyone plays by the same set of rules? While that obviously sounds both fair and good, that is not what we mean.
TWiCE is focussed on what you need as an individual or family to get ahead with your finances. Every story and every situation is different, and we’ve highlighted this in our money stories, which you can sign up for if you would like to hear just some of the many diverse financial journeys others have taken. Money worries will most likely cross all of our paths at some point in our working lives, either for ourselves or our loved ones. One of the areas we focus on is financial stress, which can have an enormous effect on mental wellbeing. Not only can it affect your personal relationships but it can also have a negative impact on your work performance too. Struggling to concentrate, stress and anxiety are just some of the issues that exacerbate either an existing mental health issue or an intensify an underlying one.
At TWiCE, we seek to tackle the issues we believe are preventing you from finding even financial footing, enabling you to get head financially. Here are just two of the issues we address:
Lack of financial understanding contributes hugely to your overall wellbeing. For example, misinterpreting terminology can lead people to seek out payday loan companies as a debt solution, which can actually further increase their debt. Simply not knowing the difference between payday loans, which are short term loans with a high APR to be paid on your next payday, and instalment loans, which are long term with a lower APR to be paid over time, can lead to some disastrous decisions that take many years to rectify.
Keeping up appearances
As we have mentioned in previous blogs, what we see on social media is often not the whole picture. In our experience, the burden of having less money can lead people to make some bad financial decisions. No one wants to be seen as average or below average financially and while seeking to raise their position, they spend more on goods and services than their wallets can afford. You may be keeping up with the Joneses, but long term it’s neither good for your wallet nor your well-being as it simply can’t be sustained. We seek to expose these inconsistencies and provide you with tips to help you live your best life without feeling like you are missing out.
Look out for Part 2 of our blog next week. In the meantime, if you would like to know more, sign up for our Fortnightly Insights and Money Stories and begin your financial journey to success.
Image courtesy of Andy Culpin (freeimages.com)
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.