5 Signs You’re in Financial Denial

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Are you in Financial Denial?  If the answer is NO, then you probably are. Just kidding. However, Jimmy Ingrilli, from the Tayne Law Group Blog, shares 5 signs you may be in Financial Denial.

What separates the financially responsible from those in financial denial?

While the reasons may differ from person to person, one answer can be their willingness to correct money problems if and as they arise. A hallmark of being financially responsible is taking action to right your money ship, while someone in financial denial is not able to admit they are having financial problems. It can be hard to admit or even notice a money problem exists, so here are some signs you may be in financial denial.

You’re Not Honest About Your Finances

If you’re dishonest, look to avoid conversation, or even downplay financial issues, then there’s a good chance you are in financial denial. Avoiding financial problems will not only hurt you, but can also hurt your loved ones. Financial dishonesty can lead to further disaster as your family members may spend money based on how they believe they stand financially. Someone who is financially responsible should know their income, exact debt, credit score, what their budget is, how much they should save, and have long and short term financial goals.

You Borrow Money Often

While borrowing money may seem necessary at times, a person living in financial denial believes borrowing money is the norm. They may rely heavily on credit cards or borrow from friends and family in order to pay off debt and bills. In other words, they “rob Peter to pay Paul.” This will never get you on track as you are only taking on debt to pay other debts and will never teach you responsible financial habits.

You Think ALL Your Debt is Good Debt

These days, debt is a household word and is often used to help us purchase big-ticket items. Good debt can be any loan you take on with the ability to pay back or any debt that can generate future income such as a school loan, … (continue reading Signs you’re in Financial Denial)