Goal-Oriented Vs. Money Oriented: Which One Is Better For Finance?

Author : Justinmc
Publish Date : 2020-07-16


Goal-Oriented Vs. Money Oriented: Which One Is Better For Finance?

If you are looking for a life that is free from the financial problem then you have two options:

  1. Goal-Oriented Life
  2. Money Oriented Life

These are the two options that you can lead you to live a better money life. Now, the question arises that does both have similar effects in our life? Which one is best for our financial existence? We have discussed the whole topic here. You can read this and choose one which is best for your life.

Let’s begin.

What Is Goal Oriented Life?

You must have some aim that you have to achieve in your life. Now, for that, you have to move from one step to another. When you are directing this, you have to take care of numerous things that we have covered further.

Steps to Follow Goal Oriented Life

Five steps can help you to get this. We have provided a detailed study of them.

Take care of finance

It is imperative to follow a specific routine because without making a particular plan, you will not be able to direct the funding properly. One has to create the project in such a way that it will meet both unexpected and expected costs.

For example,

You meet with the unexpected cost, like hefty medical or travelling fees. You must not be ready for this, and this occurs in different places of life. So, there is the way known as savings that can help you in this period. But, many times, people do not want to break the savings, so they choose options like guaranteed loans.

So, you can see how vital it is to prepare for every kind of expenditure.

Stop impulse purchasing

You have to make purchasing that is non-essential. Now, when you do this, you can better create a list that can help you to guide when you purchase. Create a list day before and try to follow it. In this way, you can stop the over purchasing, and at the same time, you are meeting the daily expenditures.

These are the typical steps that are vital to follow this method. Now, let’s see some adverse effects of it.

Disadvantages of Goal-Oriented Life

There are two significant adverse effects on it.

Feel rigid

You may find it hard to bring changes in your daily routine. Now, when you do this, it may affect your goal. So, it asks for short term sacrifices for long term goals.

Do not alter the goal

If you try to change the goal, you have to change the planning or money directing plan.

Let’s have a look at the Money Oriented Life.

What Is Money Oriented Life?

When you work to earn money, then there is no space for goals. To direct it, you have to follow the below-mentioned steps.

Steps To Manage Money-Oriented Life

There are three steps to follow.

Find out the different ways to earn money

Here the goal is to earn money. You cannot rely on the constant source of income. You have to choose multiple ones that can lead you to witness the successful plan. In this, you can perform numerous works, and make the financially secure for the current situation.

Do part-time work more

In this technique, you have to do part-time works more or say freelancing. Those methods should be in such a way that you can do them at any time. So, here selection becomes a difficult choice, and you have to be consistent with them.

If you stop to follow them, then you may lose the income too.

Must-Have the fixed-job

If you think that earning a part-time job is sufficient, then you are wrong. To avoid it, one has to gain the fixed source income, make sure you are getting money every month without any problem. And side income is sufficient to bear the random cost.

See the negative side of it.

Disadvantages of Money Oriented Life

Here are three significant limitations that you must know.

No planning

You can see that there is no money planning involved in the steps of money-oriented. And to live a healthy money life, one has to follow the intense routine. It is the dominant negative side of it.

Overspending is a common part

When you do not have a standard plan, then over purchasing can occur at any period. Now, imagine when you have decent money directing policy, then how much money you can save. No matter how much you earn, but if you are not able to keep it, then coping with the unexpected scenario becomes next to impossible. Even, such situation can ruin the financial life for a more extended period.

Do not make a wise decision

You can make good choices only then when you have the experience to save money. Here, you aim to get money but don’t know how to spend them. It could be the reason many people do not use it.

These are the three limitations of money-oriented life. You must be wondering which one is good for you. In our opinion, life with specific goals can help you to learn more about money. In the case of money-oriented people, you are not gaining experience that is vital for the longer, more reliable financial life.



Category :finance
Author Website : Recent Finance

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