Financial problems have a past

As a former financial adviser, I was annually required to complete a specified number of hours of continuing education.

This was mandated by the governing bodies of the financial industry, the NASD and the SEC, so that I might best serve the needs of my clients. If I did not meet those requirements, my licenses would be revoked.

I continue to advocate personal financial responsibility and I continue to educate myself through all available means. One of the most informative books I’ve read lately, is, “True Self, True Wealth - A Pathway to Prosperity,” by Peter Cole, ChFC, LCSW, and Daisy Reese, LCSW.

This book focuses on the psychological factors underlying the detrimental actions you make toward the overall improvement of your situation. Rare is the case where a deep-rooted connection to the past is not the cause of a poorly made financial decision.

For that reason, I highly recommend you explore the “why?”

Why are you are a “hoarder,” a “craver,” or a “coupon clipper”?

Why do you buy a new pair of shoes when you have a pair just like them in the closet?

Why can’t you relax until every penny in your purse is spent?

Why do you take the time to gossip with your friends rather than balance your checkbook?

This book helped me uncover a “why.”

As a young person working on my sister’s in-laws’ farm, I was told that my pay would be forthcoming in one lump sum at the end of the summer rather than on a regular basis in exchange for the hours that I worked that particular day or week. I worked very hard and I waited.

Finally, it came — pay day. I remember standing in the living room of my sister’s new house, and her father-in-law pulled out the money I was owed.

Suddenly, my parents reached over, took the money and handed it to my sister.

She needed (wanted) new curtains. I remember thinking “Wait a minute, that’s mine.” But it was too late. The money was gone.

My parents replaced the money into my college fund (the destination of the original amount minus a little spending money for me), but to this day I struggle with the mentality of “why bother?”

Putting off creating a budget because you don’t have the latest software does not alleviate your fear of seeing in black and white how much you spend.

Withholding a well-deserved ice-cream cone from Junior is not justified because you stowed every penny you have into his college fund. Being so tight with your finances you squeak when you walk does not warrant having a few dollars in your wallet for the ice cream cones of life.

The sooner you understand the “why,” the better and the sooner you educate yourself, the better.

You have absolutely no excuse for there is no shortage of information available. Read magazines, newspapers and books; watch the news; surf the Internet; seek advice from professionals; create an investment club and begin your quest for personal financial responsibility today!

Donna Clements speaks with 15 years under her belt as a financial adviser and 10 years as a professional in association management as it pertains to the field of law. Contact her at dc@donnaclements.com.