I am not talking mechanics here. I know the people that save, invest, postpone gratification are those that get ahead financially.
However, alot of people know the mechanics of the system, but not alot of people apply the basics. Why do some apply the basics and not others. What causes lack of discipline in spending? Do we blame it on marketeers? Do we blame it on parents? Left brained People versus Right Brianed? Do we blame low self esteem? Internal vs External Locus of Control?
My guess is locus of control. As defined by Wikipedia:
Locus of control theory is a theory in psychology that originally distinguished between two types of people – internals, who attribute events to their own control, and externals, who attribute events in their life to external circumstances.
How can I incorporate this into my Financial Health 101 course? Help! I’m stuck!