Here are 10 possible reasons you are not financially free or at least on the way to financial freedom.
1. Covetousness, also called wanting what your neighbors have. You are concern about what your neighbors think. Many people have such tendencies. Does it really matter if your friend just bought a new car, have expensive holidays? So what if your sister buys expensive toys for her kids? You follow your path. Live within or better yet, below your means.
2. Instant gratification. Till the recent phenomena of easy credit, it was difficult to spend more than you had. That is not the case today.” We’ve also bought in to the dream of quick riches. But if you have patience and delay your gratification, you can obtain wealth.
3.
Bad spending habits.You have heard is said repeatedly. It is not how much you earn but how much you keep. How much you keep is directly related to how you spend. Vices like smoking, gambling, drinking have immediate and long term financial costs.
Read also: How to Change Your Financial Habits 4. You haven’t prepared. An emergency fund is your own private insurance against life’s hard knocks. Hard knocks happens all the time. Things breakdown, usually unexpectedly, at the worst of times. A family member might suddenly incur medical bills. Whatever the reason, an emergency fund is a must.
3. Having no financial goals. I’ve written about goals in the past. Without financial goals, you’re traveling the road of life without a map and without milestones. You won’t know if you are heading in the right direction. Even if you are on the right direction , without milestones to show you that you are getting closer to your goals, you might give up at the last mile.
6. You want to get rich quick.You hope things will work out for the best and ignore reality. Anytime you buy lottery tickets, time a stock, or try to take a shortcut, it just means you are tempted by get rich quick thinking. Instead of thinking of ways how to get rich fast, change your mindset to give value to others. That will pull in the money.
7. You forego your money responsibilities.It is you job to manage your money. Don’t depend on others to make money decisions for you. Brokers, investment experts are there to help you. Not make decisions for you.
8. You’re financially illiterate.You invest in things you don’t understand. You either don’t realize the risk you are taking or taking playing it too safe. There are always risk involved.
9. You don’t manage your finances but just hope that the next paycheck will solve your problems, or hope for the best. It doesn’t happen that way. Just like a nice garden does happen by accident, financial freedom doesn’t happen by accident or by luck. A garden will be full of weeds if you don’t take care of it and it is the same with your finances.
10. You follow the crowd i.e. your friend, relative or the stock market. You don’t have a long term strategy that builds wealth steadily and surely.
If you are making any of these mistakes, it is time to make changes.
Read Also :
Tony Robbins :7 Steps to Becoming Financially Free
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