Most human beings want to feel secure, want recognition or important, want to feel loved or connection as well as change. There are many ways we go about that. Some have big cars, bigger homes or multiple houses. Some do it through achievements. Whatever it is, human beings do things for emotional reason.
Having lots of money is one way human beings can get all the above. Some want money for financial security. Some have lots of money to be recognized. Image the first millionaire or billionaire in your class or town. Then, there are those who hang around rich friends, thereby giving the friend a sense of being loved, even though they know people are there just because they have money.
As you already know, the way to financial freedom lies in the choices we make with the money me earn. Besides making it big through a lottery, most of us need to decide what we want. Be honest and ask yourself. Do you even wonder why you wanted the new car, new home, new computer or new dress? I mean, unless, you are homeless, or your car broke down, why change it? It leads to the question of want and needs. We want something because of what the thing can do for us. Make us feel good.
All human beings have desires and wants. Even without
Maslow hierarchy of needs, to explain human behavior, we know we need food, shelter and air. After that we start to want more. Now many financial planners urge people to curb their wants and to live within their means, in order to reach financial goals and thence financial freedom. And it is good advice. I mean, how can you get ahead if you don’t even have spare money to invest, right?
However, I feel instead of curbing wants, which is to deny our desires, perhaps it would be a better strategy to channel our wants for wealth generating assets. Channeling our funds to productive use would help us get financially independent faster. The challenge is, we associate the feeling of being deprived. If we can learn to associate feeling good by growing our wealth, then we are home free. I know, it is easier said than done.
But recognize this. Most of the time, human desires skip from one thing to another. Before we own an item, we want it. And this want will keep growing until we can’t stop ourselves anymore, that we go out and buy it to satisfy that desire. The feeling of pride of ownership however does not last long, and after a while, we no longer desire the thing in question and go looking for the next thing. And the cycle continues.
Most of us go through this cycle and for some, with maturity sooner or later start to be aware of it and are able to make a better choice. But there are those that are still stuck. I call this financial immaturity.
Let’s use an example. If you look at your life, I’m sure you have gone through the same cycle. I know I have. A couple of years back, after an income increase, off course, I was on the look out for a new car. The emotional part of me said, “Go for a new car, you deserve it. After all, you worked hard last few years. It’s time to reward yourself.” Does that sound familiar? Now, logically I started to convince myself it was the right time. I had the mean to pay for it, the old car was close to 8 years old and major repair could be just around the corner, plus I a 4 door would be an added convenience. So I went out and got the car. Slightly more than a year later, after the shine has rubbed off and I felt the pinch of paying monthly installments (even though I can afford it) and wanted a smaller car. Aaargh. Do you know what would have happened if I went our and gotten a smaller car? Probably after a few years, I would be looking for a larger car! Know what I mean. Heart’s desires are never satisfied.
Have you gone through a similar feeling? If you are honest, I think you have gone through a similar. So ponder this. Every time, we desire something, we go through the same cycle. We all know having the ability to delay gratification is the right way, but the marketing world play havoc with our emotions, tempting us to spend, spend, and spend.
Once we recognize this behavior and feeling that go on in us, I think all of us are on the road to financial freedom. Or at least, be able to stop and check our thought before going down the slippery road to financial disaster. It won’t be easy to break the old habit and being tempted all around. But you can use the visualization technique to imagine you are already financially free. Imagine feeling great not only being debt free but also having an abundance of money to move on to better things.