Attaining financial freedom all the while making money has never been easy. There are lot of hindrances that you need to overcome and you need to discipline yourself more.
From mortgages, college fund for your kids, monthly bills, car payment and so on, it has become impossible for most people; especially those who cannot manage their money wisely to achieve financial freedom. Here are the several barriers of attaining financial freedom that you should overcome.
Lack of plan
People who don’t develop a plan and management of their money would often lose control of everything. Without a plan, you have no goals to achieve and worked hard to.
Developing a plan is crucial because you know exactly what you want to do, as well as point out any fatal flaws that might occur in your plan and thinking of ways to overcome it as much as possible. Create a plan, budget, set a goal and do not waste your money spending on every item that catches your attention. You should have a clear goal in mind in order to avoid extra expenses.
Disregarding their passion
You should at least work in the same field as your passion in order to enjoy your work. Making money while doing your passion would make you happier; one of the most effective way to make more money. There are some people who do not work on their passion and, as a result, they do not perform effectively on their respective chance, having only limited opportunities to knock on their door.
This could also lead to financial problems if you’re tempted to buy the next shiny item that catches your attention. You should avoid buying unnecessary things as much as possible, lessen expensive hobbies and focus on things that could help you in your survival for daily life.
For instance, if you love collecting shoes, you should discipline yourself not to buy the newly-launched branded shoes in the market to make you happy. As long as you still have shoes and sandals to wear, there is no need to waste your money on your possessions. You can change your routine and reward yourself a new pair of shoes every few months and save your money instead.
Getting stuck between the never-ending and vicious cycle of debt is suffocating. There are some instances that people borrow money from others just to pay their debt from the other one. Starting to pay off your debts should be your first priority in order to manage your money wisely otherwise you will find yourself drowning in your debts.
Lack of discipline
Remember that when you are trying to attain financial freedom, you should discipline yourself. Lack of discipline and neglecting tips could just lead to financial problems that you may have to face.
Now that you have set a goal in your mind, develop a strategic plan in order to achieve that certain goal, you should at least make some effort to make it work. Do not let your goal fall downside.
Your goal is worth some sacrifice and it would really pay back once you’ve achieved that certain gal of year only if you discipline yourself. Committing to yourself that you would save money but buying the latest model of iphone even though you still have a working one is useless. Do everything that could change your mind set and lead you into your goal in order to achieve financial freedom.