Financial freedom means different things to different people. It could mean living life on your own terms or having total control of your finances. But generally, it means having savings, investment, cash in hand to afford the lifestyle you desire for yourself and your family.
However, there are certain things that can serve as obstacles to you becoming financially free.
1. Lack of knowledge
Gaining financial knowledge is the first step towards achieving financial independence. A basic understanding of personal finance can change your finances. For you to make money, you must understand how it works.
Millionaires build their fortune when knowledge meets opportunity. Take advantage of available resources and discover the world of opportunities available to help you build wealth.
2. Limited income source
Earning more is key to building wealth. There’s only so much you can save and live on with a limited income source. Find ways to build alternative income sources so you’re not solely dependent on just one.
Multiple sources of income doesn’t only mean more money to spend, but it also allows you to better utilize the additional income to achieve your financial goals more quickly.
3. Lack of consistency and discipline
Just like fear and greed, lack of consistency and discipline can take you even further away from financial freedom. These emotional states combined with unhealthy financial habits will always be your enemies.
The difference between wishing you are financially independent and actually being free lies in the actions you take consistently.
4. Poor prioritization
Failure to make necessary sacrifices can hinder you from reaching your goals. If you want the freedom that comes from being financially independent you have to be willing to prioritize the steps and habits that will make you achieve this.
When you choose to prioritize saving over spending, your financial goals over instant gratification, you’re well on your way to becoming financially free.
5. Doubting it’s possible
One thing that separates those who have gained financial freedom is their belief in themselves and their ability to achieve financial success. Financial independence is possible for everyone no matter how bad you think your financial situation is.
Think about what financial freedom means to you and put in the work required to get you there. Learn, earn, save and invest to be financially free.
The road to financial freedom will always be paved with obstacles. But you have the choice of letting them stop you, or of doing whatever you need to do to overcome them. You hold your future in your hands. Take responsibility and create the life you want.
A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.
— Suze Orman