If you are the type that is living paycheck to paycheck, it might be difficult for you to achieve your financial goals.
You don’t need to be like Warren Buffet or Bill Gate before you are considered financially successful. Most of the things it requires the most are good habits, dedication, and determination.
It’s possible you are the biggest obstacle to achieving your financial goals, especially when you depend so much on your monthly pays.
The journey to achieving financial success or goals is not an easy road at all. But when you eliminate certain patterns of habits, it becomes very likely to achieve your goals.
However, here are some of the things you do that impedes your financial goals
You Don’t Think of Retirement
Your thoughts in most cases are vehemently gripped on the present without having any thought about the future. When you retire, you don’t earn any income again especially if you are the pay to paycheck slave.
The case is different when you already have funds set aside for your retirement over the years.
It is not late to start putting aside some money for retirement, what is paramount is you to have that mindset and start doing something about your imminent retirement.
You Don’t Invest in Yourself
One thing that most people don’t realize is spending on their personal development. If you are not investing in yourself, the chances of making more money become very limited.
You have to acquire more skills, more education, by channeling your money to them. These kinds of investments are intangible. When you learn a difficult skill, you stand the chance of making more money afterward. They are usually long term form of investment (self-development).
“Your earning power—rooted in your education and job skills—is the most valuable asset you’ll ever own, and it can’t be wiped out in a market crash,” writes Kiplinger’s Personal Finance Editor in Chief Knight Kiplinger in Eight Keys to Financial Security.
You Buy Everything
Human wants are insatiable and limitless. We desire good stuff, sometimes new ones despite the fact that we have the old ones. For instance, a smartphone freak will never use a smartphone for two years without getting a new one.
If you are this type of person, chances are high that you are not going to fulfill your financial dreams. If you must be financially successful, you must be accountable for every penny spent. Not just that, you have to question whatever you want to buy.
Buy stuff that will add value to you, not just buy for buying sake.
“If you’re going to get value out of something, you should pay for it, and you should enjoy it. I will hold something like my iPhone for like 3-4 years until it doesn’t work anymore. You buy the best, and you hold for the long-term.” Says Ramit Sethi, in his book titled “I Will Teach You To Be Rich,” he said: I believe in paying for value.
You Don’t Take Savings Serious
Everybody knows that saving is very fundamental as far as the financial goal is concerned. If you are not saving any portion of your income, that means you are not committed to achieving your financial goals.
Savings require some level of discipline and commitment; you have to stick to possess some of these traits for you to have an effective saving plan.
Conclusion
Start saving today, think of retirement, and think of what happens when you don’t work anymore.
