Find out some of the reasons why you are not yet financially independent and their causes.
Many people talk about financial independence. Some think of it as a state of living in which you are able to take care of all your financial needs. Almost everyone wants to become financially independent and they wonder why it's difficult for them to attain that feat. We'll explain everything in this article.
What is Financial Independence?
Perhaps you don't know what financial independence actually means. Of course, this is partly measured by money (this is an essential condition). Financial independence is when you're financially strong even after losing your job or failing a business fail.
Why Is It Difficult For You to Achieve Financial Freedom?
The reasons you are not financially free are:
1. You Don't Have Confidence in Yourself
We are committed to spreading the message of success and positive thinking. Armed with the right facts and knowledge, you can agree to change your relationship with money and maybe even become friends. First, let us give you some friendly advice. If you can't achieve financial independence and freedom yourself, you shouldn't think that others can't either.
This attitude shows a lack of perspective, superficial knowledge about money, and ignorance. You should also not act as a messenger of negativity, keep your ideas to yourself and allow others to find opportunities in life. It is not your place to judge or limit someone else's future. We often see people pointing out that only 0.1% of the population is financially independent. We don't know where they got these numbers from.
Being financially independent does not automatically place you in the wealthy quintile. It puts you out of the rat race and in a position where you can enjoy a partially free life away from financial stress. 28% of young people have already achieved financial independence. In this case, empirical evidence shows that the problem is not with your concept of financial freedom, but with your wrong mindset and approach to money.
This attitude shows a lack of perspective, superficial knowledge about money, and ignorance. You should also not act as a messenger of negativity, keep your ideas to yourself and allow others to find opportunities in life. It is not your place to judge or limit someone else's future. We often see people pointing out that only 0.1% of the population is financially independent. We don't know where they got these numbers from.
Being financially independent does not automatically place you in the wealthy quintile. It puts you out of the rat race and in a position where you can enjoy a partially free life away from financial stress. 28% of young people have already achieved financial independence. In this case, empirical evidence shows that the problem is not with your concept of financial freedom, but with your wrong mindset and approach to money.
2. You Have Negative Thoughts About Money
The amount of negative opinions about money on the internet is overwhelming. The biggest reason for not achieving financial freedom is a lack of confidence and constant doubts about the idea of becoming financially free. When you reject the idea of financial independence, you are already mentally preparing yourself for financial ruin. It may take a little longer to get there and your problems might be very complex. In spite of that, don't give up no matter what. Others may be in more harder situation than you so start building now.
3. You Follow Herd Instincts
Sheep don't have the mentality of tigers, nor the courage to hunt like pumas. All the sheep can do is eat grass all day, eat poop, and then eat ba, ma, me, and at the end of the year they are slaughtered for meat. All they need is a shepherd with a walking stick and a dog to manage them. Most people are no exception. Media and mass marketing control their thinking and decision-making.
They are slaves to their own destructive habits and have no control over their future. Even if you think so, it's just an illusion. They lack independent thinking and decision-making skills. They rely on support from their group and do not develop the skills to survive on their own like cheetahs. To become financially independent and wealthy, you must become a tiger, not a sheep.
Isolate yourself from the majority of the population. If most people get average results, how can we be confident that if we follow the same rules, education, habits, and mindset, we will get different results? Wanting to follow the crowd and become financially independent is like expecting to sell your average goat for $1 billion.
They are slaves to their own destructive habits and have no control over their future. Even if you think so, it's just an illusion. They lack independent thinking and decision-making skills. They rely on support from their group and do not develop the skills to survive on their own like cheetahs. To become financially independent and wealthy, you must become a tiger, not a sheep.
Isolate yourself from the majority of the population. If most people get average results, how can we be confident that if we follow the same rules, education, habits, and mindset, we will get different results? Wanting to follow the crowd and become financially independent is like expecting to sell your average goat for $1 billion.
4. You Don't Have Perseverance to Become Financially Independent
Everyone wants to be rich! They strive to earn a lot of money and live an ideal life. They plan everything out for the ideal, most productive system, stick to it for a few weeks, and then boom…they lose interest. Financial independence requires extreme focus and self-discipline for at least 3-5 years. You cannot succeed without the discipline and mental habits necessary to achieve financial freedom.
5. You Don't Think It's Possible
People keep on telling us; "Please stop dreaming. It won't happen, it's such a waste..." What it means: "That's impossible." It is this belief that prevents most people from achieving financial independence. We aren't really great at taking financial dreams seriously. Independence is one of those dreams. If you prioritize eating out, taking Uber, or living in a nicer apartment than you need, your day-to-day considerations will impact your long-term goals.
6. You Don't Have a Plan
Have a plan. Otherwise, your goals are just dreams. So, can you tell us your plans for the next five years? What exactly are you going to do next to achieve financial independence? If you can't answer either question, start writing your plan.
7. You Spend Your Entire Paycheck at Once
Most people tell you to live beyond your means. Don't be like 80% of people. Save first! This is rule number one. No matter what you've read about wealth building or financial independence, saving money should be a priority. Pay yourself first. So what do we mean by paying yourself first? Paying yourself first means that every time you receive income, you immediately want to put 10% of your money aside, even before you pay rent, taxes, mortgage, food, clothing, etc.
Some people find this difficult because their income does not match their desired standard of living. In general, increasing the former is much more difficult than decreasing the latter, but many people are not willing to give up what is ultimately a luxury. Living in a small space, having roommates, not eating out, driving a car with a baseball bat, etc. You can significantly reduce costs. People seek pleasure in external things to fill the void of their unhappiness and satisfaction.
So, they constantly spend it on things they don't really need (which never works). If you are constantly distracted by shiny things, hiding in your own little comfort zone, and being a slave to wasteful habits, you will not feel money. You ask yourself all the time: how can I enjoy life just like everyone else? We all have a life, right? And this life is short, right? No matter how much you desire wealth, it will not happen to you if you have that mindset. Financial stress is your own choice.
Some people find this difficult because their income does not match their desired standard of living. In general, increasing the former is much more difficult than decreasing the latter, but many people are not willing to give up what is ultimately a luxury. Living in a small space, having roommates, not eating out, driving a car with a baseball bat, etc. You can significantly reduce costs. People seek pleasure in external things to fill the void of their unhappiness and satisfaction.
So, they constantly spend it on things they don't really need (which never works). If you are constantly distracted by shiny things, hiding in your own little comfort zone, and being a slave to wasteful habits, you will not feel money. You ask yourself all the time: how can I enjoy life just like everyone else? We all have a life, right? And this life is short, right? No matter how much you desire wealth, it will not happen to you if you have that mindset. Financial stress is your own choice.
8. You Don't Invest
You may be thinking that money is scarce and that might make you keep holding it tight without even trying to invest or make more with it. Well, this approach comes from scarcity psychology. This is based on the premise that money is not enough. Now, where do I find the money to pay off debt and save? Scarcity thinking, is the belief that they are “broken” or “poor”, so they identify as that person and lock themselves into this limited box that they themselves have created. That will not help you at all.
9. You Follow a Lot of Wrong Advice
This point is also very important. Many people who want to become financially independent listen to the advice of others. They hold you back with fear and anticipation. Consult only those who have already achieved the desired results.
10. You Don't Make Sacrifices
If you want to build wealth, you have to think carefully. This is a sacrifice you should make for financial freedom. As time goes on, you know you like it. When you read a book, you can almost see the money in the bank account. But if, after reading one or two books, you realize that you do not like the time spent studying the field, you should forget about getting rich. Because what’s the point of becoming financially independent if you don’t like the process?
11. You Lack Financial Education
Unfortunately, too many people lack financial education. Not everyone has access to the same opportunities, resources, and financial education, which can create inequalities on the path to financial independence. Even your parents might not have taught you about money because they see it as a distraction from studying. But remember, with determination, smart financial choices, and perseverance, many people can achieve financial independence over time.
12. You Are Not Grateful
You have to recognize the wealth you already have. Be grateful for the fact that you're okay and have family and friends. If you do not do it, economic independence will not have anything to you.
Conclusion
Financial independence is certainly an important step forward. We believe financial independence is hard. Unfortunately, this impression leads many people to give up without even trying. That is why achieving financial independence is so hard. Once you are able to overcome all the obstacles listed above, you will achieve financial independence. The process can take some time. The key is to avoid debt so you can try your business again and again, reinvest more of your income, and depend less on a single source of income.
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