4 Important Mental Shifts to Achieving Financial Freedom
There are many points in our lives when it feels like our finances are barely hanging by on a thread. A lot of people across the world are living paycheck to paycheck, and some can are only getting even. It’s sad to realize the stark reality of our dependency to money in order to survive, but our lives don’t always have to revolve around it. By adapting these key mental shifts, you’ll see that financial freedom doesn’t have to be expensive – it just have to be meaningful.
Financial Freedom is Not All About Wealth
It’s easy to assume that you need more wealth to be financially free, but is that all there is to it? Sometimes we forget the several other aspects that come with financial freedom like flexibility, happiness, love and health among others. Money does buy you the things you want, but focusing too much on money will make you lose track of the more important things, like time and bonding with family, for instance.
You Can Control Money, Not the Other Way Around
Falling into the trap of monetary slavery, you take on the mindset that you’re only limited by the funds you have. Therefore, if you have only XX dollars in your wallet, you can no longer go out and fun, thinking that you can’t afford it. Shift this mindset and think that you can control what you can do with your money. You can have fun with minimal to zero cost. You can adjust your spending, cut costs where necessary and save some money from each paycheck.
Financial Freedom Takes Action, Not Excuses
How many times in a day have you attempted to take action about your finances, but feel that there’s something holding you back? It could be that you wanted to start saving a set amount from each paycheck, but feel awful about cutting back on your leisure spending. And then you begin to make excuses about not saving at all. Financial freedom, surely, is a tough endeavor, one that requires commitment and discipline. If you’re still making excuses about changing your financial lifestyle, then you need to address those first. Think of two words: delayed gratification.
Financial Freedom is a Tall Order, I Can Never Achieve It
True and false. It’s true that financial freedom is a challenge, and it’s false that you can never achieve it. When you put a price to your financial freedom, say a million dollars in net worth, that would certainly seem too far off right if you’re just getting started. Set milestones so you keep going the right track and celebrate the small victories. Paid off your credit card bill?? Crushed your consumer loans? Finally saved a solid emergency fund? These things may seem trivial as compared to your ultimate dream, but they set the momentum. They fuel your reasons why you’re aiming for financial freedom.
The thing about financial freedom is you have to want it bad enough that you’re setting your sights to it and you don’t waver with the challenges that come your way. Expect to be thrown off track a couple of times in this journey. You might get tired saving every single dollar to pay off your debts or tracking your spending might feel too cumbersome at some point. Yes, you can rest but don’t quit. Instead, take advantage of your “resting” phase as a time to re-commit to financial freedom so you come back stronger and wiser.