Wealth is quantifiable but what is considered wealthy is subjective.
Everyone appears to have more money than you. Even though you put in the hours and the late nights, working hard towards your goals, both personal and financial, it always seems like you fall a couple of steps short.
However, give some thought to the fact that even though you’re earning relatively higher than when you started, why does it always seem like you’re running out of money? Why does it seem like others are more successful and wealthier than you?
The key to becoming wealthy:
The answer to these extremely poignant questions lies in our financial habits. Without proper financial planning, even when you take meaningful steps towards financial independence, it does not always yield positive outcomes. This is why it always feels like you’re always short of money and the rest of the world is flourishing and abundance.
There are a few things in your control that you can exercise in order to gain financial freedom without falling into the money trap. Ideally, this begins with devising the perfect balance between income and expense. There are a few measures that you can take to ensure that you invest towards your financial future rather than follow the trends.
- Practice financial discipline
In order to attain the desired wealth, you cannot succumb to all temptations. Start exercising financial discipline on a daily basis. Purchase only the essentials and adhere to a budget while you save and invest the remaining in the security of your financial future.
This does not mean that you cannot upgrade your lifestyle but exercise a little restraint when it comes to impulsive purchases just because you can afford it.
- Don’t spend before you earn
Another big mistake that people make is spending money on credit. While using a credit card for major purchases to reduce the amount of money you spent on a monthly basis is a good idea, spending more than you can repay based on your sources of income is a terrible one.
Unless you are acquiring money on credit to meet reliable investments so you can repay the loans quickly, try not to amplify your credits.
- Avoid liabilities
Instead of investing in liability such as cars, designer wears call mom and other materialistic things invest your money to make money. Hired a qualified financial advisor to help you navigate your ledgers and investments and work towards financial independence.
The reason that most people are unable to attain financial freedom it’s because their expenses keep shooting through the roof the more money they earn. In the end, the reason that others seem to have more money than you is just a perspective. You may be wealthier than most in terms of liquid assets, long-term investments, pieces of real estate, etc. If someone appears to have more money, doesn’t mean they actually do. They could be suffering from credit insurgence trying to keep up with their extravagance.
