3 Obstacles To Financial Freedom And Better Personal Finance

Financial freedom should be the dream of every human being. There is really no real freedom in this world without financial literacy.

Many people fail to achieve financial literacy and eventually retire to a life of misery and want, while it is fairly easy if one starts early and used the right strategies. Three obstacles to achieving financial freedom are mainly:

1) PROCRASTINATION: This is one of the greatest financial freedom obstacles. The more time you have (or the younger you are), the less money and effort it will take.

Time can be your greatest ally in the pursuit of financial freedom. Do not waste time. Preparing to retire in financial dignity is more than a goal: It is an obligation: a DEBT to your family, community, and other taxpayers. But it is a debt that you can pay with good planning.

Early in life when spending habits are formed, thoughts of retirement are far away and remote; then when retirement comes, it is often too late to make adequate preparation. It is said that “old age is the most unexpected thing that happens to human beings”. But do not wait. Time is never just right to start learning and preparing to retire in financial freedom and dignity. Forget your “Some day I’ll do it” ideas and just do it. Present decisions affect the future. Start now.

2) FAILURE TO PLAN: I have never had someone come to me in all my years as a Financial Planner and say, “Julius, I plan to fail.” But failing to plan is planning to fail. Successful people in all walks of life, as I’ve observed, know WHERE THEY ARE GOING. They work a plan.

If something does not work, the way they planned, and it fails, they just dust themselves off and go right back in the direction of their goal.

Write out your immediate, intermediate and long term goals on paper, in a clear manner, and your timetable to accomplish them. Investing is above all else A PLAN. Financial freedom success can be predicted; IF YOU HAVE A PLAN and follow the plan. If you give a blueprint to a Builder, do you think it is a matter of chance that he will complete the structure successfully?

Of course not! He merely begins and follows the plan step by step to its completion. I have completed several construction projects myself, so I know what I am talking about. Personal financial success is the same.

3) IGNORANCE: ABOUT MONEY: The third financial freedom obstacle is ignorance about money. This is a great void in our education system. We are raising a nation of financial illiterates. This unfortunate state of affairs is really regrettable, and its a global phenomenon.

Our schools are doing a great fob of raising a generation of job seekers, people who have no idea what to do with their hard earned cash. To overcome this financial obstacle, people need to unlearn the old money rules, and learn again, to become financially literate.