Here are 5 Common Financial Freedom Mistakes and How to Fix Them.
Mistake and Fix #1 – Asking Yourself The Wrong Questions Instead of The Right Questions
I find it easy sometimes to ask myself the wrong questions like “Why isn’t this working?”
Asking questions actually gets your mind working hard to find solutions.
So asking the wrong questions gets your brain working on finding reasons for something you don’t want!
Better questions would be:
“Why am I always thinking of ways to make money?”
“How can I turn this into an asset?”
“What have I learned that is new and empowering today?”
“Why do I have so much to be grateful for?”
“What is the solution to ____?”
Mistake and Fix #2 – Focusing on Paying off Debt instead of Paying Yourself First
I used to do this so I understand if you have a lot of debt and you think about it a lot.
The problem with this is that you are not actually helping yourself learn about financial freedom by focusing on debt.
Set up an autopayment and forget about your debt.
The fix is to pay yourself first.
That means put aside money for yourself in an investment account designated to make you financially free first, before paying bills, debt, etc.
The standard amount is at least 10%.
Focus on doing this when you get paid.
Make it a habit.
Focus on this and you will create financial freedom as your investments create passive income for you to live on.
Mistake and Fix #3 – Being too Afraid to Lose Money to Invest
Some people get so scared to invest.
Maybe they tried once or many times and lost money.
Well, ask yourself an empowering question, like how can I learn from my mistakes and invest better in the future?
Then try again.
I find most people can start small and build confidence first.
Like putting money in a high yield savings account.
That’s pretty easy to do, and it makes interest, which is passive income.
Start small and then move on.
Have no idea how to open a high yield savings or make passive income?
Click here, read the free information and take the 7 Day Finance Freedom Challenge!
Mistake and Fix #4 – Underestimating Yourself and Overestimating Others in Regard to Money
I used to vastly underestimate my own ability to keep and grow money wisely.
I asked others for advice, and found their advice unsatisfying.
I realized after I kept educating myself and and asking for advice, that I could do better investing on my own.
This is the case because I am learning to invest, and what investment advisors do with our money is not much better than throw it in an index funds and re-balance it once a year.
The problem is, the people who can do a better job are doing it with their own money, and don’t need your money to make money.
The people who do want your money (business schemes, franchises, investment advisors, your best friend, etc) want to keep some (or all of it) of it for themselves.
If you overestimate the ability of others to make you money, you may find that you are paying more in fees and product purchases or memberships than you are making money.
You would be better off just putting your money in a savings account or putting it in an index fund and reading books like Secrets of the Millionaire Mind by T Harv Eker, The Richest Man in Babylon by George Clason, The Intelligent Investor by Benjamin Graham, Rich Dad Poor Dad by Robert Kiyosaki, Money Master The Game by Tony Robbins, and A Random Walk Down Wall Street by Burton Malkiel.
Mistake and Fix #5 – Thinking You Need a Million Dollars to Be Financially Free
Every person and situation is different.
You may need a million dollars or you may not.
If you invest your money wisely, you might find you only need $200,000 or some other amount to become financially free.
There are many factors that influence this number.
To become financially free, you need to create passive income.
That passive income pays for your expenses.
Maybe it takes 1 rental house to make you financially free along with your pension.
Or maybe it takes a stock fund at $300,000 or an annuity or a best selling book, or a lead role in a popular movie, a hit youtube video…etc.
Everyone is different, and you may be free on far less than one million dollars.
(Visited 42 times, 1 visits today)
