Keys to Financial Freedom

One of the areas of a life well lived is an area I’ve been teaching on for a while now, finances.

Unfortunately I grew up not learning a proper view of money.

Before I knew it, I looked up and my life was spiraling out of control.

These are some of the things I dealt with:

• Marital problems
• Falling behind on mortgage
• Car repossessed
• Heat stopped working because we didn’t pay the oil bill in time

While there are other important areas in life, I think you’ll agree that it’s nearly impossible to have a rich life with those circumstances.

A rich life costs money. If you want to provide for your family, have unique experiences, have some level of security for retirement, and give (that’s a huge part of a rich life), it’s going to take money and lots of it. That’s the part I didn’t learn growing up.

So if you’re struggling right now (like I was) here are some different ways to view money which will help you more than you know.

The first thing I want to point out is the difference between broke and being poor. Being broke is not having money and being poor is a state of mind. Let’s talk about fixing both.

Two thirds of people in North America would struggle to come up with $1,0000 in an emergency.

Keep in mind that this is the richest country in the world.

This is why it’s not just about making more money. Most folks spend according to what they make. Millionaires don’t do that. When they get a raise, they save at least some of the excess. Saving is a habit and has less to do with what you make than you think.

Contrary to what many people think, most millionaires started out with nothing. They weren’t handed a large inheritance. They saved their way to financial success.

Another area millionaires view differently than those who struggle is college. The number of college graduates over the age of 60 that have student loan debt has quadrupled in the last 10 years. Many millionaires fund their own college with no debt. Yes, it’s possible. It’s outrageous how many people will take out loans for their kids college while having no retirement in place.

Probably the biggest thing that millionaires view different than those who struggle is credit cards. Almost everyone who struggles financially carries a balance while almost no millionaires carry a credit card balance.

Most people who struggle financially believe there is no way out. They look at millionaires and think that they somehow got lucky and it’s just not in the cards for them. I know because this is how i thought. Thankfully I now know better. Gaining financial freedom is simply a choice just like losing weight or any other goal. It takes a long time and some focus but anyone can do it.

People who struggle financially think that those with a lot of money are jerks. Many in religious circles believe it’s less righteous to have more financial resources.

It usually takes decades to become a millionaire and in the process a lot of character is built. In fact, who you become in the process may be more important than the money.

The good news is becoming financially free has nothing to do with how smart you are. I’m thankful for that.

Hopefully you can see the contrast in mindset between those who struggle financially and those who don’t. I’ll be writing more with a bunch of actions you can take but for now start thinking about which area(s) you may need to adjust your mindset in.