The Top Barrier to Financial Freedom
Be aware of this significant roadblock to Financial Freedom
Greed makes it hard to help people.
I’m old enough to remember in 2001 or 2002, we saw this rise in oil prices, and Airlines said they had to institute baggage fees because the luggage was weighing down the planes’ increasing fuel usage, and the most feasible way to address their plight was to add a surcharge.
Humans have been born, went through school, and are entering the workforce THIS YEAR without knowing a world without baggage fees.
So, as I write this, CPI has hit 7.5%, influenced by price increase strategies during a global pandemic.
What does that mean?
-Normal inflation is usually in the range of 2%-3%%
-Excluding groceries and gas, inflation rose to 6%
Context is essential, we’re talking about consumer goods, not luxury goods, so food, household items, and housing which are essential for most households to survive, are strategically being implemented.
Admitted on earnings calls.
Applauded for returns to investors.
All the while, millions are struggling to get back on their feet and move forward.
This is not to mention the inequalities in earnings that occur for no good reason and qualification to pay ratios in some industries.
It reminds me of a saying I heard in the south “poor people will water down their food to feed everyone, while the wealthy will steal food from you and throw it in the trash.”
For people to develop their savings behavior, wealth mindset, or path to financial freedom, the artificial barriers created by greed are unwarranted constraints for wealth creation.
Negative emotions like greed come from inside of us, and some have no problem showing and leaning into the negative emotion. However, many people don’t acknowledge their feelings. They suppress them and could be keeping them from succeeding financially.
So ask yourself this question:
“How do I keep myself from feeling negative emotions toward money?”
Here are some thoughts that may help you:
1. Realize that you can’t change the past.
With time, your past mistakes are in the past. They have become your past. Now look forward to your financial future. What does your financial future look like? What are your financial goals for the future? To start, change your money story framing from what happened in the past to what will happen in the future.
2. Think of your present financial situation as temporary.
Everyone can be a millionaire. Someone who makes $40,000 a year will have earned $1 million in twenty-five years. Doubling your income from $40,000 to $80,000 will cut the time in half. There are choices to increase your income or decrease the time it will take to earn a million. You need a plan. Goals are achievable if we have clear targets and reasonable time frames
3. Fill in the gaps in your financial education.
So, do you feel stressed, anxious, worried, or tired when things get tough? If the answer is yes, you’re certainly not alone.
But you are in charge. You have the power to decide what your financial future looks like. You can get out of it, but it takes knowledge. What will be your financial strengths (strength of personality, family relationships, good work ethic) and financial weaknesses (money habits, emotions, temperament) along your financial journey?