Struggling to make it from one salary to another? It is a very common situation and many people tend to spend as much or even more than they make. This is a direct way to financial hardships and hassle. What causes it? Get the 5 top things that hinder your financial growth.
1. The pleasure of spending
When you overspend it feels so good! You get excited while shopping. No wonder so many women become shopaholics! You hunt and you find just the right thing and temptation is irresistible. It feels good, while it lasts, but what comes next?
You become frustrated, afraid and worried over your financial situation. You feel shame and regret, you realize that the things you’ve bought are really not the ones you need. What do you do about it and how do you get this naughty habit under control?
Set up your scale of preference. This means you set up your priorities, make the list of things you need and the ones you just want. Do some financial planning to get rich and attain the growth. And go shopping with the list. Stick to it to the letter! And once in a while set aside a small budget for fun shopping.
2. Absence of clear goals
Most people have clearly set and defined goals, such as getting rich. You can dream of it and fancy all those great things you would do or buy, when you get rich. However, the only thing you do not do is setting up an actual goal. Otherwise, you drift through life with no clear direction or destination place.
Make your goal achievable and set timelines for it. For instance, you wish to save your first $1000 and you would do it over 1 year. Getting rich is not a goal, but this is.
3. Absence of immediate results
Financial growth takes time. Getting rich is not something that can be done overnight! As all good things in this world it comes at a price and with time. It is almost like in that 50 Cent movie “Get rich or die trying”. You have to do something to stimulate your financial growth and it takes time. Once you plan it, you should work towards your goal; push forward and allow yourself a reasonable time span to get it done.
Set up reasonable expectations. In most cases getting rich now and here is impossible. Pave your way to success and reap the fruits of your financial growth as you go from destination to another.
4. Change of plan
Most of the times our plans, even the good and doable ones, seem perfect, but life introduces its corrections. All kind of things may come your way and try to get you off the track. Things happen and such is life. People get sacked, get ill, get divorced or the economy of the country crumbles. Such events may stand in the place and bar your way to your dream and steady financial growth.
Set up an emergency budget. Set some money aside to help you through tough times. And at the very beginning make your plans flexible. Do not plan as if you lived in a perfect world! Make provisions to change the plan and still pursue your dream.
5. Lack of faith
At times the goals we set may look to us impossible. Things can be too hard, too out of your reach, too distant, etc. That is no reason to set them. Lots of people lack faith and fail to set those goals.
How do you eat an elephant? But cutting it to small pieces and eating them one at a time! That is true about financial growth. As a whole your goal of getting rich may seem impossible to attain. But if you break it down into a range of smaller goals, you begin to see a clear path to it. Make steps: get education, get a job, get two jobs, start saving (little by little), start investing, start a small business, grow it to medium size, etc.
Now you get an idea of why your dream of getting rich may not be coming true. Sure enough you have one or several of these reasons behind it. Cure them and move on with your life attaining steady financial growth.