5 Worst Money Mistakes Keeping You From Financial Freedom

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money mistakes keeping you from financial freedom

Money isn’t the most important thing in this life, but securing your financial freedom is something that will bring a whole host of benefits. From increased opportunities to reduced stress, nobody can deny that those rewards are worthwhile. Sadly, most people allow simple mistakes to stop them achieving that goal.

Here are five you should look out for, along with what can be done to overcome them forever.  

Focusing Solely On Income

 There’s no doubt that your financial opportunities and status are heavily influenced by the amount of money you earn. Nonetheless, learning to save money and reduce your outgoings can be equally beneficial. There will be a time where your revenue drops. So, if nothing else, getting into those positive habits today will promote a brighter tomorrow. You should still be allowed to treat yourself, but cutting costs without sacrificing happiness can only be a step in the right direction.

Poor Organization

A lack of organization regarding your personal finances can be very damaging indeed. For starters, it’s difficult to ever know where you stand without first acquiring a sense of control. Spreadsheets and online banking with automatic payments are great resources. Setting notifications on your phone will allow you to overcome the threat of missed payments and the subsequent charges. Let’s face it; paying extra money for this reason would be nothing short of a disaster.

Making The Wrong Investments

Letting your money sit in a savings account is fine, but it won’t see your money grow at the rate you want it to. Smart investments are a great way to increase your wealth with increased success. The cryptocurrency bubble may be bursting, but rare coins like Krugerrand can still be very valuable. Physical assets, especially gold, will always have some value and are likely to perform well when economies struggle. This safety net in difficult times can work wonders for stability.   

Not Valuing Your Time

It’s very easy to judge your job solely on the salary. But there are many other factors to consider, and your time is one of the most crucial. If your work requires a four-hour round journey each day, that’s an extra 20 hours per week compared to a job that’s around the corner. Take this, and the added travel costs into account to make an informed decision. If the equation doesn’t quite add up, perhaps it’s time to ask for a raise. Alternatively, other jobs are out there.   

Accepting Less Than The Best

Whether it’s getting a deal on a purchase, gaining increased salaries, or getting extra work perks doesn’t matter. Any development that actively boosts your personal wealth should be chased. The art of negotiation and persuasion is still very important. Brushing up on those skills could work wonders in a host of situations. It works both ways, though, and you should expect the best of yourself. If learning new talents can boost your career or earnings, grabbing those chances is key.