The 5-Step Formula to Getting Your Financial Freedom: Tips from Financial Consultants

Posted on Mar 14, 2016 by admin

Financial problems often stem from a person’s lack of discipline to delay gratification. Most people are wired to spend most of what they earn and supplement it with loans or credit card debt to support their lifestyle. The rate of people investing and saving for their future is too low, that after spending almost half of their lives working, they are left will barely enough for their financial stability and survival.

Opportunities to prosper are actually abounding in our time today; what people lack is the discipline to make a solid decision to control their spending and the determination to follow through with their resolution to achieve financial freedom.

Receiving money when you were a child often led to spending it on something you really want, like a toy or candy. Every time a child is given money, the inclination is to spend it on something that will satisfy their desire for things that make them happy. Most adults are conditioned this way; to spend what they have on something that will give momentary pleasure, without considering the future. The automatic reaction to spending what is earned or received on things that bring happiness continues on to adulthood.

The difficulty to achieve discipline in the area of finances has led most people to seek the help of financial consultants. They help in achieving a rewarding life through proper money management. They can help in solving common financial problems for a clear-headed approach to money, in order to be able to set realistic financial goals. Working with a financial consultant will help replace your old mindset and you’ll feel proud rather than deprived when you budget and save.

Here are some strategies that most financial consultants apply in their lives when it comes to handling money matters:

Think big

Thinking big means aligning your spending with your priorities. When you choose to spend, make sure it will cultivate relationships in your life and not just on some material things which will lose value in the long run. When you focus on your long-term goals, it would be easier to give up everyday costly pleasures: like a cup of $4 gourmet coffee. Increasing your wealth is only 20 percent technical expertise; it is 80 percent habit and routine. When you change your money habits, everyday spending pattern will change as well.

Set a spend-free day

A day or two without the small spending  like paid parking, happy hour or grabbing a cup of coffee can amount to about $40 savings a week. Make it a habit of doing this every week.

Regularly review your financial status

Reviewing your bank account on a daily basis will give you a sense of your financial progress. It is a good way to ease the tension of being face to face with the reality of your finances.

Conduct a body check-in

It is amazing how your body can reflect your financial status. Before you do any major decision which involves money, take some time alone, close your eyes and observe the way your body feels. Don’t rush into making a decision when you’re overwhelmed.

Change your financial vocabulary

Words can be liberating. Instead of using the usual terms which often makes you nervous, replace them with words that exude positivity. This will help you deal with money matters in your life more easily.

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