The financial obstacle you must overcome to achieve wealth
“My problem has always been spending just a bit too much than I should. Just because I have it I feel like I need to spend it on things I want.” In order to master your financial obstacles you must train your brain to change it’s “wants”. If you want to be financially free, if you want to get out of debt, if you want to save more, if you want to invest these must become your new needs. The things you “want” must go on hold because your future is depending on it.During the organize your finances contest I asked people what was their biggest financial obstacle? I probably read that answer above or something similar to it from at least 75% of the people that submitted their applications. Why you need to get a hold of your financial obstacles You won’t change your financial habits until you’re completely fed up with where you are. You must change your money mindset in order to reach your money goals. Your money goals must become more important than your instant gratifications. Think long term. Think about your family. Think about the feeling of not having to pay so much debt each month. Imagine your money being all yours. Choosing to live a different life today, doesn’t mean that you will be sacrificing forever. It just means that right now you are making a choice to focus on your future. I can’t make that change for you, your parents can’t, your boy friend or girl friend can’t either. Only you can decide when you want to change. Whether you’re changing or staying the same, time is still passing you by. You don’t want to be another person saying “I wish I would have made better money decisions when I was younger.” Do it while you’re young, while you still have time on your side, and if you don’t know where to start, start here. If you haven’t already downloaded my financial workbook tracker it’s still available for free here. I feel your pain bro Growing up I spent a ton of money on clothes, shoes, and jewelry that I didn’t need. (Why did I have a two finger ring that said “Candy” on it? Also why did I match my contacts to the color of my shoes?!) I probably had enough shoes that I didn’t have to repeat a shoe for 3-4 weeks at a time. At this point I didn’t know anything about investing or saving. My moms way of teaching us about money They never taught us about how to handle our money in high school. I wasn’t concerned about saving money- I just wanted to shop. I knew that I had to get a job because my single mom would only give my sister and I $5.00 a week and I had to make that $5.00 last. I’d say “mom how am I supposed to survive off of $5.00?” Some people spend more on a cup of coffee at Starbucks. I guess it was my mom’s way of teaching us how to budget. She’d say “Candice if you spend all your money on Monday you’re not going to have any money left for the rest of the week.” When $5.00 wasn’t enough In the 10th or 11th grade (Forgive me if I don’t know the exact year I know I look young, but high school was a really long time ago lol) I got a part time baby-sitting job on the weekends at a ski resort and during the weekday I attended a program called Urban Scholars where I received a stipend. At the end of the year I remember looking over my tax return seeing I had made over $10,000 that year. I didn’t understand how I made $10,000 yet; I didn’t have any money in my bank account. I thought there must be some kind of mistake. There was a mistake– I was spending my money on clothes, shoes and jewelry. Shoes that are old and I can’t even wear anymore. Shoes that are collecting dust in my closet, instead of spending money on an investment that would be collecting returns.
“My problem has always been spending just a bit too much than I should. Just because I have it I feel like I need to spend it on things I want.”You see if I didn’t get a hold of my problem every year I would be looking over my tax returns, and my empty bank accounts wondering where it all went? I realized that if I kept spending money on stuff that wouldn’t bring me a return I would never be able to build wealth. Why I started Young Yet Wise One of the reasons I started Young Yet Wise was to help urban people in their 20’s make smarter choices when it came to their money, so that they’ll be able to have a better future. I wanted them to thrive and be on a better track financially than their parents were. Why I won’t give up A few weeks ago I went to a cookout and I was speaking to a woman who told me that she was 40 years old and she didn’t have any savings or money for retirement. She told me she was ashamed and wished she could go back and do things differently. This truly broke my heart and if I can reach as many people as I can while they’re young and get them to make better choices with their money so that they can live better lives I will feel as though I served my purpose on this earth.
“If you’re not helping make someone else’s live better you’re wasting your time.”- Will SmithI believe that you have the power to change your financial situation. No matter where you are. You can overcome your financial obstacles. You have to in order to build wealth.
Goodbye mediocrity. Hello freedom. Hello wealth.]]>
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