The 5 Reasons Why You Are Still Struggling With Becoming Financially Free And How to Fix It

Aloha, this is Mey writing a special blog post at 9:10pm on a Sunday evening on the 5 reasons why you are still struggling with becoming financially free, and how to fix it…

…this post is inspired by a conversation I just had with my husband Jomel…

1. You Already Know What To Do With Your Money
   • one of the biggest mistakes that people make with their wealth is that they think they already know what to do with their money, where to spend it, and how to invest it…
   • if you are one of these people, you don’t find knowledgable advisors to help you save, you don’t read books on how to become financially free, or wealthy, you don’t spend any time on learning about money…
   • instead, you make money and you earmark that money in advance to buy something…
   • you think you already know everything about money, afterall, you are the one making the money!
   • HOW TO FIX THIS – understand that knowing how to make money is not the same as knowing how to become financially free…if you are not financially free and not getting any closer to being financially free, then you need to get outside help…find a financial advisor who is financially free and lives the lifestyle that you want (if you have kids, they have kids, if you workout then they workout…)
2. You Think That You Can Become Financially Free With A Business Opportunity/Gambling/Winning The Lottery…
   • the second biggest mistake is that you actually have savings in a 401K or in a savings account and you think to become financially free, all you need is that one big break…
   • …if you are one of these people then you found this great business opportunity and you know it’s the one to change your life forever, so you borrow from your credit card, and then your 401K to pay for it, and spend all your money, stop saving or even drain your savings to continue to fund your great business…
   • …if you are one of these people then you think if you go to Las Vegas and win big, you’ll make it, so you go every year and blow your money…
   • …if you are one of these people you buy lottery tickets everyday knowing that as soon as you hit the jackpot, you will be free…
   • HOW TO FIX THIS – understand that financial freedom is only built through DAILY savings habits and DAILY habits of growing and learning how to invest and preserve your wealth WISELY (check out my Daily Financial Freedom Checklist on Periscope @meyduldulao)…my advice, get a financial advisor who is already financially free and listen to their advice…and if you really think this big break is the right thing, ASK your advisor first and you’ll see from an objective perspective…
3.  You Spend Spend Spend Because That’s What Your Friends Are Doing
   • …the third biggest mistake is that you spend money on a new car, or buy an overpriced house, or buy a bigger TV every year just because your friends are doing it and you want to show them that you have money and you are just like them or better than them…
   • …if you are one of these people then you have a lot of pride and care about your material image and also care about what other people think about you…
   • …if you are one of these people then you don’t ever want people to know that you are living paycheck to paycheck…
   • …if you are one of these people, you probably have more debt than savings with all of the spending you are doing…
   • HOW TO FIX THIS – understand that most of your friends are not financially free…less than 1% of the population is…with this understanding get new friends who aren’t all about spending and are more focused on becoming financially free…get a financial advisor who is already financially free…
4. You Don’t Have a Savings
   • most people do not have any savings except for a 401K…
   • …if you are one of these people, you might always be paying off debt and thinking once you pay off your debt you will start saving…
   • …if you are one of these people, you might think that life is short and you should spend what you make now because who knows what will happen tomorrow…
   • HOW TO FIX THIS – understand that you have to save and have money to be wealthy…and you have to save now, and form a DAILY habit of saving…open a savings account today and then put in it at least 10% of everything that you make…do it daily and keep your savings safe by NEVER SPENDING IT…then watch it grow…
5. You Don’t Apply The Financial Freedom Formula To Your Life
   1. most people have no idea that financial freedom means that you make more passive income than you have expenses…
   2. …if you are one of these people, you think that just making more money will make you free…
   3. …if you are one of these people, you think that only people who have high paying jobs can be financially free…
   4. …if you are one of these people, you don’t understand that passive income is what makes you free and you don’t know what passive income means (it’s money you make without trading your time, like dividends, interest, rental income that you don’t manage, etc)…
   5. …if you are one of these people, the more money the more you spend…
   6. HOW TO FIX THIS – right now write down what your total expenses are (say $5,000/mo)…then figure out how much passive income you have (say $0.02/mo from your savings)…then start reducing your expenses and increasing your passive income so that you can become financially free…

Hope you got value from this post, so please let me know in the comments if you’ve made any of these 5 mistakes and what you think!