Although we live in the world of unlimited possibilities, only a few people retire financially independent. Why? An American speaker and consultant Brian Tracy, one of the world's leading personalities in the areas of personal and professional development, identifies five basic causes.
1. Lack of experience with wealth
Most people grow up and live without contact with really wealthy people, they lack financially independent role models. They do not feel that they can achieve financial independence and therefore they do nothing to achieve it.
2. Indecisiveness
People do not become wealthy because they never decide to achieve it. Although they surround themselves by wealthy people and they get educated in finance, they achive nothing until they decide to change something in their lives.
3. Procrastination
People who always find a good reason why not start doing something they know that it will lead to financial independence, cannot reach wealth. Any perfect moment does not exist. Thus, there is no need to postpone specific steps to later weeks, months and years.
4. Inability to delay gratification
Most people tend to spend all their money and, if available, borrow other money or buy on credit. Without discipline and lifelong budgeting, however, nobody can achieve financial independence.
5. Lack of time perspective
One of the basic prerequisites for achieving financial independence is the ability to plan for a long time into the future.
-kk-