What is holding you back from achieving financial freedom? Does it feel like you take one step forward but two steps backward each month? While unlocking financial freedom isn’t an easy road, it can become more manageable when you have a strong reason for the pursuit. Below, we’ll talk about why most people never achieve financial freedom, based on one of Vincent Chan’s TikToks.
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Also here is how you can become a millionaire, according to Chan.
The Importance of Your ‘Why’
Chan argued that most people never achieve financial freedom because of their “why.” Your “why” is your reason for pursuing financial freedom. It might be to give your children or parents a better life, to reduce stress or to retire early. While these are great goals to work towards, Chan said your “why” needs to go beyond the surface level.
For example, an in-depth “why” would be to give your children a better life so they don’t have to endure the hardships you did as a child and can pursue any opportunity without financial strain holding them back. This “why” goes beyond the surface level, getting to the real root cause of your financial goals.
Without a strong “why,” many people struggle to justify maintaining the habits necessary to reach their goal. When your “why” is deep, skipping any action that needs to be done becomes harder than actually doing it, giving you motivation to keep pursuing financial freedom.
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Tips To Stay on Track With Your Financial Goals
Staying on track with your financial goals can be difficult, but there are a few strategies that you can use. First, make sure that your “why” is clear and well-defined. Get to the root reason of why you want financial freedom. It can also help to write your “why” down and put it in a place where you’ll read it every day. The little reminder can go a long way.
Next, create your budget around your “why.” For example, if your goal is to retire early, what do you need to do each month to reach that goal? This might include putting extra money into your retirement accounts each month. Your budget should reflect your core financial goals.
Similarly, automating your savings can be another strategy to stay on track. It’s much easier to stick to your financial goals when the funds automatically pull out of your bank account each month. Adopting a set it and forget it strategy can go a long way with financial goal progress.
Finally, don’t be afraid to seek additional support and advice. You probably don’t have all of the answers, which is where financial experts come in. Working with an expert can serve as the accountability you need to reach financial freedom.
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This article originally appeared on GOBankingRates.com: No. 1 Reason Most People Never Achieve Financial Freedom, According to Vincent Chan
