It would be great if, once we realized that our finances were out of whack, we could flip a switch and change all of our bad spending habits, instantly pay off debt, and start accumulating wealth. Unfortunately, money, as well as life, does not work this way. Bad habits are hard to break, paying off large amounts of debt can be akin to an endurance sport, and reaching financial independence can take the better part of a lifetime. In this day and age, with instant access to resources via the computer and friends and family via email, text messaging, and cell phones, sticking it out for the long haul can be difficult. Motivating yourself to spend wisely and pay off debt can be hard as well. Developing a strong or burning desire can become necessary to make smart money decisions over long periods of time. Determining your motivation for achieving your financial goals is very important, as well as employing key principles of success to achieve your financial goals. Below are several sources of motivation you can use to help develop a burning desire to improve your financial situation, whether it be spending wisely, eliminating debt, or planning for financial freedom. Tomorrow I will discuss key traits for achieving financial success.
Sources of Motivation for Achieving Financial Goals
Self- The person you will be tomorrow when you wake up is influenced in part by your actions today. Similarly, the financial decisions you make today will influence your financial situation tomorrow. By defining the financial situation you want in the future clearly, you can remind yourself when making money decisions that the choices you make today will shape the situation you are in tomorrow. Where do you want to be financially in 5, 10, 25, or 50 years? Do you want to still be struggling, or do you want to be financially independent? Do you have clear ideas and goals? The future starts now. Are you satisfied with where you are financially now?
Family- Your wife, children, other family, or even friends can be a powerful motivation tool for achieving financial success. Who depends on you to take care of them? Even if you are not married, will someone depend on you in the future? Do you want to be able to pay for your children’s college education? Who will take care of the people that depend on you if you were no longer there? Should something happen to me, I would want my family to be comfortable, and my wife to be able to take care of the kids. Since my wife is a SAHM, and I am currently the only one earning income, that could be difficult if I do not get my finances in order.
Helping others- Living in a city that was devastated by a hurricane and flooding, I have become much more empathetic towards the problems of others. When a see an elderly man or woman struggling to rebuild their house nearly 3 years after hurricane Katrina, I wish there was something I could do to help them. Due to my current financial situation, I am not able to do very much in the way of donating money. I would like that to change in the future. Are there times you wish you could help someone financially, but are unable to?
Check back in tomorrow for Part 2, Key Traits for Achieving Your Financial Goals.
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- Developing A Burning Desire to Improve Your Finances-Part II-Key Traits of Success
- Developing Your Financial Willpower
- Are Your Sticking to Your 2008 Personal Finance Resolutions?-Review Your Progress and Get Back on Track Today!
- Spending and Your Feelings-How to Avoid Letting “Feeling Depressed” Adversely Affect Your Personal Finances