I was inspired to write this blog post after having a group discussion with my peers about financial freedom. For hours we went back and forth about how we felt our upbringing influenced our choices. Growing up I remember my parents always said money comes and goes and I grew up thinking that was the case.
This way of thinking gave me the mindset that as long as I had enough money to cover my bills I was doing fine in life. It wasn’t until I relocated to another state that I realized it was possible to live a life of abundance and freedom. I met so many people who lived below their means which then allowed them to invest and eventually create enough income to design the life they wanted to live. Despite, me being the son of an immigrant who grew up poor by surrounding myself with the right people I was able to transform my mindset.
So is financial slavery a choice? YES I think so……Here’s why
Your parents didn’t teach your about money – If your parents didn’t teach you about money it is YOUR responsibility to seek the knowledge to understand how it works. A few ways you can learn about money is listening to podcasts, attending meetups and reading books. (I personally Dave Ramsey, Stack Benjamins show, Rich Dad, Poor dad, Richest man in Babylon). Also NEVER and I mean NEVER depend on ONE income. (Sidehustlenation.com is a good place to learn a few ways to generate extra $$$)
Failure to learn about credit and how credit cards work – many people including myself had to learn the hard lessons of poor credit scores. Credit can either be your best friend or worse enemy and in many cases, it’s peoples worst enemy. Learning about credit is important because it will affect how expensive your purchases become. This includes everything from Cars, Houses and credit card purchases. Read more about credit scores here uglybudget.com/freecreditrepair
Falling victim to instant gratification – Everyone wants a nice car, a condo downtown, and extravagant vacations before they have earned them because they feel they deserve to “Treat their-self.” This mentality can be very dangerous, and if we aren’t careful, it can lead you to a mountain of debt. The less debt you have in life means the more mobility you will have in your choices. Besides, do you want to know what’s better than a new car? NO CAR NOTE. Create a budget for yourself and stick to it! Don’t purchase EVERYTHING you want on a credit set some money to the side and save for it. Mastering delayed gratification is one for sure way to stay in good financial health for the rest of your life.
Paying too much for school – Even though I am a college dropout, I am still an advocate for education. However, if you do not have a clear, crisp vision of the path you want to pursue in school I recommend holding off. I REPEAT It’s not worth going to school and going into debt to get a degree in a field your not passionate about because student loan payments can get as high as $700 a month. If you are preparing to go to college weigh out your options, apply for scholarships and avoid debt as much as possible.
Failing to invest early – When it comes to investing there no secret that the earlier you get started, the earlier you will finish. I started investing in stocks and real estate at 23, and to this day it’s one of the best decisions I ever made. It has allowed me to grow my net-worth and create passive income rapidly. I understand that real estate isn’t for everyone to explore other options like stocks or businesses.
If You Know Better…….You Do Better!
By taking the time to educate yourself on the topics I mentioned above you eliminate the risk of financial slavery. Don’t allow poor behavior and ignorance to trap you in a lifestyle that you’re not passionate about living. Keep it simple, live below your means and invest your money until you can create enough income to free up your time. Oh yeah, one last thing never stop learning!
Now lets go get some money ! – JC
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