Home Personal Finance Financial Freedom – The Obstacles

Financial Freedom – The Obstacles

by My Journey to Millions

Trying to improve your financial situation can be incredibly difficult under normal circumstances, but if you find yourself head to head with a number of obstacles at the same time then it can become even more so. When trying to improve your finances you will come across many roadblocks that are unavoidable, for example, your have to pay your credit card fee for January or you risk getting a black mark on your credit record. In this type of scenario, there’s nothing really we can do apart from pay the amount and move on, but there are other obstacles that are not so tangible that we can try to control in order to improve our situation.

Finance is ever changing

The personal finance world is always changing, I’ve been educating myself on financial products and services for a number of years now, and I still find it incredibly difficult to keep on top.

When you are trying to improve your financial situation it’s important to know what’s going on in the finance world. Being up to date can take a lot of time and dedication, but if you enjoy learning and reading then this part should come naturally to you.

No Direction / Inspiration 

Not knowing what you want to achieve or how you want to improve your finances can be a really big obstacle. You need to have a direction so that you can focus on doing what’s best for you. Whenever I lack direction or inspiration, I take a look at some personal finance blogs to see what everyone’s been talking about.

Sometimes the inspiration you need is just around the corner in the form of a story or post and that might just be what you need to give you some enthusiasm.

Peer Pressure

Peer pressure can be a really big obstacle when trying to keep your finances in check. There may be times when you have to make a decision based on peer pressure, your friends may be telling you to go out for a meal and a few drinks, but deep down you know that you can’t afford it. In these situations it’s up to you to decide what implications they would have on you financially, and only you can make this decision.

Having the time to do something about it

When you are struggling to keep on top of payments and you know you have to do something about it, you simply might not have enough time to do so. Watching TV or listening to the radio isn’t an excuse when it comes to dealing with your finances but important matters that deal with family and friends are. No matter what you have going on week in week out, you should still dedicate some of your time to your finances, try to get into some sort of routine that allows you to remain motivated and focused.

Guest post by Andreas

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krantcents 01/19/2011 - 1:32 pm

If you have a financial problem, it should be a priority. Most people who find themselves in that situation do not take the time to fix it. In most cases they do not know how.

Henway 01/19/2011 - 8:19 pm

The biggest problem is that people are always thinking about immediate gratification. They want to buy the newest gadget, or the hottest car because it’ll make them feel better in the short-term but it’ll lead to debt and money problems in the long-term.

Briana 01/20/2011 - 12:21 am

It’s definitely difficult to get your finances in order when there’s so many other things going on around you. That’s what I’m finding the most difficult right now. My goal is still to eliminate my credit card debt this year, but with the lay off, I’m working twice as hard and getting paid not even half as much. Moving, I hope, will make it a bit easier, but I’m definitely struggling.

Daddy Paul 01/20/2011 - 8:21 pm

No Direction / Inspiration
If you do not have it in your life you need to ask why.

Doable Finance 01/20/2011 - 9:53 pm

America was built on spending. More than two-third of the economy is dependent on consumers’ spending. Damned if I spend, damned if I save. The beginning is bad, the journey is worse, the end is worst and ugly.

Darwin's Money 01/20/2011 - 10:15 pm

Peer pressure’s a killer. Hang with frugal people and you’ll spend less. Hang with big spenders (regardless of income) and you’ll spend more. You’ll have more fun doing it, but life’s about choices and balance. I will say as we’ve grown older, the draw of peer pressure declines as our priorities change, but it never goes away completely. By paying yourself first, it at least helps remove the ability to overspend to begin with.

BeatingTheIndex 01/21/2011 - 6:14 am

Add to the list the unforeseen events that can hit you: expensive car repairs, urgent renovations and loss of income due to health issues or a job loss. The unknown risks add to this difficulty.

Finanzas Personales 01/21/2011 - 12:09 pm

Great sample of obstacles, Evan. I believe the biggest obstacle is the lack of information. People don’t fully understand the impact of bad (or good, for that case) financial decisions on the long run and on their future wellbeing. However, sites like your’s and many others devoted to financial literacy will surely change this situation and help promote better personal finance practices.

Jenna 01/21/2011 - 12:52 pm

I totally agree with the having time to do something about it. Life just seems to move to fast and siting down, gathering information and making phone calls (and being on hold) just doesn’t seem worth it sometimes.

Jesica 01/22/2011 - 1:46 am

In my opinion, financial freedom is an ideal more than a reality. We are not going to be really free from debts and not because it is not possible but because that is part of the human nature. In normal circumstances, we have our routine, we pay our debts but we never get out of there unless we decided going further with our financial situation. If we start having a good income either because we decided to start a business or we had a million dollar idea, we may get some financial freedom but at the meantime we start spending even more because we won’t be satisfied at all.

You points are very valid, what I liked more is your statement about “no direction/no inspiration” and that is true. However, who is free from debts and money issues these days? Even Movie stars have their problems. This is about human nature for wanting more and more, that is the only obstacle.
This is what I think, just my thoughts.


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