Financial Freedom - Why people fail?
There are many reasons why people fail to achieve financial freedom although many crave to be financially free. Let me share some of the reasons why people often fail in achieving financial freedom.
Low wage
Most Malaysian are underpaid. With low salary, many couldn’t save enough. They will be lucky if they are not in the red.
High inflation rate
With low wage, many couldn’t cope with the high inflation rate in Malaysia.
Working people hard to achieve
It is not impossible to achieve it if you are an employee. As an employee you will always be underpaid. When you are underpaid with high inflation rate, the success rate of achieving financial freedom is a far distance.
Overspending
Most people spend more then what they earn. Enough said.
No proper guidance
People get confuse with the endless numbers of books and blogsites on financial management.
Conclusion
Those 5 basic points need to be avoided if one wants to reach financial freedom. It is also important to fully understand the meaning of financial freedom.
To get a simple idea on financial freedom, you can read My personal definition of financial freedom.
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5 Responses to “Financial Freedom - Why people fail?”
By Lai Seng Choy on Mar 8, 2010 | Reply
These shortcomings are coming from their “mind”. Their “mind” are not set to imporve their financial life. These are their excuses. I also believe these shortcomings are having solutions as well. It only depends on whether they want to find it out or not. If they have “strong mind”, they will.
By ChampDog on Mar 13, 2010 | Reply
I think people fail is because they don’t have a plan for it.
By Kampung Boy on Mar 18, 2010 | Reply
@ Seng Choy : I totally agree with you. It is all in the mind. The power of the mind is so powerful that sometimes we don’t use it wisely.
For those of you that have weak minds, try doing this simple test. Try telling yourself that you will wake up 6.30 am tomorrow morning repeatedly before you sleep. Trust me, you will be surprised that you will wake up around 6.30 am!
@ChampDog : Planning is important if you want to succeed to be financially independent. I totally agree with ya. Most people execute then only plan. That’s a big mistake…
By Zen Foo on Mar 30, 2010 | Reply
Right at the point.
Recently a survey on Malaysian working youngsters found that high percentage number of people wants to be millionaire and achieve financial freedom. Interesting fact. Guess the tougher the environment, the more reason we need to achieve financial freedom.
By Kampung Boy on Apr 2, 2010 | Reply
@Zen Foo : Who does not want to be a millionaire? ^^ I guess that is everybody’s dream to be a millionaire.
But it is never easy to achieve financial freedom when you have loads of commitments.