People struggling with financial problems are victims of their bad decisions, including unconscious ones. Emotional mistakes stop them from improving their circumstances.
Here are four emotional mistakes that make you remain poor and how to remedy them.
Don’t Be Afraid. Be Brave.
Many people are afraid to invest because they do not want to lose money.
However, they are not afraid to go out and risk getting hit by a car, or falling into a manhole because they learned to watch where they walk.
Conquer your fear of losing money by educating yourself in personal finance.
Learn how investments work; choose those that complement your risk appetite; and monitor your portfolio.
Don’t Be Greedy. Be Ambitious.
A traveler gazes at Machu Picchu, Peru.
Being greedy risks of losing what you have.
Money is a means to afford your dreams.
You should not work, save, and invest to simply accumulate wealth. Live life to the fullest with your loved ones.
Be ambitious by setting your financial goals. Liquidate your stock market shares when they are enough to fund your child’s education. Redeem your mutual funds when they are enough buy your dream house.
Don’t Be Regretful. Forgive Yourself.
Novice Buddhist monks offer prayers for peace at the Tergar Monastery, India.
Regret happens when we commit irreparable mistakes: missing a good friend’s farewell party; or investing millions in a scam.
Making mistakes is inevitable. But you need accept the consequence; learn from it; and move on.
Forgiving yourself and being mindful of your actions will stop regrets from paralyzing you.
Be Hopeful and Proactive.
Being hopeful is healthy but it must be coupled with action.
Many people dream of being financially free and never take concrete steps to achieve it.
They wish and wait for something good to happen. Many play the lottery every day. Others resign from work to find a rich spouse.
Hoping is not enough to realize your dreams. Act on them too.