Don’t Let Your Financial Fears Hold You Back From Your Dreams

7K0A0223Everyone has a dream.

Whether it’s to travel more, live in a nicer home, or just to have more time for friends and family, everyone has goals and hopes for what they want their life to look like.

In a majority of situations the biggest thing holding people back is financial fear. This includes the fear of losing a job, failing at starting a business, or simply not having enough money. Financial fears are common and widespread.

These fears limit the quality of life for many people. Not only do people not go after their dreams, they also live in a constant state of worry that the money “won’t be there” which gets them stuck in their current lifestyle.

Life doesn’t have to be this way. When you feel in control of your finances – and your financial future – you are much more likely to pursue your dreams.

Create stability. Take the first steps to make your dreams a reality.

Gain Control over your Finances

Finances can cause fear. This fear typically comes from a lack of control, but the best way to take back control is to start taking steps to better understand your current situation, such as:

  • Track your Finances– Track your income and spending in a spreadsheet or using an app like Mint. Evaluate your debt and make a plan to pay it down.
  • Consult Experts as Needed– Reviewing your finances can be overwhelming and time-consuming. Plus, you may not know what to do with the information that comes out of the review. Consider this quick guide to make sure you have a solid plan in place for a secure retirement or portfolio.
  • Prioritize your Finances– It’s easy to put off reviewing your finances, paying down debt, and other actions that put you in a better financial spot down the road. Prioritize your personal finances and make time in your schedule to do the work needed to put you in a position of confidence and control. There are many great apps that help keep finances top of mind.

Taking these actions is the first step in gaining control over your finances, eliminating the financial fear that is holding you back, and pursuing the dreams that you have put off.

Map Out your Dreams

Once you’ve limited your financial fear and feel confident about where you are headed, consider mapping out your dreams. For example, let’s say a goal of yours is to travel to Hawaii once every two years. Hawaii isn’t a cheap place to travel to, but taking a trip there every two years isn’t an unrealistic goal.

Once you have your goal on paper (or on your computer screen), it’s time to figure out how your dream can be a reality within the confines of your personal finances. Perhaps there currently isn’t a “path” to turning your Hawaii vacation dreams into a reality, but what can be changed to make it a reality? Can you find expenses – such as cable – that can be decreased or eliminated? Can you pursue higher income either at your full-time job or on the side?

It’s amazing how much easier it is to visualize dreams becoming a reality when you are in control of your finances. Dreams go from “it would be nice, but it’ll never happen” to “if I do x, y, and z, my dream can become a reality.”

Posted in: Guest Post

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