Resisting luxurious temptations, such as fashion, cars, and trends that the world offers can be difficult. When you look next door and see your neighbor has the newest and coolest car, it is easy to find yourself in a game of keeping up with the Joneses. It is important that you ask yourself if this car is something you want and need, or simply an effort to keep up with others for social status.
Enduring a high level of focus prepares you for successfully achieving financial independence. To acquire this focus, you must weigh your opportunity cost of potential distractions with your wealth building activities. Financial planning can help create positive outcomes.
Frugality can have a new meaning once you begin earning a higher income. While some view frugality as saving money, it can also have the simple meaning of living within your income means. Being frugal will prepare you for the future while still allowing you to enjoy the lifestyle you build over time, and the joys that come from your career, family, and travel. Income is not wealth, so to build wealth you must be aware of your spending habits. Change your mindset, change your outcome!
Many people wonder how to achieve financial peace of mind. We often hear; how do I/we prudently save for retirement, repay student loans and consumer debt, pay off a mortgage, and ultimately reach my/our financial potential?