Financial freedom and economic prosperity are general markers of success and happiness among individuals. When financial freedom is not an end in itself, it is definitely a means. Finance or capital is a key driver of creativity; it reinforces self-confidence and attracts external supports to get things done.
The quest for financial success upholds financial intelligence or financial management as an important life-coping skill that an individual needs to have. No doubt, having a definite financial plan is an important strategy to navigate the pervading problem of scarce economic resources.
However, experience has shown that many people fail to reach their set financial goals regardless of the level of efforts they have put into achieving them. They discover that some critical aspects of their lives including relationships, work, business or health suffer due to their poor financial performance.
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There have been several explanations on why people do not attain equal level of financial success in life. These explanations have hinged largely on nature and nurture. For example, in the zodiac reading of the astrological system, it is believed that some individuals born under some particular sun signs are more naturally disposed to attract wealth, though self-awareness and discipline ultimately make a big difference in the level of success achieved among the different sun signs.
It is also without a doubt that people are made to have unequal access to money based on their social stratification. But with financial discipline informed by a strategic financial plan, anyone can live comfortably and reasonably attain their financial goal irrespective of the resources one may have at one’s disposal.
However, it should be noted that to complement financial discipline and financial plan is a good financial philosophy. Without a sound financial philosophy, identifying the right plan and exercising discipline while executing the plan may appear very difficult. Therefore, as an individual, it is important that you interrogate and constantly evaluate your motivation for financial freedom.
One of the things observed to be mostly responsible for financial mismanagement and failure in individuals is a faulty motivation or mindset. For example, prioritizing social motivations over the need for personal economic expansion emanate from a wrong philosophy of money.
Some individuals tend to keep and spend money to win more friends and increase their influence among people only to discover later on that it’s of no use. It dawns on them the recognition and influence is only transactional and the people will not hesitate to criticize and desert them at the likeliest opportunity to do so. They are like termites; they suck up the juice in the plant and then desert it after it’s completely decayed.
It is important to always bear in mind that the beauty of wealth is not in how much it can afford you at the moment but in its multiplier effect or its power of compounding interests.
