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What's Stopping You?
What's Stopping You?
Stop whining. No excuses. Just get started! = Easier said than done.
Or, is it?
What financial success and investing barriers are holding you back? I believe that your ability to succeed is only constrained by your attitude, not your aptitude!
If you want something bad enough then you can overcome the obstacles that will inevitably try to get in your way. That's why I recommend that all budding investors first understand their motivation for success. Having a really clear picture of what the freedom of money worries will look like for you will help you stay on the path to success!
Once motivated, the key to overcoming investing barriers is to see them as potholes in the road rather than dead-ends. With the right attitude you can work your way around most obstacles and achieve what you once thought was impossible.
Let’s look at one of the most common investing barriers people often run across:
Lack of Money
Lack of Money
A lot of people say that their main investing barrier is they don’t have money to invest (at least, not right away). Granted, this investing barrier can be quite a large one for some. However, over time you can overcome this obstacle, but you need to have a plan and then stick to it.
In this case your plan will be to reduce your expenses and increase your income, and then freeing up funds for investing. The well known saying if you fail to plan then you plan to fail could never be truer! You can’t just hope that “things will come right”, you need to plan to make them come right. You are responsible for your current situation and only you can make the changes required to get things on the right track. Your destiny is in your hands!
If you need help developing your plan, need help putting your plan into action, or need help staying focused on following your plan then I urge you to seek that help. Do not be afraid, or too proud, to ask for help. If you need to pay for help then please do consider it and evaluate its worth. For example, if you have to pay a couple of hundred dollars to get help with debt reduction, but you end up saving many hundreds of dollars in interest on your debt, then paying for the help certainly makes sense!
Start small, but just get started!
You may not have money to invest right now, but we recommend starting to put some aside as soon as you can. What "luxury" can you give up today in order to start saving now? Do you have any items you no longer use that can be sold to gain funds for saving and investing? Do you have skills or an idea that can be turned into a part-time business to generate extra income?
Whatever creative ways you come up with, freeing up and saving a few dollars each week or month will soon add up to an amount you can start investing with. In our Retirement Livability blog post we show why the sooner you start saving and investing the better off you will be in the long term.
Also, here's a tip: Invest in yourself!
You may not have money to invest right now, but you can start building your investing knowledge so you can 'hit the ground running' when you do. Plus, you can practice real-life investing without using any real money - search for "investment simulator" online and select a simulator, or virtual investment account, for the type of investing you would like to do. And, without the risk of losing any money you can explore more and learn from your mistakes.
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