5 Hindrances To Financial Abundance

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If you desire it, you can achieve financial abundance. However, it is easier said than done.

Here are the hindrances to achieving financial abundance:

1. Poor spending habits - People, especially those who do "malling" for leisure, almost always end up buying more than what they intended to. The sales and promotions at malls never fail to attract consumers both new and old.

2. Laziness - Many of us have developed the habit of too much dependence on others. We seem to take it for granted that when we face a crisis, someone, something, somewhere will appear to help us out.

3. Unreasonable demands of family and friends - Oftentimes, family and friends expect support to the point of unreasonableness. This is so familiar for OFWs. Family members of OFW spend time doing nothing while waiting for the remittance of the OFW. Come remittance day, the family goes into fiesta mode. Shopping here, shopping there. Buying this, buying that.

4. Inflation - Money is an asset that continuously, loses value. When prices of commodities go up, the value of money decreases. For the same amount of money as last year, we will not be able to buy the same amount of goods this year.

5. Procrastination - We have this "manana habit". This is the habit of putting off for tomorrow what we can accomplish today. Delaying saving decision mean passing opportunities. Certain investment instruments offering high interest rates may no longer be available by the time you decide to save. People missed opportunities to take advantage of cheaper homes, cheaper loans and the like, because of delayed making decision.

Financial abundance will remain an elusive dream, if we do not have the right behavior towards saving and investing. Be open to opportunities and start making things happen so you can enjoy financial abundance. 😊