Money-Magnets.Net - What stops you from getting started?

Daily Quote:

" I don't pay good wages because I have a lot of money; I have a lot of money because I pay good wages. "
Robert Bosch

Written by Karen Leslie

Saturday, 27 June 2009 00:00

Specifically what stops you from getting started, when it comes to creating wealth through successful personal finance? Now it’s likely that what stops you here can also stop you in other areas of your life too.

It amazes me that people will pay thousands (and thousands) of dollars for financial education (we don’t charge anywhere that much!) and yet not put it into practice. When people have paid for something it usually motivates them to get something out of it!

There can be many reason (or excuses) why people don’t start and here are a few of my personal favourites:

Reason: I don’t know where to start
Answer: Start at the beginning – you can’t actually start any where else! Possibly what some people actually mean is they don’t know how to start. There are loads of books, courses and of course websites that can give you information on how to start being successful in personal finance. It’s not rocket science since if it was then I couldn’t do it.

Reason: I’ve never needed it before why should I need it now?
Answer: Times are changing. Many people rely on the government for their pensions but as the population ages and there is a smaller workforce paying out the retirement benefits for the baby boomers is not going to be easy. If you want to make sure that you and your loved ones are financially okay then it’s time to take responsibility for your personal finances.

Reason: To be honest I find it scary since I know it’s all a bit of a mess.
Answer: Congratulations on being honest. Yes it can be scary when you first do money management and it can seem like it takes forever since you’re not used to it but it’s better knowing where you are rather than being lost.

Why is it better knowing where you are financially?
It takes a lot of energy to ignore something. Seriously – I’m talking from experience here. You think that you could get stressed out more if you know you’re finances aren’t great but it can be the other way around. You are stressed now not knowing where you are financially, and the stress actually lessens once you know reality.
You can be imagining all sorts of horrible things that simply aren’t true. When we fear something it’s often because we are already thinking about how it’s all going to go wrong. In actual fact it may be a lot better than you think. And if it’s not so what? Even if your finances are in a mess that doesn’t mean that you are a failure. Seriously it doesn’t. Your finances reflect your current level of financial education and that can be changed and so can your personal finances.
If you want to change your circumstances you have to know where you are now. Have you ever tried driving from A to B and you don’t know where A is? This sounds pretty dumb when you think of it in driving terms but in terms of money management people do it all the time.

Even though it’s called personal finance don’t take it too personally! Loads of millionaires start from nothing and if you don’t believe me read some of their biographies. If they did it you can too – it really is that simple. All you have to is ignore whatever is stopping you from getting start and simply start.

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