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6 Reasons You’ll Not Achieve Financial Independence

Financial stability means simply that you have enough money to live without working or the need for earned income. If you ever want to achieve financial stability, you must avoid making any of these mistakes.

Throughout my life,  and since I have created this blog, I have encountered people who have very good jobs with very good salaries and yet they  just spend whatever penny they got on useless things.

And they wonder why they are always broke. There are also those that never save or invest their money, thinking that they are going to win the lottery or someone else will come along and rescue them.

The majority of these people will never reach Financial stability. Before I lay out the reasons, it is important to know that there are great reasons for anyone to attain financial stability.

While this is not an exhaustive list (read the articles in this blog for more), some of the reasons to achieving financial stability include: (1) financial freedom, (2) happiness, (3) you have more options in life, (4) you can retire early (5) you can travel to any countries you want; (6) you are less stressed, (7) love lasts longer in the relationship, (8) you live more comfortably, and (9) you can have more hobbies.

Related articles on achieving financial stability:

Do you want to reach Financial stability ? Why or why not? Share your thoughts by commenting below?

Who wouldn’t want these things in life? For this reason, if you truly want reach Financial stability, you should know what mistake not to make.

1.Having a lot of credit card debts and paying the minimum monthly payment or unable to make minimum payments.

This is almost always a roadblock for those wanting to reach financial stability. If you have a lot of credit card debts and you cannot make the minimum payments, the chance of reaching financial stability is very slim to none. The average credit  card interest rate these days is around 18 percent.

And minimum monthly payments mean longer and deeper debt. So if you are not in a position to pay more than the monthly minimum, you will be drowning in debt and it will be extremely hard for you to achieve financial stability. So the key to financial stability is stay debt free.

2. Overspending

There is nothing wrong with spending your money how you want and when you want to. I myself had money spending problem before I started blogging. But what you don’t want is spending it on useless things. And what you really don’t want to do is engaging in retail therapy.

Some people, when they feel sad, or when their boyfriend or girlfriend break up with them, they go on a shopping spree, just to make themselves feel better. But the sad truth is that, they are just on the road to financial self-destruction.

Overspend will lead you to a mountain of debt and will make it almost impossible to attain financial stability. See this article for more information: 4 Practical Ways to Cut Back On Your Spending

3. Not having money saved for emergencies.

During the course of your life, chances are good that you will get laid off or fired from your job. Maybe you or someone close to you become sick and need financial assistance.

Perhaps you need to renovate or fix your home. If you don’t have an emergency fund, you will not be able to cope with many of life’s emergencies. And any time you face with them, you will be tempted to take out loans which can make matters worse.

4. Failure to save and invest your money.

Not saving your money is almost always something that will destroy your prospect of reaching financial stability. Some people never save. They just spend money recklessly.

Granted, some people don’t spend their money recklessly, they just don’t have anything left to save at the end of the month. But failure to save at least a minimal amount, is nearly impossible to become rich.

Equally destructive of your chance to reach financial stability is failing to invest your money. Even if you save a lot of money, if you fail to invest  you are not going to reach financial stability.

People make this mistake all the time and believe that they can become rich by only saving their money.

This is far from true. Money in a saving account is safe, meaning that it’s there when you want it. There is no risk. It’s convenient, accessible to you and easy to obtain.

But saving accounts do not give you high rates of return. Investing is. The advantage of investing is high money growth potential.

To invest in dividend stocks, you would need to open a brokerage account. I would recommend Ally Invest for only $3.95 per online stock trade. 

Click here to sign up for Ally Invest. You receive up to $3500 cash bonus + commission free trades for new accounts.

Do you agree that you not only need to save your money but also to invest it as well? Why or why not? Share your thoughts in the comments below.

5. Not having financial goals.

Some people have no financial goals. They don’t take time to write out things that they want to accomplish in the short term and in the long term. They believe that they are going to make it somehow by winning the lottery or hitting big in Vegas.

Those people are also on the road to financial self-destruction.

6. Last but not least: having a bad/negative attitude about money.

Do you have these attitude about money: (a) money can’t buy happiness; (b) money is the root of all evil; (c) money is dirty? If the answer is yes, you will never reach financial stability .

Unless you turn these negative thinking, these misconceptions about money,  into positive thoughts, it will be impossible to become financially independent.


These are the top reasons why some people will never attain financial stability. You need to avoid making any of these mistakes if you want to be financially independent.

For me, one of the things that helped was to create a blog, interact with other bloggers and learn as much as I could about financial literacy.

My blog kind of keeps me in check . The more I write about personal finance the more I take charge of my finances.

Share Your Thoughts

What are the top 3 worst mistakes that will prevent you from achieving financial stability? What is the key to financial stability?

What are the top three things that you can do to increase your chances of achieving financial stability?

While working on becoming financially independent, here’s what you can do in the meantime:

You can start a blog.

If you’re interested in earning passive income, then you need to create your own blog. It’s one of the best ways to make money while you sleep.

Starting a website with Bluehost takes less than 15 minutes and hardly costs anything. And there are several ways to monetize your website.

Read our step-by-step guide on how to start a successful blog in 15 minutes. It’s one of the best passive income streams you can have.

Third, If you’re thinking of buying a house, estimate how much you may be able to borrow. Get pre-qualified.

Maintain a good credit score.

A good credit score of 730 means that not only will you able to get qualified for mortgage loan, it also means you’ll get qualified for a better interest rate. And being able to get a better interest rate means that you will have lower monthly mortgage payments. This, in turn, means that you’ll save thousands of dollars on interests.

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