This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.
They’re barriers worth eliminating.
Image source: Getty Images
Building wealth is certainly not an easy thing to do. This especially holds true if you’re not a particularly high earner. But sometimes, all it takes to grow wealth and get to a place of financial stability and satisfaction is having the right attitude. And part of that means overcoming some key mental barriers.
Obstacles to move past
In a recent interview, financial expert Suze Orman identified three obstacles that tend to stop people from building wealth:
FearShameAnger
Many people worry they’ll never be financially stable, or that they’ll be stuck in a rut financially forever. They feel shame over financial blunders they’ve fallen victim to in the past, like incurring too much debt or buying a house that was too expensive. And they’re angry that their finances and circumstances aren’t better. But Orman insists it’s important to get past these feelings and work to get to a better place.
Now, if you’re thinking “What does Suze Orman know about struggling financially?” the answer is, actually, a lot. There was a time when Orman was so broke she actually lived out of her car. That’s right — her finances were in such disarray she couldn’t even secure housing.
Of course, Orman has come a long way since that point. But if you’re at a financial low, you can turn things around, too. It just takes the right attitude and approach.
How to get to a better place financially
Maybe your goal is to be financially stable. Maybe it’s to have more than $200 in your savings account at a given moment. Or maybe it’s to be able to cut up your credit cards and never have to rely on them again.
To get to that place, first, stop worrying that your circumstances will never change. Secondly, stop beating yourself up for mistakes you’ve made in the past. So you charged up a storm on your credit cards and are stuck in debt. So you took on too much house and now you have to sell and downsize. Nobody’s perfect. Rather than harp on it, make a plan to pay off your debt or change your housing situation and avoid a repeat.
And finally, instead of being angry about your financial situation, take steps to improve it. Don’t like your low paycheck? Boost your skills and try to find a better job. Feel resentful that your credit card companies are getting all of your spare cash? Work a side job for a while to drum up extra money to pay off your debt so you can start keeping your money for your own needs.
There are many steps you can take to improve your financial situation, whether it’s building or boosting an emergency fund, eliminating debt, and just plain learning to budget your money. But the key to meeting your financial goals could really boil down to having the right attitude. And if you believe in yourself and do your best to move past the negative feelings you’ve been harboring, your chances of success might multiply.
Alert: highest cash back card we’ve seen now has 0% intro APR until 2024
If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.
In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
