Myths About Financial Independence

November 27th, 2007 | Stacey | Debt Management, Financial Freedom, Financial Independence

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Myths about financial independence are common and get in the way of progression. Over the next few days, we will be discussing several myths that can thwart your potential to learn how to get out of debt and become financially independent.

The first myth about financial independence is you can spend your money the way that everyone else does and you will ultimately become financially free. Frankly, this is a major myth because the majority of people don’t have a clue about how to attain financial independence and are in a vicious cycle of work and debt. In fact, the United States Department of Health and Human Services found in a recent study that 95 percent of Americans do not achieve financial independence by the time they are 65 years old. Once they reach their senior years, most Americans become dependent on the government, their families, charity or continue to work until they die. The fact of the matter is that almost everybody is going down a destructive road that will not lead to financial independence.

Hard-working people who felt that if they were solid employees and consumer they would get rewarded are dreadfully disappointed. Social Security is difficult to survive on and working into your senior years is certainly not an inviting thought.

If you decide to spend money like everyone else by buying on credit and banking a few bucks, you will wind up in the same position – broke. Financial independence is impossible if you are trying to be just like the Joneses.