You might thinking to yourself why am I financially behind everybody else who is talking about their own amount of money at the similar age or even younger are doing “financially” better.
I used to think to myself a lot when it comes to comparing myself to “influencers” on social media but when you actually sit down and do the math yourself, you might be actually be doing BETTER than you MIGHT THINK !
If you have a bad habit of listening to people online making so much money, it might be far from reality for most people to achieve that.
I believe there are ways to be grounded in your own financial wisdom, improve your own money mindset, and overcome financial fear into your future.
Let’s discuss 13 reason why you’re not financially behind !
1. Understand your financial situation and redefine your path
Every person has a unique set of situations or conditions that define their current path for their future.
Financial success is often portrayed through a narrow lens (social media), showcasing their wealth accumulation as a primary metric of “success” but this is subjective to everyone’s journey.
Learning to acknowledge your strength and improve your weakness in valuable lessons of the past, will signicantly boost your financial motivation.
Not one set of conditions will define your financial journey, but personalized goals will.
For example, saving for vacation or establishing an emergency, fund to even paying off debt even little by little if you’re just making the average wage in your location.
1. Work With Small Progress over Perfection
Taking the small steps is definitely ALOT better than feeling overwhelmed all at once focusing on the weight of your financial goals.
For example, have you achieve budget this month by mathematically calculating how you spent or saved? Have you finally contributed down that debt even if its monthly or even yearly?
Taking these milestones represents steps toward financial stability with an IMPROVED money mindset
Take the time to recognize and celebrate small wins and turn those into financial motivation. Just like landing a stable job even if you have a lower average salary would encourage yourself more to significant financial goals.
Small progress and steps are a SIGN that you are in the RIGHT path to a BRIGHTER financial future.
3. Mistakes Are Opportunities To Grow
No one person is perfect and the common average worker faces financial missteps in today’s current economic environment.
Take the current MISTAKES and SETBACKS, to learn INVALUABLE learning experience.
The earlier you make unintentionally or intentionally mistakes the financially, the more you can recover down the road.
For me personally, I too have made mistakes in investing but I realize now in my 30’s, I’m not too late in taking these lesson into the future.
And so I took the lessons I have learnt, and told myself to not do the same things I’ve done in the past.
Make mistakes when you’re young so you can confront past challenges head-on so then you can be prepared for better decision-making TODAY !
Every mistake carries knowledge that can steer you toward improved financial health !
4. Networking Matters
Whether you’re introvert and extrovert, don’t underestimate the power of a supportive community in financial hardships.
Try to surround yourself with like-minded individuals to share financial wisdom if you’re an extroverted person.
If you’re an introvert like me, try using social media like Twitter (formerly X) and/or Discord server, and start interacting with people outside your current social circle.
Engage with others with similar interest and goals and discuss constructive topics. You could use Blossom Social so you can discuss anything related to investing and learning for yourself
You can definitely learn ALOT from others, whether its their success and challenges, you might be able to discover alternates strategies that is UNIQUELY applies to your situation
5. Resources Are More Accessible Than Ever
The advantage of the internet has really paved the way to better financial information and resources online so retail investors can invest even with little money !
I remember trying to figure out mutual funds a really long time ago and didn’t really know what type of investment it was
Now ETF’s (Exchange Traded Funds) now are newest investment security that most people talk about now cause of low cost management fees and diversification of different sectors.
And the great thing now with technology and retail getting into investing is that it is so ACCESSIBLE to invest with small amounts money (less than $100) by allowing you to own FRACTIONAL SHARE of companies or securities on the market.
I believe you can follow trends in investment securities that work well but make sure you’re adapting to current investment vehicles that already work like different types of stocks and bonds.
You can learn about anything now in any brokerage trading platform regarding investing strategies, debt management, budgeting, and many are FREE professional resources.
Try to stick to professional resources instead of “financial influencers” because most of the time they have their own opinions and experiences but make sure to refer to more established resources.
Knowledge is power, and the more educated you are about financial matters, the less intimidating they become.
6. Learn To Be Patient and Time is Everything
The longer time horizon to saving up or investing the better chance of financial success.
Time and patient are two key things whether you’re trying to save for a down payment or paying off debts.
Try to limit your exposure to social media all the time and avoid comparing your timeline with others since each individual circumstances vary greatly.
Understanding your own certain milestones and achievements, can take the ease on the pressure financially such as everyday choices, reducing discretionary spending and gradual fortitude.
Another aspect of time and patience is contributing to your retirement portfolio for a better financial future retirement lifestyle.
Anything you can SAVE AND INVEST IT with a long time horizon the better.
As they say its better to be the market than timing the market.
Respect your own pace of doing things and you will cultivate perseverance and resilience for a better financial future.
7. It’s Never Too Late to Learn Financial Literacy
Many people feel behind because they’re TOO SCARED to ADMIT their financial mistakes or they are comparing someone younger who have more knowledge themselves because of self judgement.
This a transformative step you must undergo YOURSELF because it is SO IMPORTANT to get EDUCATED before it gets really serious whether it’s for retirement or paying off large amounts of DEBT as soon as you can.
As stated previously there are soo many FREE resources out there that can highly contribute to your financial lifelong journey.
From reading books to attending workshops or seeking guidance from financial advisors, there are COUNTLESS WAYS to enhance your financial understanding.
Whether you’re thinking about purchasing books about financial mindsets or just financial knowledge in general, its never too late to pick up a couple of books for your own pleasure.
I recently picked up “Think and Grow Rich” by Napoleon Hill, “The Intelligent Investor” by Benjamin Graham, and “The Psychology Of Money” by Morgan Housel and I will continue to add more to my own collection of reading books.
Just by having these books, I already feel emboldened mentally in investing my time in learning, and looking forward to making changes to my financial behaviors.
Admitting FAILURES and MISTAKES from the past empowers your learning how to BE BETTER with your finances and overcoming stigmas with the lack of financial shortcomings.
7. Debt Management – Strategy for Every Situation
If you’re in some sort of debt situation, try developing an effective strategy.
I’m sure there are a lot of people that make more than me but, every small step counts.
There are various approaches, such as the snowball and avalanche methods, which can eliminate debt systematically and effectively.
When I took out a loan for a car for financing, I wasn’t paying the amount of interest rate that I have been seeing now but I had to strategize $500/month to pay off this loan because I needed a reliable car to get to work.
I was able to finally pay it off few years ago but not in the most effective way by borrowing a little money when interest rates were a bit lower but that was because I lost a job at the time.
I admit it’s not the most effective strategy but I admit this is a mistake on my part but I can feel and understanding for the people who now have mortgages and other loans that at a higher interest rate trying to get by.
And I wanted to say its MIND BOGGLING to have DEBT and would never want to again !
9. The Importance of Budgeting: Structure Your Finances
If you’re in your 20’s and 30’s and already thinking of budgeting and saving a portion of your income, you’re already ahead of most people.
It’s crazy to me that there are people out there I’ve seen on TikTok and social media who have been HOUSE POOR and living a lifestyle they CANNOT AFFORD up until they retire !
I rather be renting than mortgaging a place because budgeting for a place to maintain to just too much if you live on the average wage !
The societal expectation to own your home is just a false reality on your future net worth. I personally would want to be investing my money way up to own a place.
And now that I look back, I rather try to have multiple sources of income to make that happen to eventually own a place !
10. Setting Goals – The Roadmap To Success
One of the challenges that I have right now is setting clear financial goals and trying to realistically achieve them.
Its important to understand goal posts change because of the uncertainty of economic conditions, job stability, and the average wage salary, its so important for anyone with the same status to clearly define objectives.
It’s easy to compare yourself to others and also have societal expectational putting pressure on you to have CERTAIN THINGS are a CERTAIN AGE.
But do things that work for you and your lifestyle situation. Look to cut out the NOISE and forge your own path.
I remember when I lived with my parents for some time to save money and work was my goal in the past.
I feel no shame in doing that back living at home but that is the reality of people now who struggle financially. But now I can emphasize what they’re going through now.
I was eventually able to afford a down payment on a car and move out.
I got my first car in my late 20’s I have no shame in doing so while most people get their cars in in their 20’s.
Looking back, I had a few financial delays and hoping one day I can come financially back from that with my original financial goal.
11. The Art of Gratitude: Shifting Your Financial Mindset
Cultivating gratitude for your financial blessings, no matter how small, can shift your mindset and attract more abundance into your life. Focus on appreciating what you have, rather than dwelling on what you lack.
Gratitude is a powerful tool that transforms how we perceive our financial situation. When we choose to acknowledge and celebrate our current resources, we create a positive energy that opens doors to greater opportunities. This practice is not about ignoring financial challenges, but about reframing them as opportunities for growth and learning.
Start by keeping a daily gratitude journal specifically focused on your finances. Write down three financial blessings each day, no matter how modest they might seem. This could be having a steady income, receiving an unexpected discount, or simply having enough to meet your basic needs. By consistently recognizing these moments, you train your mind to see abundance where you previously saw scarcity.
Moreover, gratitude helps reduce financial stress and anxiety. When you shift from a mindset of lack to one of appreciation, you become more creative and resourceful. You’ll start noticing opportunities that were always present but previously overlooked. This positive perspective can lead to more strategic financial decisions and a more optimistic approach to managing your money.
Practicing financial gratitude also helps cultivate contentment. In a world constantly bombarding us with messages of consumption and desire, being thankful for what we currently possess becomes a radical act of self-empowerment.
It allows us to find joy in our present circumstances while still maintaining healthy aspirations for future growth.
Remember, abundance is not just about the amount of money you have, but about your relationship with money. By embracing gratitude, you create a harmonious connection with your financial journey, transforming challenges into stepping stones of personal and economic development.
Conclusion
Recognizing that you are not financially behind involves a blend of perspective, patience, and perseverance.
By redefining success, celebrating your achievements, learning from mistakes, and utilizing available resources, you can cultivate healthier financial behaviors.
Additionally, managing debt effectively and setting clear goals gives you the tools you need to thrive.