While monetary goals are not the only kind of goals to reach, it does not mean to look at money in negative ways that others tend to do. Money should be viewed as a positive thing that helps people reach their best potential.
Financial success goes far beyond economic status or reaching a predetermined goal income. Other areas of personal development whether social, emotional, or physical can be greatly improved from financial investment into each area.
Financial success breaks people free of ‘modern-day slavery’
It may sound familiar to have heard a reference of debt being the new slavery in society. The average individual has consumer debt, student loan debt, and even mortgage debt. To pay these debts, people have to work hard at their jobs to afford to make payments on their debt for years until they are paid off.
With so many opportunities for advancement out there, whether corporate or entrepreneurial, it’s difficult to move forward when debt is pulling you back from doing so. Some employers perform credit checks before hiring candidates. Sometimes poor financial status can delay a business from getting started.
More finances can provide more extensive education
Education can be a substantial contribution to a person’s personal development. Knowledge and expertise are valuable therefore they are marketable. Education has its costs so financially successful people can easily contribute to building their knowledge.
Universities don’t always have to be the method of education to invest in. The internet is loaded with self-taught information for everything you can think of. Online certifications and skills can be acquired from the comfort of one’s home.
For those out there who greatly influence free education, consider the following. People are more likely to do the work needed when they pay for education instead. Too many times, free ebooks, courses, online training, and more aren’t taken as seriously as far as execution goes.
A common saying is that “knowledge is power”. The more money a person has access to, the more education they can invest in.
Financial success can create other streams of income
Success can breed more success not just with other people, but within one’s self. Financially successful people can ‘buy’ more income to expand business and wealth.
Passive income streams are the gift that keeps on giving. Not trading time for money allows that time to be invested in other areas of life which can result in improved personal development. For that reason alone, passive income streams are considered more valuable than earned income. Time can be invested in physical well-being, building relationships, family time, and other things to positively improve work-life balance and personal development.
Expanding an existing business can also create positive results in personal development. Creating more ways to earn new income streams within your business’s field can be good for your confidence, self-image, and discipline. For example, if you are a house flipper in the real estate market, then maybe managing Airbnb properties could be a possibility.
Starting a new business can be taxing, but it’s worth pursuing. Turning yourself into your boss can be the ultimate leap in personal development. Not only are you working on personal development to learn skills, master discipline, and learn leadership, but also the opportunity to substantially improve your financial matters is there.
Finances can improve other areas of your personal development
Just as building financial success and skills through education and income streams can be beneficial, finances can be invested to improve other aspects of your life. Financial investment in physical, social, and emotional areas can improve personal development as a whole.
Financially investing in one’s physical aspect of their life could include paying a personal trainer or affording better preventative care or healthcare. When it comes to social matters, financial investment can allow the opportunity to explore different cultures and being able to network on a bigger scale. The emotional aspect of your life can benefit from investing in regular coaching or counseling.
This ultimately shows why financial success and personal development can be linked. Financial success allows people to invest in every part of their lives to seek the changes they are after.
Always work on financial wellness and personal development collectively
You never want substantial debt to hold you back or the simple lack of income. Understanding the improvement of both your financial journey and personal journey has equal relevance. Selling yourself short financially could mean selling yourself short personally.
Therefore, take care of your debt, expand your income, and make financial investments in personal aspects of your life. Your life goals will be much more attainable and could be achieved sooner than anticipated.
Lyle David Solomon is a licensed attorney in California. He has been affiliated with law firms in California, Nevada, and Arizona since 1991. As the principal attorney of Oak View Law Group, he gives advice and writes articles to help people solve their issues, including debt problems. Connect with him on LinkedIn or tweet him at @lyle_solomon.