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How to Manage Money: The Missing Element of Achieving Financial Freedom

Most advice on how to manage money is pretty simple and straightforward: get on a written budget and start keeping track of your spending habits. You can find oodles of this kind of advice on the internet, and it's pretty much all free. However, making this information work for you and getting consistent results is a completely different story.

In this article, we'll be discussing what makes the difference when it comes to applying and benefitting from "how to manage money" advice...

The Foundation of Good Money Management

Anyone can tell you to live on a budget and keep track of where your money is going...but for many the mystery is why we can't stick with this commitment consistently and achieve financial freedom and build wealth. The answer lies within your ability to form positive financial habits, and we all know how hard habits can be to change. If you want to learn how to manage money and achieve lasting success, you have to learn how to manage your habits.

This isn't as hard as it seems, that is if you understand how habits are formed and unformed. Once you have the "formula" for habit transformation, everything in your life becomes easier: managing your money, managing your health, your all goes back to your habits.

What Drives Your Actions and Habits?

The study of human behavior is complicated, but when it comes to what drives our actions, the answer is very simple. It's value. You can think about doing something all day, but you won't actually follow through with it unless you have a strong conviction as to the value of the action. Everyone I know who has made drastic changes in their financial life did it because something of great value was at stake.

Learning how to manage money has VERY little to do with a budget plan...those are a dime a dozen. What you need first is to build a strong sense of value in the idea of gaining financial freedom, getting out of debt or building wealth. When this happens, thoughts are transformed into beliefs and beliefs give way to actions. As those actions become more consistent, they crystallize into habits.

So before you sit down with your new detailed plan on how to manage money, you need 100% certainty about the value of improving your financial situation. The more you focus on the value of your actions, the easier it will be for you to remain consistent, passionate and motivated. This is the missing element when it comes to learning and applying any knowledge of how to manage money.
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How to Manage Money: The Missing Element of Achieving Financial Freedom
How to Manage Money: The Missing Element of Achieving Financial Freedom
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