My money tip this month is on the real key to financial freedom.  It won’t be what you expect, it will be far simpler.  It’s also free.  But just because it’s simple and free, it doesn’t mean its necessarily easy.  So, what is it?

The real key to achieving financial freedom is the ability to exercise self-discipline in our money management. In fact, without it, we can kiss financial freedom goodbye. Too many of us have the wrong perception about this great tool. We see it as something unpleasant and difficult to attain. Whereas in reality, self-discipline is actually our greatest ally!

You see, when it comes to money matters, self discipline is the ability to put off spending on impulse in order to achieve a greater financial reward or a greater financial goal further down the line.  In other words, it’s about practising delaying gratification.

What does self-discipline mean in practice?

It means to make a decision in advance about how you are going to spend, save and invest your money in order to live the kind of life that you want.  It’s the tool that will empower you to be able to:

  • buy your first home,
  • start your own business,
  • leave a dead-end job,
  • travel the world,
  • get out of debt,
  • pay for your children’s education, etc.

Self-discipline is the tool that turns hum-drum ineffective budgeting into that which transforms your financial future.  Sure, there’s a bit of sacrifice involved.  But nothing worth achieving ever comes without a price.  As someone once wrote, “discipline is being able to plan your pain and your pleasure.”  The pain being not buying that thing you want in the moment.  And the pleasure of achieving your financial goals later on.

If financial freedom is something you want, it’s yours if, and only if, you can master the art of exercising self-discipline.

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