6 Reasons Why You Will Never Be Financially Independent

Conclusion: If you ever want to be financially independent, you must avoid making any of these mistakes. Note that this blog and this article may contain affiliate links and adds. See our disclosure policy.

Throughout my life,  and since I have created this blog, I have encountered people who have very good jobs with very good salaries and yet they  just spend whatever penny they got on useless things.

And they wonder why they are always broke. There are also those that never save or invest their money, thinking that they are going to win the lottery or someone else will come along and rescue them.

The majority of these people will never be financially independent. Before I lay out the reasons, it is important to know that there are great reasons for anyone to want to be financially independent.

While this is not an exhaustive list (read the articles in this blog for more), some of the reasons include: (1) financial freedom, (2) happiness, (3) you have more options in life, (4) you can retire early (5) you can travel to any countries you want; (6) you are less stressed, (7) love lasts longer in the relationship, (8) you live more comfortably, and (9) you can have more hobbies.

Do you want to be financially independent? Why or why not? Share your thoughts by commenting below?

Who wouldn’t want these things in life? For this reason, if you truly want to be financially independent, you should know what mistake not to make.

1.Having a lot of credit card debts and paying the minimum monthly payment or unable to make minimum payments.

This is almost always a roadblock for those wanting to be financially independent. If you have a lot of credit card debts and you cannot make the minimum payments, the chance of being financially independent is very slim to none. The average credit  card interest rate these days is around 18 percent.

And minimum monthly payments mean longer and deeper debt. So if you are not in a position to pay more than the monthly minimum, you will be drowning in debt and it will be extremely hard for you to achieve financial independence.

2. Overspending

There is nothing wrong with spending your money how you want and when you want to. I myself had money spending problem before I started blogging. But what you don’t want is spending it on useless things. And what you really don’t want to do is engaging in retail therapy.

Some people, when they feel sad, or when their boyfriend or girlfriend break up with them, they go on a shopping spree, just to make themselves feel better. But the sad truth is that, they are just on the road to financial self-destruction.

Overspend will lead you to a mountain of debt and will make it almost impossible to become financially independent. See this article for more information: 4 Practical Ways to Cut Back On Your Spending

3. Not having money saved for emergencies.

During the course of your life, chances are good that you will get laid off or fired from your job. Maybe you or someone close to you become sick and need financial assistance.

Perhaps you need to renovate or fix your home. If you don’t have an emergency fund, you will not be able to cope with many of life’s emergencies. And any time you face with them, you will be tempted to take out loans which can make matters worse.

4. Failure to save and invest your money.

Not saving your money is almost always something that will destroy your prospect of being financially independent. Some people never save. They just spend it recklessly. Granted, some people don’t spend their money recklessly, they just don’t have anything left to save at the end of the month. But failure to save at least a minimal amount, is nearly impossible to become rich.

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Equally destructive of your chance to become financially independent is failing to invest your money. Even if you save a lot of money, if you fail to invest  you are not going to be financially independent. People make this mistake all the time and believe that they can become rich by only saving their money.

This is far from true. Money in a saving account is safe, meaning that it’s there when you want it. There is no risk. It’s convenient, accessible to you and easy to obtain. But saving accounts do not give you high rates of return. Investing is. The advantage of investing is high money growth potential. Please see the following articles for more information:

Do you agree that you not only need to save your money but also to invest it as well? Why or why not? Share your thoughts in the comments below.

5. Not having financial goals.

Some people have no financial goals. They don’t take time to write out things that they want to accomplish in the short term and in the long term. They believe that they are going to make it somehow by winning the lottery or hitting big in Vegas. Those people are also on the road to financial self-destruction.

6. Last but not least: having a bad/negative attitude about money.

Do you have these attitude about money: (a) money can’t buy happiness; (b) money is the root of all evil; (c) money is dirty? If the answer is yes, you will never be financially independent.

Unless you turn these negative thinking, these misconceptions about money,  into positive thoughts, it will be impossible to become financially independent.


These are the top reasons why some people will never be financially independent. You need to avoid making any of these mistakes if you want to be financially independent.

For me, one of the things that helped was to create a blog, interact with other bloggers and learn as much as I could about financial literacy. My blog kind of keeps me in check . The more I write about personal finance the more I take charge of my finances. If you want to do the same, use my link and you can create your own blog in 15 minutes or less for just $3.95 a month.

Share Your Thoughts

What are the top 3 worst mistakes that will prevent you from being financially independent?

What are the top three things that you can do to increase your chances of being financially independent?

Share your responses in the comment below.

See the following articles for more information:

  1. How to Create a Budget and Learn to Stick to It
  2. 10 Simple Ways to Use Your Bonus
  3. Take Charge of Your Money


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