Financial Traps Awaiting the Professional and How to Overcome Them –Part 4

  Now for our final post related to our Financial Traps series. These final two traps are generally less harmful than the previous three, but occasionally they can cause dramatic harm to a professional’s financial health. Blind Faith In Other Professionals Many professionals spent a good portion of time in post-secondary education gaining specialized knowledge to enhance their ability to be an “expert” in their field. The more advanced the specialization, the more respected that individual becomes. There are numerous

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Financial Traps Awaiting the Professional and How to Overcome Them –Part 3

Here is Part three! Lifestyle Inflation The next money psychology problem affects all individuals, but can be particularly heightened for the professional. It is commonly called “lifestyle inflation”. Most people get gradual raises within their careers and have their highest income earning levels in the last 5 years of it. These individuals slowly creep up their spending to adjust to this new raise. It may be one more nice restaurant or an extra massage and manicure. Typically, as soon as

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The Financial Traps Awaiting the Professional and How to Overcome Them –Part 2

When you begin setting goals for early retirement, learning how to view money becomes one of your biggest advantages. I find the following perception shifts were helpful to forego immediate excess spending for future financial freedom. The first 3 concepts apply to combating the Delayed Gratification trap, while the last concept applies to the Societal Pressures trap mentioned in our Part 1 post. Viewing a Purchase Against Its Potential Future Value It’s very easy to view money spent as just

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The Financial Traps Awaiting the Professional and How to Overcome Them –Part 1

In the following series of posts, we will explore the life circumstances and money psychology issues that often lead to 10-15 years of wasted opportunity to build significant wealth for professionals beginning their working career. These are the inherent difficulties that all professionals face to becoming financially free. I will readily admit that to non-professional readers these will sound very similar to “first world problem” memes on the internet. The majority of other financial blogs and their readers would scoff

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