Do not let your financial resources dictate the type of dreams that you can or cannot reach. It is true that money is an important factor in reaching your dreams. But it is not the only thing that will define your success.
In one article about entrepreneurial success, it is revealed that there are 5 keys to achieve your goals. One is to learn how to leave your mistakes in the past and not dwell on them. The other is to always show up and be ready to hustle with everything that gets thrown your way. The third is committing to work on the business every day. The fourth is to learn and make improvements constantly. Finally, you have to refuse to quit.
As you can see, having a lot of financial resources is not one of the must-haves when it comes to reaching your dreams. And when we say dreams, we are not just talking about putting up a business or making more money.
You can dream about anything and you should never let your financial position stop you from achieving it. Most people who reach their dreams are not always rich. They are just creative, ingenious, passionate, and determined to turn their dreams into reality.
It is possible to dream big with limited resources
To be honest, it will be harder to reach your dreams if you have limited financial resources. However, that does not mean it is impossible. There are a lot of people who reached their dreams even if they started with hardly any material possession.
The truth is, not all dreams require money – like finding the person you will marry. But we cannot dispute that most of them require money. Buying a home, having a new car, getting a higher education – all of these can only be met if you use some money. However, it does not say that it is only possible if you have a lot of money.
If you want to buy your own home, that is possible even with limited financial resources. In case you want to get an education, that is also possible if you put your mind to it.
Of course, the big question here is how can you reach your dreams if you know that you have limited resources? This is especially true if your dream involves something expensive as buying a home. Here are some tips that might help you out.
Identify your dream
It is important to have a clear understanding of what you want to achieve in life. This keeps you from wandering aimlessly similar to a ship lost out at sea without a map and even a compass. However, dreams often times are general goals in nature. This is why it is important to take your time in knowing what you really want in life. According to a research, people perform better if they set specific and challenging goals. You can understand why this is an important first step in any endeavor that you want to do.
Know the cost to reach your dreams
For instance, your goal could be retiring early but at what age do you really want to retire? The earlier you retire and the healthier you are, the more likely that you will need a bigger retirement fund because of long life. Or if your family is prone to a lot of illnesses when they get older, you should also be prepared for that.
If you dream of buying a house of your own, you need to know how much you can afford. There are many factors affecting the price of the property like the location, size, and appraised value of the home. When you know how much you need to reach your dreams, it gives you the chance to look for ways to get to your goals even with limited financial resources.
Listing down and calculating the cost is a great way to give you the complete picture. As you get to do this, you are able to lay out a concrete plan on how to move forward. For one, you get to determine the amount you need to set aside every month as you try and pursue your dreams. Your limited access to financial resources might make it more challenging than it already is but the important thing is you are moving forward.
Set a timeline
A timeline will put enough pressure for you to work hard to achieve your goal. Otherwise, you will always have an excuse to procrastinate and delay your plans. This is especially true when you are feeling the burden because you lack the finances to reach your goal. The next thing you know, a lot of times have already passed and you haven’t started working towards your goal. You might be able to overcome less than desirable financial resources but if you do not set a deadline, you are only making matters worse. A timeline will guide you through the whole plan as you work towards the next step.
Save what you can
While you are working towards your dream, you need to continue saving up for it. This will help replenish the limited resources that you have. Since you know the cost of reaching your dreams, you need to be proactive about it. You may have limited finances right now but that should not stop you from pursuing your dream. You just have to work harder to save up for your dream. Look at your monthly budget plan and scrutinize your expenses. See if there are expenses that you can stop spending on so you can put that into your savings. That will put your one step closer to making your dream affordable.
Keep yourself motivated
The truth is, it is hard to work on a dream with limited financial resources. This is why you need to make sure your motivation remains high. This motivation is the same willpower that will keep you from using the money you are saving to buy something else. It is this motivation that will give you the discipline, self-control, and perseverance to keep on working on your dream even if the hurdles seem insurmountable.
How to broaden your financial resources
If you have limited financial resources, you should never allow it to keep you from your dream. For most people, their first option is to get financing. For instance, those who dream of starting a business would think of getting a business loan to finance their startup company.
However, not everyone has an easy time getting an approval for a loan. In fact, the National Small Business Association revealed that 27% of businesses are unable to receive the funding they require to move forward. What would you do if you cannot get a loan to help you reach your dreams?
Do your research
First of all, you need to start researching other options. There are several options out there that will help you get the finances that you need. You can start selling some of your stuff or make lifestyle choices that will allow you to use your own financial resources to get started on your dream. Or you can find another way to get the resources that you need – at a lower price.
Have a plan and be patient
A plan will help you stay organized as you work on your dream. For instance, a financial plan will help you stay on track of your savings. While you are creating a plan, you are mapping out what you need to reach your goal. This roadmap will help you identify the resources that you need at each point – making it easier for you to anticipate and solve any problems that may arise.
Dare to be brave
In case you cannot get financial help the traditional way, that is okay. You should be brave enough to think outside the box. If you want to buy a new car but you cannot afford it, opt for a second-hand car. It is more daunting because you have to be knowledgeable about cars to make sure you are getting the right value for your money. There are also times when you have to be creative in reaching your dreams. Paving a new road to complete the journey is not unheard of. You just have to be brave enough to go through it.