7 Reasons You're Not Rich Yet..and May Never Be ...

You may dream of a life where you're financially independent. In this fantasy, you have plenty in the bank and free time to explore your passions or travel the world. Money doesn't make us happy, but it certainly gives us options and it can reduce financial stress. But although you want to reach a point of financial freedom, there are reasons you're not rich yet -- and these are the same reasons you may never be rich.

1. You Spend like You're Rich

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Excessive spending and living above your means might be the reason you're not rich yet. Building wealth takes time. You need to save your money and you need to choose investments that offer the highest return on your money. But if you're too busy shopping, going on vacations and spending your money frivolously, you'll never save enough to be financially independent.

2. You Don't Have a Financial Plan

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To build your net worth, you need a financial plan. This plan is a roadmap for improving your personal finances from paying off debt to building a cash reserve. Without a plan, you'll aimlessly go about managing your credit and money, and unfortunately, this approach doesn't help you achieve goals. Work with a financial planner or advisor to assess any mistakes you've made, and receive advice on how to improve your situation.

3. You're Not Saving for an Emergency

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In addition to investing, you need to prepare for emergencies. This can be medical, a job loss, a car repair or a home improvement. If you don't have a financial cushion, you may rely on credit cards or other financing in an emergency, which adds debt and reduces how much you're able to save and invest.

4. You Don't Want to Challenge Yourself

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I think it's humorous how some people want more for themselves, but they don't want to step outside their comfort zone and challenge themselves. Whether you're determined to be rich or increase your income to a comfortable level, recognize that your current job or position may not be enough. You might need to increase your education, gain additional experience and apply for challenging jobs with room for growth.

5. You'd Rather Complain than Change Your Situation

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Complaining doesn't get you anywhere. If you're tired of living paycheck to paycheck, and if you never have extra cash for vacations, it's time to take steps and reverse the situation. You're not going to build your bank account overnight, but if you make wise decisions, you can slowly grow your net worth.

6. You Give up Too Soon

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Being an entrepreneurial is one way to reach financial freedom. But if you give up too soon on your ideas, you might find yourself at square one. Ask anyone who enjoys financial freedom and they'll tell you it was an uphill battle, especially if they started from scratch. Being financially comfortable is possible, but no one said it would be easy.

7. You Listen to Naysayers

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Some friends or relatives may say, "get your head out of the clouds." To them, financial freedom is something only the wealthy enjoy. But if you're determined to enjoy this type of independence and freedom, you can make it happen, but you have to keep your thoughts positive.

If you're ready to improve your finances and build your net worth, there's no better time to start than the present. What other reasons prevent financial freedom?

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