If we asked you, “Why can’t you accumulate a crore in 10 years?”, what would you say? What is the first thing that will come to your mind? Or, 10 lakhs in 10 years or just 1 lakh in 2 years?

You may perceive these to be unimaginable goals. But in most cases, this is just your mental barrier. Here are 10 mental barriers that you need to get rid of if you want to realize your financial destiny.

Mental barriers:

#1. Spending without thinking

Spending is so easy these days that often we give little thought to what we spend on. While it might be OK for things that aren’t that expensive, but when we start buying things that we don’t need with money we don’t have (your credit card is money you don’t necessarily have – see next point), it quickly spirals down into big financial trouble.

#2. Depending on debt on a regular basis

As mentioned earlier, spending on your credit card is spending money you don’t have. It’s Ok to use credit cards occasionally but thinking of it as an extra savings account isn’t a great idea. Debt is OK if you are planning to buy a home. For everything else, it’s smarter to simply save for it.

#3. Saving but not investing

Saving is just the step 2 of wealth creation (having an income is Step 1). But letting that saving just in your bank account is not going to help your money grow. You need to invest in the right instruments that your goals and needs dictate.

#4. Following what others have done rather than what you should do

We often take financial advice from our friends and family. We know of people who invest in certain instruments because their bosses told them that they swear by it. While there is nothing wrong with taking advice from those we know, it might not necessarily be what you need or what you need to do.

#5. Limiting your goals

We often decide our goals based on what we earn rather than what we need or even what we want. Sure you might have limits due to your salary or other expenses but only when you set a goal that points towards what you need can you discover ways to reach those goals.

#6. Not having the “right” goal for your money

The ultimate goal of money is to allow you the freedom to choose your happiness. While goals such as buying a house or a car are good to have, freedom should be the ultimate goal of your financial planning.

#7. Fear rather than caution

It pays to be cautious when it comes to planning for your financial goals. However, many of us are prone to be fearful because of hearsay and what’s perceived to be common knowledge.

“Equity is risky!”, yes, it’s not wrong but only equity can meet your long-term goals without you having to invest insane amounts of money. When you understand what you are doing, fear goes away.

#8. Keeping your plans in your head rather than on paper

If you have a plan, write it down. Things that remain in your head tend to lose coherence because you do not consider variables that you need to. Saying “I will invest Rs. 5,000 a month to get to a crore in the next two decades.” is different from actually putting it down on paper and considering all scenarios, good or bad.

#9. Not having a priority when it comes to your goals

When we don’t have priorities, more often than not we simply don’t start and get stuck in a vicious circle of analysis paralysis. Decide which saving or investment goal is the most important now, and simply get started with whatever we have. If you don’t have an emergency fund, saving for a car might not necessarily be smart.

#10. Procrastination

“I will start tomorrow or next month”, is something we have told ourselves for a lot of things that we wanted to start doing. Saving and investing are amongst them. It’s this procrastination that proves expensive in the long run.