Where Do You Think People Fail When Not Achieving Financial Freedom?

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Where Do You Think People Fail When Not Achieving Financial Freedom?

Gino BarbaroPro Member
Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes

I've been obsessed the past decade on trying to understand why some people become financially free, while the majority of the population is living paycheck to paycheck.

I just launched a book called Baby Money Soldiers, which is a book on personal finance, that shares the story on how we all need to be "Generals" of our financial army. It's a great way to teach young adults about money and finance.

I would love any feedback on what you think are the main forces holding people back from becoming financially free. I'm always trying to create content that will help people make more money, and start driving towards their soul purpose.

Thanks for taking the time to read this and to share your thoughts.

I believe People With Financial Intelligence Can Change The World For The Better".

Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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Erica Calella
Investor · Member since 2024 · 77 posts · 105 votes
2y

In my opinion, the problem is not "cash inflow", but rather "cash outflow". I think many of us use hyper-consumerism as a means of validating our self-worth.

We NEED to upgrade to a new cell phone every year, we NEED to take expensive vacations to show our friends how fun our lives are, we NEED to purchase the more expensive car, we NEED to eat at chic restaurants and document the experience all over our social media. If we don't, what will other people think of us? What will we think of ourselves??

It's hard not to fall into this trap when digital marketing and social media advertising is constantly shoving all of these unnecessary products and services down our throats. I read the Millionaire Next Door for the first time recently and it honestly opened my eyes to a lot of these constraints and how societal pressures keep us trapped within this vicious cycle. Breaking free from it all was one of the best things I've personally ever done financially. I realized I much preferred to eat dinner at home, where I would be satisfied and not still hungry afterwards.

With that said, I'd love to purchase your book! @Gino Barbaro

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  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Dan H.

    You are one of the lucky ones. I think that people are so affected by what they hear/see when they are young, and if they don't explore their limiting beliefs and what they were taught, it will hold them back later on in life. You ain't gonna risk your money if you were taught that money is scarce and it doesn't grow on trees

    It's hard to do the work, but even harder if you don't.

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Ty Nosser

    You're talking about values, and values based decision making, which is so much more important than financial freedom! 

    Love your mindset. And I know you'll figure out how to buy that next property.

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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  • Ray Hage
    Investor · Fort Lauderdale, FL · Member since 2020 · 1k+ posts · 755 votes
    2y
    Quote from @Gino Barbaro:

    @Ray Hage

    Procrastination is a great one. The question is why do people procrastinate. And why do they settle for such low returns, and are willing to kill their Baby Money Soldiers on luxuries, instead of saving them and deploying them into more lucrative investments.

    It's our duty to share with others what we see, and hopefully we can reach more people willing to learn how to take control of their financial future.

    Gino

    thanks!


     I fully agree it is our duty to at least help our respective closest people. I push investing on my friends not to be an a-hole but because it is good for them. I know I annoy them sometimes but it is kind of like your doctor pushing you to stop downing burgers and fries because it is affecting your physical health. 

    These mental "diseases" of fear/overspending/procrastination affect their financial health for their whole adult lives. Oftentimes, they don't realize it and/or they think they're not capable of improving and will blame the president, their boss or bad luck for their circumstances.

    1Reply
  • Account Closed
    Accountant · Panama City Beach, FL · Member since 2018 · 49 posts · 18 votes
    2y

    You are assuming that everyone actually wants to become financially free. I assume that most people don't want to make the sacrifices to achieve financial freedom and are perfectly content working for the man as it provides them an easy and comfortable life. 

    2Reply
  • Ty Nosser
    Property Manager · Member since 2024 · 3 posts · 2 votes
    2y

    @Gino Barbaro

    Thank you sir! Appreciate it!

    0Reply
  • Jeremiah Dunakin
    Member since 2022 · 186 posts · 192 votes
    2y

    I think at least in my circumstances it boils down to self discipline and perseverance. 
    we had this conversation at work. A lot of times people in America is what I’m generally talking about have every opportunity to be something. Maybe not Uber successful but able to carve out a decent life. There are always a ton of excuses we can all use. Schools, president, social economic class, race, religion, privilege, geography, education, mom, dad, school lunch lady didn’t like me, the raiders got short end of stick on tuck rule………..

    I think at end of the day the effort is not there to better ourselves. Instead of eating leftovers we eat hot n ready pizzas, instead of paying for a college class and doing it get ahead we buy a six pack and play madden, instead of driving our old car we buy a new one. It comes down to self discipline.  I’m not gonna go to happy hour I’m gonna save that money and attend a free online class to learn accounting. I am my biggest enemy. To the working poor which struggle I say same thing. No new clothes or shoes and learn to cook. A George Foreman grill a family pack of chicken breast and frozen vegetables go a long way. 
    it has to become a priority that you are willing to forgo convienances for. Same as working out. It’s not because of your genes that we don’t lose weight. It’s because weighing out our food and exercising is “too much”

    2Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Jeremiah Dunakin

    What I'm hearing is there is a lot of victim mentality, and when you are a victim, good luck trying to look for opportunities or create solutions.

    How do I know? Back in 08, it was everyone else's fault but my own. By the grace of God, I picked up T. Harv's book and realized I was the problem. There were still a ton of people creating success.

    Once I decided to assume responsibility, my financial life changed, as well as other parts

    thanks for sharing

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    2y

    Hi @Gino Barbaro ,

    Here are some of my thoughts on the questions you asked:

    1) Where Do You Think People Fail When Not Achieving Financial Freedom?

    For some it is homelessness. I've seen some very big fish fail and some smaller players. Pledging your home and other assets to be able to increase your holdings, from what I've seen can lead to a very unpleasant situation.

    2) ....why some people become financially free, while the majority of the population is living paycheck to paycheck

    I've never met anyone who is financially free, that was not a trust fund baby. I think financial freedom is a misnomer in this business, like chasing a cloud in the sky.

    The people I've known who have been successful in this business- successfully in their own terms of it, meaning owning a rental or two up to unbelievable wealth in real estate, all, all, all had a tight REIGN On their business (Notice I said business, and not investment- because to buy this business costs money, the money is invested in that you might be able to get that money back unless you lose the business to the bank or it is destroyed by your customers).

    Where I am going with this is someone may trade a W2 wage slave job for a job of owning rental units to house people and their pets. Not lazing around in a deck chair all day and having checks just flow into your mailbox like they might with Dividends from owning a stock certificate.

    3) I would love any feedback on what you think are the main forces holding people back from becoming financially free.

    21% Of the population Is on government assistance- many in here like that and wish there were more because they benefit from the section 8 rental assistance program that these people use to be able to keep a roof over their heads. Many of those on it seem happy to remain on it cradle to grave generation after generation.

    1% (approximately) are in prison or in the court system on their way to prison. the gray bar motel.

    42% Are suffering from going through the divorce court system. Everyone is NOT treated fairly by the divorce courts. That has long term effects on many peoples financial situation. A big setback.

    Many W2 jobs in the USA do not pay enough to support a family with one person working, or even with two persons working. Meaning the opportunity for good paying jobs in many areas is a very very slim. 

    People in these areas do not have as much investable income, if any, compared to those who work in more affluent W2 positions. 

    There are a lot of jobs in the USA, but there are not a lot of really good paying jobs to go around for everyone. 

    Many people just get by paycheck to paycheck. These tend to be our renters Who do not get government assistance. Some of them will make it to a higher income bracket, probably most will not in any material manner. 15 cent an hour raises don't really make for much investment income.

    It takes money to make money. Most people lack the money for a down payment, and their personality tells them if they do have some extra money spend it on a good time, beer, a vacation, new skis, a gift for junior, etc...

    I appreciate your goal of trying to change the world for the better, that is also my goal on a daily basis.

    I think rather than trying to fit a square peg into a round hole, and there are mostly square pegs, a better vector to set your jib to, might be trying to assist those who are round pegs in our industry rather than trying to get the square pegs to whittle themselves down.

    I say this because the square peg thing to me might be like trying to find a needle in a haystack as far as scoring a touchdown with them.

    Although as far as selling books goes, maybe more books would be sold with the square peg system and you would help out people who would normally not get helped out.

    I wish Luck in your book sales, and may it make you even more wealthy than you are now.

    Good Luck!

    https://www.youtube.com/watch?v=5-Ur71ZnNVk

    3Reply
  • Peter W.
    Member since 2020 · 351 posts · 329 votes
    2y

    When I was in my 20s, while I was a good saver, I didn't prioritize making money.  I thought about real estate investing but preferred having free time to learn new skills such as volleyball, rock climbing, programming, (graduate school).  I also struggled with consistency money making endeavors I picked up.

    Now that I have a family, even though I make significantly more, I spend a lot more on my family and the reality is that saving more in the stock market doesn't make a lot of difference in when I will have enough to retire (which is currently early 50s). I would have to radically change what I am doing to have a significant effect on that age (e.g. go from investing 1k a month to 5k/month). Plus, I'm probably working until 65ish anyways so I can pass more onto my kids.  

    Making more income requires a significant amount of time, stress, and energy which would come at the expense of my family.

    I've also gotten to the point where it's harder to delay gratification--it's not a skill my wife is great at (so delaying gratification frequently means I go without, and she doesn't) and spending $2000 to go see nephews and nieces is much more important than having an extra 5 shares of google or MSFT.  While not having to work seems nice, I'm quite content where I am at.

    0Reply
  • Jeremiah Dunakin
    Member since 2022 · 186 posts · 192 votes
    2y
    Quote from @Gino Barbaro:

    @Jeremiah Dunakin

    What I'm hearing is there is a lot of victim mentality, and when you are a victim, good luck trying to look for opportunities or create solutions.

    How do I know? Back in 08, it was everyone else's fault but my own. By the grace of God, I picked up T. Harv's book and realized I was the problem. There were still a ton of people creating success.

    Once I decided to assume responsibility, my financial life changed, as well as other parts

    thanks for sharing

    Gino


    I agree, if I could get out of my way. I could be a monster.  I think if most were honest and took self accountability we would see where the problem trully lies 

    0Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Peter W.

    The question that changed my life was Are you working hard for your money or is your money working hard for you.

    Making more income does require time, but does the average person have their money working hard. Most aren't, and in this economy more money will not set you up for financial independence.

    Spending money on experiences is important. Why else make them money? There just needs to be awareness not to over spend

    thanks for your story

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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  • Jay Young
    Flipper/Rehabber · Member since 2019 · 13 posts · 6 votes
    2y

    Our educational system is designed to create material soldiers, not free people.  American children and students are taught how to develop themselves to be desirable to an employer, how to pay into the system and work full time or double time to until they either drop dead or live long enough to "retire."  Our financial and societal systems set us up (essentially for a form of financial slavery) long before I ever incarnated on earth.  If I had understood all this early on, I would have set myself up to be financially free.  Unfortunately I did not understand how our systems work until AFTER retirement age when it's too late to do anything about.  If you start with that knowledge early you have time on your side to develop financial freedom, as in 30 plus years to plan, accumulate and earn.  My immigrant family had none of this knowledge and the school system certainly wasn't going to explain it to me.  They are set up to serve government and corporate structures to create obedient worker bees who die more or less just when they are eligible to get something back.  This is a fact.  Look up the history of the creation of Medicare and Social Security.  I always worked for small businesses and never had the opportunity to participate in any form of a retirement fund.  This has changed in recent years, AFTER it was too late for me to participate.

    3Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Jay Young

    You're gonna love our new book Baby Money Soldiers. You are the general of your financial soldiers, and you have control.

    I want to teach people to be able to opt out of the system

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
    0Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    It's simple.

    If people were 90% delayed gratification, 10% instant. They'd be way better, unfortunately society works the inverse therefore they'll always be under water.

    1Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    2y
    Quote from @Gino Barbaro:

    I've been obsessed the past decade on trying to understand why some people become financially free, while the majority of the population is living paycheck to paycheck.

    I just launched a book called Baby Money Soldiers, which is a book on personal finance, that shares the story on how we all need to be "Generals" of our financial army. It's a great way to teach young adults about money and finance.

    I would love any feedback on what you think are the main forces holding people back from becoming financially free. I'm always trying to create content that will help people make more money, and start driving towards their soul purpose.

    Thanks for taking the time to read this and to share your thoughts.

    I believe People With Financial Intelligence Can Change The World For The Better".


     Analisis paralysis, lack of knowledge,  

    0Reply
  • Jay Young
    Flipper/Rehabber · Member since 2019 · 13 posts · 6 votes
    2y

    Sorry Gino, but I just don't agree.  YOU may have "money soldiers," while I and most of the rest of the world do not. Regardless of whether they "soldiers" are babies or adults.  As I wrote in my post WE ARE the "money" soldiers of a preordained American and global system.  We are taught and automatically born into a system that turn us into "financial slaves" or "financial soldiers" of the system.  That system is governments, corporations, education and even familial.  Those systems were created and established long before any of us appeared on the earth and we are automatically born into them whether we like it or not.  We are then "raised" to respect those systems and function within them.  So if you managed to create a "system" outside of the ones the rest of us are ruled by, one in which you found some "soldiers" that you are able to be general of and command, bully for you.  But sorry I do not believe it.  The lucky few who have "financial freedom" are trust fund babies, inheritors or outlandishly lucky by creating businesses that run themselves like:  Gates, Bezos, Musk, Zuckerberg, Buffett.  The rest of us ARE the money soldiers, providing money and our life energy to feed the system.

    0Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Jay Young

    I disagree with you. I wasn't lucky to attain a level of financial intelligence. Both parents were immigrants, I owned a small business that I worked hard at, saved up my money and invested it.

    Actually most millionaires in this country are first generation. Have you ever heard shirt sleeves to shirt sleeves in 3 generations. look it up.

    The game of money is not luck. Most fail multiple times before they start winning. You can opt out of the system anytime, especially if you believe you are in the system. I was in it until I read Rich Dad Poor Dad. 

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @V.G Jason

    The great MJ DeMarco says that you should become a producer before a consumer, and your statement highlights what MJ says. Most people want to focus on spending rather than creating. You should consume out of what you produce.

    And that's why 10% of the population is finacially independent and 90% aren't

    thanks for sharing

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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  • Ariana Grace
    New to Real Estate · Los Angeles County · Member since 2024 · 7 posts · 2 votes
    2y

    This is great! I think people are afraid to take risks! They’d rather stay where they’re comfortable and that’s pretty normal for human nature. People either see the importance of taking risks but they’re scared of failure or people don’t see it and just need someone like a coach or mentor to help them start their journey of financial freedom. I didn’t see it and now I do. And I want to be the one contributing to the importance of financial freedom and sizeable assets!

    0Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Ariana Grace

    I agree, that most people want to stay where they are. Until they are confronted with something life changing, like losing a job, and then the pain gets too great and they need and want to change.

    Congrats on your journey to financial independence!

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
    0Reply
  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    2y

    @Gino Barbaro I believe the seed is set early and fostered via our education system, which by design is built to produce "good consumers and employees". 

    Dependency is the focus of the system. And there is a sense in such. 

    So at start many don't want to seek or pursue financial independence, they expect it to be bestowed upon them. 

    1Reply
  • Alan F.
    Flipper/Rehabber · CA · Member since 2023 · 1k+ posts · 1k+ votes
    2y

    Unfortunately America is a consumer nation.

    0Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @James Hamling

    That's why we homeschool our six kids, and more and more people are opting out of the system. As you've written, it's a great system for the schools and the corps. The schools get paid and the corps. get labor

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
    2Reply
  • Jose Fernandez
    Member since 2022 · 21 posts · 11 votes
    2y
    Quote from @Gino Barbaro:

    I've been obsessed the past decade on trying to understand why some people become financially free, while the majority of the population is living paycheck to paycheck.

    I just launched a book called Baby Money Soldiers, which is a book on personal finance, that shares the story on how we all need to be "Generals" of our financial army. It's a great way to teach young adults about money and finance.

    I would love any feedback on what you think are the main forces holding people back from becoming financially free. I'm always trying to create content that will help people make more money, and start driving towards their soul purpose.

    Thanks for taking the time to read this and to share your thoughts.

    I believe People With Financial Intelligence Can Change The World For The Better".

    Exposure to the financial tools / methods to achieving that financial freedom. I grew up in a house where my parents watched CNBC / Bloomberg and followed the stock market on a daily basis. So, the stock market was familiar to me. Hearing financial jargon was familiar to me. If a child grows up in poverty and sees both parents working minimum wage jobs, then they will probably come to believe the only way to earn money is to work that minimum wage job. I would say MOST children are never exposed to financial literacy in the house or in school. Therefore, their education on finances is never tickled.

    I would say most people who enter the workforce and are lucky enough to be offered some type of retirement package (401K or pension) have no idea how to choose from the many options they are given. They are dumbfounded and just blindly pick how much of their money should go into what fund.

    Most people learn through the school of hard knocks and many never venture into truly digging in to pick the investment product that has the greatest chance of yielding the largest nest of eggs. By the time those who have finally grasped a good handle on finances, 50 years have gone by. It is now too late to take advantage of the thing that will really grow my wealth (Time).

    I think early exposure to financial literacy is key. Start from pre-K and they should be exposed to it EVERY year of their formal education (as it may be absent in the home). Pre-K, Kindergarten, Elementary School, Middle School, High School, and College / University. Financial Literacy should be REQUIRED at EVERY level in this country.


    2Reply
  • Gino BarbaroPro Member
    OP
    Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
    2y

    @Jose Fernandez

    Thanks for sharing your thoughts! It sounds like Jim Rohn was right when he said who are the five people you surround yourself with.

    Your parents and family make a huge impact on what a person's views of money are.

    I loved watching CNBC back in the day

    Gino

    Podcast Guest on Show The “Conveyor Belt” System That’ll Build You a BIG Rental Portfolio Quickly
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