In life, roadblocks and obstacles always have a way of appearing. However, sometimes we create our own obstacles without realizing it. We’re not purposefully self-sabotaging or harming ourselves, but we inadvertently do. One’s financial path does is not immune from these roadblocks either. In fact, most of the obstacles standing in the way of better financial well-being are self-imposed. They prevent us from making better financial choices, which in turn prevents people from living lives the way they wish now and achieving financial independence when they want—or, if they are already independent, from maintaining that independence and continuing to grow their wealth.

But what exactly are these obstacles? There are really two categories of obstacles: the practical obstacles and the emotional obstacles. There are only four practical obstacles:

• no specific goals in dollar terms
• no written document
• no process to achieve goals
• no road map

The first practical obstacle is a lack of specific goals with specific amounts of money attached to them. While most people have an idea of how they would like to live now or in the future, they have no idea what that lifestyle will actually cost them. There’s no doubt that you should dream big, but have realistic expectations and knowledge about those dreams. If you want multiple homes, know the taxes for owning these properties. Assign a numeric value to your goals so you know what to work for and how to achieve it.

The second practical obstacle is people have nothing written down in terms of a plan regarding how to achieve their goals. It’s very easy to say, “Oh yes, I have a plan or an idea how to make this happen.” But unless it’s in writing, it’s also very easy to stray from that course. If there’s nothing in writing, there’s no point of reference that they can look back at a year or two years from now to see if they’re on the right track or how to correct their course of action.

The third practical obstacle is people don’t have a process—a way of making decisions or taking actions that gets them there from here. Without a clearly-defined process, one is apt to make the same decisions over and over again, which lead to the same results and won’t help progress your financial plan.  Instead, one should determine how to achieve his desired result, and what decisions or changes are needed to achieve it?

The final obstacle is not having a map for your financial plan. Hoping everything will work out and winging it isn’t the best financial advice. If you wanted to travel from New York to Utah, you wouldn’t just start driving west and hope you make it to where you need to go, would you? No, you’d plan out the best route to get you there. It may not be the fastest route — enjoying the trip is part of it too — but you’d devise a plan that best suits your needs. The plan will ensure that you stay on track to live the life you want now and in the future.

Emotional obstacles are a different beast altogether. Emotional obstacles are feelings and beliefs that can prevent people from living the life they wish or achieving and maintaining financial independence, even if they are progressing with the practical obstacles. They’re not always rational and are most commonly rooted in fear. Fear of repeating a mistake, fear from lack of knowledge, fear based on how you will be perceived. The problem with emotional obstacles is that they can be the most paralyzing. Your wealth advisor should help you plan for the practical obstacles and listen to your emotional ones, advising you on how to work through them.

For more information on how to overcome obstacles in the way of your financial success, visit tswealth.com.