7 Steps To Financial Freedom
May 09, 2018
Since we are little we have been imposed to get an education, then get a job, fill our lives with depreciating things and then retire and die.
However, at some point, we realized that is not financial freedom. That is not what we had in mind when it comes to time freedom either.
What is Financial Freedom?
Everybody has their own definition of what financial freedom is for them. But in the end, it comes down to the same thing. We want the opportunity to keep the lifestyle we desire without worrying about how and where the money is coming from.
How can I reach Financial Freedom?
Today, I am going to show you 7 steps that you can take immediately, that will help you to achieve financial freedom. No one said that it is easy, but it is possible.
Here are the 7 Steps To Financial Freedom:
- Live like you are broke. What this means is to stop living above your means. If you live above your means, most likely you will be getting into a lot of debt, juggling credit cards or trying to stay afloat with your finances.
To clarify, it is not about focusing on being broke, or having a broke mindset, because we know that the money is coming and we see abundance of money on the way.
Wealthy people know how to live within their means and they put a lot of money aside instead of spending it on depreciating things.
Broke people rather live above their means, get into debt in order to keep up with the Joneses. - Pay off your debt aggressively. Instead of keep getting into debt or focusing on your debt, create a plan that will allow you to get rid of debt as soon as possible.
Once you have created a plan and you know where is the money coming from and how long it will take you to pay it off, you are going to be able to shift your focus from worrying about debt to money-making activities. - Pay yourself first. What do you do as soon as you get your money? Do you pay bills? Instead of doing that, take money out first for the future you.
Put that money in places that money will work for you. Warren Buffet said "Do not save what is left after spending, but spend what is left after saving"
Therefore, listen to success, put money aside first. - Take control of your finances. It is time to stop ignoring your finances. If you want to live a life of freedom in the near future, you have to become real with your money.
The reality you are living on is not necessarily real. Therefore, you need to sit down in the driver seat of your finances and take control of it.
- Focus on long-term investments. When you focus on putting money aside for the long term, your money will work for you and will grow.
Putting your money inside the right investments, it will allow you to grow your money. One thing that will assure your Financial Freedom is making a plan that will take you from point A to point B.
Then you need to determine how much money you will need to have when you decide that you want to have the choice not to work anymore. This is what becomes your Financial Freedom Number.
- Create multiple streams of income. This is what any entrepreneur should do. We all should be looking for ways to expand our streams of income.
Any wealthy person will tell you that once you have one business running, create your next one and so forth.
- Get financially educated. We didn't learn much about money or nothing in school, but now, you are an adult and there are plenty of resources to available to get educated.
There is no excuse not to become financially literate. As I say in all my articles "Financial Education is The Path To Freedom".
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