We all want to have enough money so that we never have to worry about money again, right? For some people, financial freedom means being able to pay the bills paycheck after paycheck or having a strong emergency fund, while others want to retire at 35 and travel extensively. The only question you need to ask yourself is, “Are you ready to do it or not?”
SET CLEAR GOALS
It’s more than clear that financial freedom is not something that happens overnight, you need to be prepared to pay for the unexpected expensive surprises life can throw at you while you put your plan into action. So breaking down the steps to financial freedom via establishing an action plan allows you to focus on one goal at a time and figure out the actionable steps required to achieve it.
STAY OUT OF DEBT
Credit cards, personal loans, and even student loans are not really “wealth-building” friendly so make sure to stay away from them, or at least try to rely as little as possible on them. With this low utilization of debt, you’ll also have an easier time getting approved for credit and managing your monthly payments. Remember, your end goal will always be to be debt-free no matter what.
DEVELOP A RETIREMENT PLAN
When that time comes, you’ll still have the same living expenses to cover, but you won’t have the same sort of income or earning potential. And it’s because of this that planning for your retirement is key to ensure financial freedom in the future. It’s never too late to begin saving for retirement, but the sooner you begin, the better off you’ll be. I recently found this retirement calculator which will come in handy to help you start planning.
DON’T LET YOUR MONEY STAND STILL
We have always heard our elders say “keep your savings somewhere safe”, “Hide your money in a mattress”; but in this day and age, you really need to ask yourself, Is that the way to go? Technology has come a long way in the last few years, and with it, new ways to make money on the side emerged, from freelancing platforms, cryptocurrency mining, new online casino, and even betting sites are on the rise. They offer users low-risk alternatives, for you to make the most out of the money you already have.
MY TAKE ON FINANCIAL FREEDOM
The phrase “financial freedom” suggests that you won’t worry about money anymore, but it’s not all about that, it’s about what you can do if you are not worrying about money. You’ll have more time to invest in yourself, spend time the way you want to and live your life on your own terms. This also sets you on the path to experience life and achieve your true potential. Not to mention that it will enable you to help others, your family, and even your whole community along the way.
At the end of the day, health is wealth.