With animal freedom, gender freedom and even freedom for freedom, there comes financial freedom. The one and only without which none of the freedoms works smoothly.
You will get gender freedom and zero financial savings, eventually, you die out of starvation. In this era, money talks! And not setting your life accordingly means struggles and troubles for you.
However, there are 7 short ways to set yourself up for the financial freedom that you deserve. In 2020, you might want to follow the magic steps. But, first! Do you even know what financial freedom means?
What Is Meant By Financial Freedom?
Having enough finances to live life just the way we want.
Financial freedom means having savings, investments and cash on hand that you can have the lifestyle that you always wanted for yourself and your family.
Do you think it is impossible?
It is not! It is possible only if you work for it. The 7 quick tips will help you build your lifestyle the way that you want. The ultimate financial freedom!
Figure Your Current Position
Where do you stand?
It means figuring out how much debt is on you. How much savings do you have? And, how much money you might need at the moment?
After this, you will be able to recognize your current place and where you stand financially.
Now, compile a list of all debts. It might include student loan, credit cards, car loan and everything else that lies in debt. Add up the numbers and list down. Measure the final number of money you owe to others.
Write Down Your Goals
Why do you need money?
You must have goals in your life. Simply, write them down.
The nature of your goal doesn’t matter, it could be bungee jumping, hiking, become a famous MUA or be on the list of top Air freight services. It couldbe anything.
To achieve your goals, you need money. Listing them down would help you plan out the money you need and which of your goal would take how much money. If you attach your emotions to the ultimate list of financial freedom it will boost it like never before.
Earn More & Spend Less
Cutting back our expenses and increasing overall income is what we all want.
Reducing expenses means moving over to more affordable things. A very simple example:
Shift from Gucci bags to lower branded bags. And, if your goal is to have a full bag closet of Gucci then, this cut off shift can only get you there buying in bulk!
Now, increasing income?
You need to create additional sources of income. Like, 9 to 5 might not be enough for the type of goals you desire. Find yourself an addition to your income. A small part-time job perhaps could be freelancing as well. But, don’t burden yourself also.
Track Your Spending
Where is the highest amount of your money floating to?
The most important step towards financial freedom is tracking your spending. There are tools that you can use to manage your spending. It tracks down your expenses and you can even manually keep a record of it. This helps you keep an eye on yourself.
Pay Off Your Debts
Don’t hold on to debts.
This way, they just keep on increasing. Pay off your debts whenever you can. Don’t ignore it while you can pay. Paying someone isn’t glamourous but it gets you closer to your financial freedom.
Savings Always Saves
Expect the unexpected.
If you have savings in your hand, the future can bring out its worse and somehow, you will be prepared financially. Savings are the major key to freedom of finances. You save and you use whenever something comes up. Or, achieve one of your goals.
Time To Invest in Future
Nobody knows what the future holds.
But, you do know what future have in store for you? Your listed goals and the type of lifestyle you want. Only if you invest in your future and be smart about it. Build up boxes with the labelling of your goals and one as an emergency fund. This will help you well in the path of financial freedom.
Ownership of your finances is your financial freedom.
Living within your means and have freedom of acquiring things as you want or always wanted in future. The most important thing you achieve from financial freedom is the peace of mind, which is beyond valuable.