Financial Freedom means being free from debt, having enough savings, and the ability to afford the kind of life you want. One of the major objectives of some people out there is to attain financial freedom. That is growing savings that enable us to retire or pursue the career we want without being driven by the need to earn a certain salary yearly.
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Financial freedom (Finance Freedom) is what everyone should pursue after. So if you desire to be financially free, this article will be unveiling steps that will help you develop the good habits that get you on the path to financial freedom.
However, making a plan with specific target amounts and dates reinforces your resolve to reach your goal and guards you against the temptation to overspend.
The question here is, how does one become financially free? What are the steps to take?
How Does One Become Money Financially Free?
The first step to take in order to launch into financial freedom is to
- Pay off your consumer debts
- Build a safety net of savings funds
- Create enough passive income through investing or owning a business to pay for your current and expected future living expenses.
9 Steps to Get you Financial Freedom
To kick off the journey of attaining financial freedom, here are steps to take;
Step1: Set Life Goals
You need to be specific about amounts and deadlines. The more specific your goals are, the higher the likelihood of achieving them. To do this write what your lifestyle requires, how much you should have in your account to make that possible; and what age is the deadline to save that amount.
Then, count backward from your deadline age to your current age and establish financial mileposts at regular intervals between the two dates. Put all amounts and deadlines down carefully and put the goal sheet at the front of your financial binder.
Step2: Make a Monthly Budget
Make a monthly household budget and abide by it. It ensures that all bills are paid and savings are on track.
Step3: Pay Off Credit Cards in Full
Credit cards and high-interest consumer loans affect wealth-building. So ensure you pay off the full balance every month.
Step4: Create Automatic Savings
Pay yourself first, by enrolling in your employer’s retirement plan and make full use of any matching contribution benefit, which is essentially free money. You can also have an automatic withdrawal into an emergency fund, which can be tapped for unexpected expenses, including an automatic contribution to a brokerage account or something similar.
However, the money for the emergency fund and the retirement fund should be pulled out of your account the same day you receive your paycheck, to avoid touching it.
Step5: Start Investing Now
Open an online brokerage account that makes it easy for you to learn procedures to invest, create a manageable portfolio, and make weekly or monthly contributions to it automatically.
Step6: Monitor Your Credit Score
Your credit score is a very important factor that determines the interest rate you are offered when buying a new car or refinancing a home.
It’s important to get a credit report at regular intervals to avoid ruining your name. However, you can look for a reputable credit monitoring service to protect your information.
Step7: Negotiate for Goods and Services
Do not feel ashamed to negotiate for goods and services. Conquer this fear and you could save thousands each year. However, buying items in bulk or positioning yourself as a repeat customer can open the door to good discounts.
Step8: Get a Financial Advisor
Once you get to a point where you’ve gotten a decent amount of wealth—either liquid assets or fixed assets (property, it will be good to get a financial advisor to help you stay on the right path.
Step9: Take Good Care of Your Health
Health is Wealth. Taking excellent care of your physical health has a significant positive impact on your financial health as well. So, you need to make regular visits to doctors and dentists, and follow health advice about any problems you encounter. However, a lot of medical issues can be helped or even prevented—with basic lifestyle changes, such as more exercise and a healthier diet.
How Will poor health affect your wealth or financial goal? Some companies have limited sick days, that is, a loss of income once paid days are used up. Also, poor health may force early retirement with lower monthly income for the rest of your life.
How to Buy Financial Freedom Books on Amazon
To get the book Financial Freedom: A Proven Path to All the Money You Will Ever Need, do this
- Go to the Amazon website at https://amzn.to/38terKf
- Find the book you wish to buy and tap on it
- Tap on Buy Now button
- Create or log in to your Amazon Account
- Continue with the onscreen directives to make your purchases.
With these steps, you will be able to order the book on financial freedom.
Achieving financial freedom can be difficult in the presence of growing debt, cash emergencies, medical issues, and overspending, but with discipline and careful planning, attaining it is possible.