Why will you think of getting financial freedom?
- You are in debts.
- Your loans are beyond your control.
- Accumulated unpaid bills.
- Spending more than you can save regularly.
- No money to go for a vacation trip.
- You do not have enough to take care of the health of aging parents.
Its obvious money seems to be a measure of success for 95% of the human race.
There is no doubt money is good but the desire to be free financially may lead people to an early grave, depression and financial slavery.
Financial freedom is possible if you use wisdom in your pursuit for riches and not let your finances be your master.
Before I outline 5 steps to achieve financial freedom, I will like to tell you the difference between financial freedom and financial independence.
Financial Independence: It means you are self-reliant and do not need anyone else’s to meet your financial obligations.
For example – I own an online business that yields constant income to cater for my family. I do not depend on any boss or family member for my upkeep. I am financially independent.
Financial freedom generally means having enough cash on hand to afford the lifestyle we want for ourselves and our families and a constant cash-flow while still working to earn this money.
For example – My Job as an IT specialist pays me enough to take care of my basic and desired expenses while saving enough for my retirement.
That said, how do you get financial freedom fast. I will outline a few steps but this is not exhaustive; it can serve as a stepping stone to the level of financial independence.
Step 1: Define your big personal Goal to achieve financial freedom:
Wisemen always say a sheep without a shepherd falls into the hands of the wolves. Write down how much you want in your bank account and at what age this should be achieved. The more specific your goals, the higher the likelihood of achieving them. Establish a financial milepost at regular intervals. Write it all down neatly and read it constantly.
Step – 2: Check your current financial status:
After determining what your goals and mission in life is all about, check where you are at the moment;
Debtor – Your Expenses is greater than your income
Poor – Expenses is equal to your income
Comfortable – Expenses is less than the income
Whichever level you find yourself in, you need to take the next step to clear off your debts and increase your income to get a balance in life. There are many ways you can do that – The digital world has many opportunities for you;
- Alternative to Multilevel Marketing
- Starting an online business and working from home
- Turn your passion into an income generating business
Step 3 – Make an investment and income generating plan
Thirdly, after clearing off your debts, plan on how to start increasing your income. You can do that by investing or starting a business to generate multiple income which lead to a life financial freedom.
There is no better or tried and true way to grow your money than through investing. The magic of compound interest will help your money grow exponentially over time, but you need a lot of time to achieve meaningful growth.
All said, if you follow the above steps regularly, keep records of your expenses, save regular and so monthly evaluation on your finances to make sure you do not spend more than allocated, you will definitely get financial freedom in less than no time.
JOIN ME in the battle for financial freedom as am taking the next step to start an online business and living life on your terms. All you need is a laptop and an internet connection.