How do you define financial freedom? To be financially independent implies not needing to seek employment in order to meet one’s needs. Don’t settle for mediocrity when you can strike out on your own, start drawing a pension, and take your pick of the good stuff life has to offer.
Thankfully, I am astute enough to know that we shouldn’t waste our lives working eight, ten, or more hours a day to maintain the standard of living we’ve established for ourselves. When you go to work for someone else, you literally put on a set of gilded shackles. To put it another way, you’re helping to make the CEO and investors’ vision a reality. Consider the possibilities if you have individuals working WITHIN your organization to bring about this independence financially.
Nice! But How Do I Get it?
1. Budget & Debt
If you ask a dozen different experts for their advice on how to budget, you’ll receive a dozen different answers. The very first step is to acknowledge that this year is very different from last year and the year before that, and hence a budget is necessary. Your discretionary spending will likely be greatest on luxuries like dining out and entertainment. We are all aware that credit card debt, with its very high-interest rates, may sabotage a person’s financial future. In contrast, real estate investors are familiar with and adept at using debt to acquire other assets at a discount. Investing in one thing helps finance another. Pay off your credit card and student loan debt first since they have the greatest interest rates.
Investing’s allure lies in the fact that it’s a long-term game. A steady investment plan might provide a massive increase in your retirement fund. Although I’ve used Bitcoin as an illustration here, please don’t take my word for anything; I’m not a financial expert. Bitcoin’s value has risen steadily with the S&P 500 as the economy has become more digital. With any luck, your wealth will grow if you contribute $50 every month, without fail, for the next two years. Your accumulated success will be the result of your perseverance and your decision to leave the capital untouched (i.e., not liquidate). All investments come with some degree of danger, so think carefully before making any purchases.
3. Increase Your Income
This seems like the simplest thing in the world to do. While a W2 won’t get you out of debt on its own, it’s a big help in the right direction. In what ways do you prefer to spend your time? What interests you the most? Find a method to make money doing what you enjoy. $100/m > $200 > $500 > $1000. Could you use that sum to improve your life in any way? Suppose your W2 salary covers your living expenses, and your side employment generates enough income to invest.
4. Professional Help
A lot of the time, it’s a good idea to run your ideas by someone who gives financial advice for a living. Typically, they adhere to stringent criteria that help their customers stay in the black and plan for their financial futures.