Many people desire the luxury that financial freedom affords them without truly understanding with it means to be FREE FINANCIALLY.
Financial freedom can mean many different things to different people, but ultimately we can all agree that obtaining it allows us to alleviate the burden of debt and worry allowing us to live a lifestyle of our choosing while our money continues to work for us. Long Story short, you can choose if and when you want to work.
How do you get to a place of financial freedom…
To many people this is only a dream and getting to this phase can be a little daunting especially if they weren’t taught about finances growing up. Everyone’s background is different but fortunately with internet knowledge is at our fingertips.
There are a growing number of people working in jobs that they simply don’t enjoy. Punching a clock day in and day out counting down until they minutes until their day is over and living for their days off.
What if I told you there are things you can do to put yourself in a better financial position.
Ask yourself, what does financial freedom truly mean to you? What does it look like in your life? For me, being financially free has allowed me to travel when I want as much as I want. It allows me to live where I want. I was also able to build several business’ and I am able to work remotely. I can be anywhere in the world and work. I also work for myself so I dictate how little or how much I desire to work. I have more time to do the things I want and spend time with the people I care about most.
Once you establish what it looks like to you then you can create a plan.
Next, think about where you are financially. How is your credit score? How are you with money, do you spend more than you earn?
If so, take steps to clean your credit up. Creating a realistic budget will help with that. If your current job is barely paying you enough to survive, ask yourself, is there something else I can do to generate revenue? You may need to change jobs or get a second job to help pay down debt.
While debt may be discouraging, your outlook on money needs to be from a positive perspective. When you look at things from a negative side you more likely than not will subconsciously sabotage any efforts you make to correct unfavorable behavior.
Write out goals!
What do you want to achieve? How much money do you want to save? Write out what type of job you want. If you want to be an entrepreneur, what type of business do you want. Take time to map these things out. Be detailed, specific and most importantly be INTENTIONAL!
As you begin to pay down debt and think about your long term goals, think about having multiple streams of income.
Having more than one source of income allows you to continually have money coming in even if one no longer generates income. Ideally these should be things that you enjoy.
INVEST INVEST INVEST
Savings accounts in traditional banks don’t help you plan for your future. You are making banks rich while you see little to no return. Make sure you are contributing the MAX in your 401K and or 403B. Get yourself a ROTH. Invest in stocks, bonds, money market etc. Take a look at investing in Real Estate, I do it and I love it. All os these will bring about more financial return than just letting your money collect dust in a regular bank.
The long and short, financial freedom is the move. If you want to wake up everyday and live the life you always dreamed of, Today is the day to begin. It is never too late to take steps to invest in you and your future.
Taking the first step is always the hardest.
Jot down your goals- Be specific…Be intentional
Create a budget- Be realistic
Pay down your debt
Create multiple streams of income
Ultimately there is no magic formula, no get rich quick antidote, you have to put in the work.
Think about what it truly means to you to be financially free. Once you establish that idea, its time to put your plan together and get things in motion.