Having financial freedom is one method to ensure you live a fulfilled life. Financial freedom might mean having that well-paying dream job that promises a solid pension when you age 60; it can also mean having so much money that you don’t have to worry about money.
How to achieve financial freedom?
According to Rose Ellah Ngari, an investment consultant and the CEO of Vasili Africa, an investment advisory business, financial freedom includes electing not to go to work on Mondays and instead of going to the golf course. It also entails going shopping without examining costs and avoiding debt. So, how can one achieve financial freedom?
Living within your means is the ultimate objective of financial freedom. It’s all about paying off bills, keeping track of every penny that comes in and goes out, and making money work for you.
Before you start spending, save your money when you obtain it. If you have any spare money, put it aside. 10% of your salary should be set aside for savings. The funds should be kept in an account that can be accessed but is not easily accessible, according to Standard Media.
It is preferable that you pursue net worth, preferably a positive net worth that will enable you to obtain credit. Ideally, your income should exceed your liabilities, or you should have no liabilities at all.
Positively look at money
Debt can be a very demoralizing experience. But keep in mind that money is a wonderful thing, even if it appears to be burdened right now. You are entitled to financial freedom.
People who don’t produce a lot of money typically experience guilt when it comes to producing money, according to Jen Sincero’s book “You Are a Badass at Making Money.” As a result, the most significant barrier that many individuals face when it comes to earning money is the belief that having money is a negative thing.
Many people feel bad about having it and even worse about wanting it. Money, like food and water, is a need. It enables you to purchase the items you require and live the life you choose.
Per Oberlo, to attain financial freedom, you’ll need to view money as a tool to help you achieve your goals, maintain your vitality, and live a stress-free life. Because if you have a bad attitude toward money, you will hinder your prospects of making and maintaining it.