Planning Your Financial Freedom

 

 

There are many successful and wealthy people out there who came from humble beginnings. You only need to study a few of them to agree that it’s not all about being born with a silver spoon.. It is very possible to be financially comfortable and successful even if you are currently working a 9 to 5 job. Success is all about planning. We all know the saying ‘it takes money to make money’ but that doesn’t mean you can’t start from scratch and build your way up, creating wealth and thereby a lifestyle you deserve. Having said that, it’s important to be aware that this isn’t for the work-shy. It will take hard work, planning, education, willingness to change and determination.

 

NO QUICK FIX

There is no easy and speedy way to financial freedom. Any scheme or so-called business opportunity that appears too good to be true usually is. Be selective in your choices in terms of business opportunities. Be sure that you believe in your product, you know your target market and that the business model works in your marketplace. Direct Sales and MLM (multilevel marketing) do work and there are some extremely reputable companies with great products but recruiting and team building takes time and effort. Extra income can come very fast if you remain dedicated. What you are aiming to create is Passive Income. This means that your money is always working for you, even while you sleep.

One of the smartest and fastest way to becoming financially free is investment. Many people fear that word “investment” and some believe investing is for the already rich. This is far from true. In the past, the upper 1% invested primarily in stocks and shares. Nowadays with the evolution of the internet, investment platforms such as Crypto Currency have made great changes to the way investment works. Whichever investment(s) you choose, start small and only invest an amount you can afford to lose. Remember that investment does have some elements of risk.

 

PERSONAL DEVELOPMENT

You’ll definitely need some money to get you started. How much that would be, will depend on the path you choose to follow. However, money alone is not enough. It’s essential you equip yourself with the correct mindset. The way you think has a huge impact on your personal successes and failures. If your glass is always half empty as opposed to half full, then your negativity will definitely be to your detriment. There are many self-help books you can read to help improve your positivity. Once you apply this education to your life as a whole, it will have positive effect on your wealth acquisition goals.

 

START WITH THE BASICS

Set aside a percentage of your income for investment. It doesn’t matter how small it may be nothing is too little. This money is for investment not saving. When you save your money in a bank’s savings account, your returns are negligible. Depending on where you are in the world, the banks have different types of investments. Many of them can be started with a relatively small sum of money and have much better returns. You will be able to build on your initial investment.

Look at your spending habits and plan a way to limit your daily impulse purchases. If you take a critical look at your spending, you are sure to find expenses that can easily be cut down or removed all together. Unnecessary spending like nights out, alcohol, fast food, etc are usually a good place to start. Also consider looking at ways to reduce your taxes, earn more and possibly downsizing to a smaller home. By doing this, you’ll be able to free up more cash to invest. Planning is essential in discovering ways to freeing up and eventually realizing financial freedom.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply