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How to achieve Financial Freedom
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stacy.keegan followed this discussion
Achieving financial freedom is the ultimate goal for most, if not all, of us. It is the reason we wake up and go to work and the reason why we spent years at school in hopes of securing a better future for ourselves and our loved ones. Financial freedom is subjective and depends entirely on the lifestyle you have in mind for yourself which is why it is important to clarify for yourself what that means to you i.e set income goals, define your desired bank balance for each phase of your life, come up with strategies to achieve your financial goals, etc
Can one obtain complete financial freedom - what do you believe are the steps to get there?
craig.tucker followed this discussion
It’s important to understand that financial freedom means looks different for each of us. While the concept is standard - Financial freedom means that you get to make life decisions without being overly stressed about the financial impact because you are prepared. You control your finances instead of being controlled by them – it does however depend on your lifestyle
When you are financially independent, you have options. You don’t have to wonder if your bank account can handle any unexpected emergencies, because such is life. Those emergencies become mere hiccups but you are able to attend to them without going bankrupt.
The first step I took was understanding my cash flow and I budgeting. I made a decision to try and save between 10% - 15% of my monthly salary in order to have the desired amount at year-end
Building wealth is impossible if you’re living paycheck to paycheck. Track your spending throughout the month. If you consistently overspend or under-spend in certain areas, you can always adjust the amount in each category.
Budgeting is important to get your finances on the right track, but it doesn’t end there. Even once you achieve financial freedom, you’ll still complete a unique budget every month. No matter how much money you have, you need a plan.
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For me, financial freedom is when I don't have to budget every single dollar of my income. I don't live a frivolous life. If I have enough money for the basic needs, I am one happy lady. All my other wants, I can take care of it some other way.
Funny thing about financial freedom once you've found it you don't want to let it go. Why should you? It's your financial freedom you can do anything you want to it. It will be wise when you achieve it to respect it.
mahi, man, hillquest.scriven and 7 others followed this discussion
Most couples never talk to each other about their financial goals. If you’re in a relationship, before you roll up your sleeves and dig into the numbers, talk to your spouse about what you want to accomplish. Have a brief conversation about goals, values, and what kind of lifestyle you want.
My sister forcibly took all of my credit cards, then I slowly paid off all my credit card debts. If you can't control yourself from spending, ask for help.
In this day, companies are always luring you into buying the latest and the greatest gadget, appliances, etc. even if you don't need them. But their marketing will convince you that you need them. And if one of your friends gets convinced, you'll tend to be convinced as well. This is a never-ending loop that you don't want to get stuck in.
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If you want to be financially free in less than 10 years, you have to diversify your investments. Find different things that you’re passionate about that don’t require a ton of time and invest in them.