What is Financial Freedom?
Have you ever heard about financial freedom. What does it mean? Everyone is focus on how to earn for the whole life. But the question is , Is it really important to work for money for the rest of your life or there is any option to get out from this money problem and live our dream life. So today in this blog we are gong to discuss everything about financial freedom and also here are some practical idea where you can easily implement.
“Financial Freedom ” How cool it sound. But do you Know what is mean by this term ” Financial Freedom“. Many people can relate this to become free from money, which is not true . You will never be free from money because it is our need, It help to survive us. It also not mean by not to work for the rest of life, So Let’s understand what is mean by financial freedom.
” It is a stage where you don’t need to think about money which means the basic necessities of your life can fulfil very easily. There is no rule and restriction for achieving a financial freedom. It is not mandatory to achieve financial freedom you have to become millionaire or billionaire. in simple language after achieving financial freedom your motive and perspective will change about money.
What will Financial Freedom do for you?
Financial freedom will provide stress free life. You don’t need to think about money and you can do other thing what ever you want to do. There are lot of people who achieved the financial freedom and enjoying their rest of life. You don’t need to want a successful business which will provide a large amount of money.
If you are doing a job or some other thing you can also get a chance to achieve financial freedom. With the help of good calculation it become extreme easy to live a life where you don’t need to do struggle for money. There is lot of trick and tips are available below which will help to take one step closer to be financial free.https://www.etmoney.com/blog/what-is-financial-freedom-and-ways-to-achieve-it/
How to achieve financial freedom?
Understand your current level: First of all you need to understand the gap between whare are you right now and where you have to go.
So understand everything about your related to money for eg your salary,your debt,your future plan. It is next to impossible to achieve financial freedom without knowing your starting point. Make a list of your mortgage, loan. maybe its large no but believe us it will be clear all your dues with the help of right calculation.
Write down your goals: The most important thing you must be clear what you want from your life. without vision you can’t achieve anything. It will hep a lot to build your career. Acccording to survey the tenaager or young person who know about their goal they achieved many thing in comparison to who don’t have goals . take your time ask to yourself . You will get answer
Start tracking your expenses: How much you put effort on your income ,put atleast that much effort to your expenses also. Start tracking where your money is actually going, on which thing you are spending your income, is it important to spend on that or you need to decrease your expense?. Ask these type of question to yourself. Once you understand anything so it become easy to handle it
First save than spend : You have heard many time this that first pay yourself. What its mean? It mean that first save your money than spend your money. There are many people who achieved the financial freedom, According to investor we have to save atleast 60% of your income and remaining 40% you can spend only your need. This is one of the best formula to achieving a financial freedom. Infact, warren buffet also uses this formula
Spend less: One of the richest man in world, Warren buffet has owned a house of five bedroom in its initial time. After becoming the one of the greatest investor he never buy a new house Why? The answer is simple he dont need that. If you also want to become a financial free so spend your income on your need not on desire. Make a proper budget plan cut out all worthless expenses it will take one closer to be a financial free
Increase your learning no expenses: Do be a materialistic lover. Many people make mistake from buying a unwanted thing. You can never be a financial free if you trying to save your money in your piggy bank. You need a great learning, so start investing in books video and courses.
There are many book are available by great authors like the money making by robbin sharma or the investor mind by benjamin franklin. So focus on learning not on buying thing.
Pay off your debt: Try to pay off your dept because financial freedom means be free from everything by financially. You have a lot of money or you are a billionaire but you have a loan or any dept so you are not a financial free. Once you make the list of all expenses,loan, debt than start think about how you will pay,from where you will play. How much time it takes to pay your all of debt.
Create additional source of income: Never depend upon single income. Create multi source of income. You can start many thing on internet. You don’t have time so you have to hustle more, you need to do more work. There is lot of option are available like blogging , affiliate marketing etc. this all is active source of income.In next point we will discuss about passive income
Focus on Passive income: Passive income is those income where you don’t need to be active, where money makes money. You have to create any asest and that asest will work for you for eg franchise, Franchise is the best option if you want to start passive income.
Invest in your future: Investing is not about only money it is about what you put in your present time and what it will give in your future. Start reading a book, start implement good thing it will make your future.
In your Initial time you need money for creating a source of passive income. So, here there are lot of ideas are available for earn money without investment https://fast2bookings.in/home-based-jobs/
So in this blog we had discussed about some tips for financial freedom. In last, Financial freedom is not a choice its our requirement.
Please tell us in comment according to you what is the best thing we can do for achieving a financial freedom
All the best!