A Guide to Finding Financial Freedom
At some point in all our lives, we’ve had summer feelings once a panic that sticks in our stomach when we’re faced with an unexpected bill that we can’t cover. We have to believe the face of the question how am I going to pay for that? Whether it’s an unexpected medical bill or car repair it’s a massive inconvenience that causes unexpected stress and worrying. Thankfully there that you can start taking today which means that the next time one of these bills arrives it’s not going to cause any emotional or financial turmoil in your life
How good it would be to face the next recession or pandemic not having to worry about whether or not you’re going to receive a monthly paycheck instead of relying on the government you have your own safety net in place you don’t have to worry or panic about your financial situation the inconvenience is that other people face during these crises I think of the past for you and your family
Financial freedom is a sense of relief that comes from understanding that you can face these issues head-on any car repair or medical bills you may face in the future are just a blip in the bigger picture it’s not just about being able to afford emergencies, more importantly, it’s knowing that retirement without any financial worries is not a reality. Start working with a financial advisor today and they can help you consistently invest towards your future providing you with the freedom to eventually quit your job and start doing something that you love even if it means you’re earning less
The confidence to know that your retirement is covered good means finding an investment professional in your area today and talking about future financial freedom. You know right life decisions can mean you are prepared for any stress or financial impact to make them your way the days of your finances controlling you were gone instead you’re in control of them
We’re not going to discuss any get rich quick strategies financial freedom does not mean that you’re free from the responsibility you certainly know to know how the manager finances. You may eventually be in a position where money is not a problem but it doesn’t mean that you don’t stay in control of it and read the rewards of your hard work and time and sacrifices that you’ve made I am ready to build towards a solid financial future a time when your life is just one of financial independence for you and your white family now it’s time to start defining what this financial freedom will mean to you
Financial freedom will be different for each person
Everyone’s dreams are different we all have distinct goals and want one person’s financial freedom will be could be completely different from another’s what does it mean to you a good look something like
It comes to establishing your financial freedom it’s important to remember that Only taking action will create change in your life. You’re looking for options it’s more than worrying about whether you can buy groceries or pay for a water heater that needs to be replaced while both of these may sound good to many people each journey to financial freedom starts in the same place
Step No. 1: Managing your money
Before you can never dream about financial freedom you need to know how to manage your money you have to have a plan. Without a specific plan in place near reach, the end of every month just wondering where your money went to this is not financial independence it’s simply living a lifetime of financial disasters whether you’re single or married you need to start budgeting
The secret to building Wealth is to stop living from paycheck to paycheck every dollar goes to a specific purpose and this is laid out at the start of every month then throughout the month you can’t really track your spending note where you overspend and understand and each category needs to remain accountable
A successful budget is vital to help get your finances heading in the right direction but it’s only the first step once you understand the budget you can start completing one on a monthly basis and no matter how much money you’re working with you should always stick to a plan. Financial freedom must never go to be reached by accident successful budgeting is an important step in Wealth management
Step No. 2 – Make sure your finances are clean
Once you have a greater understanding of where your money goes every month now you can start managing it more efficiently and professionally. Begin to identify the financial mistake that you’re making and correct them there’s no need to worry about past mistakes the key to financial freedom this is not making the state mistakes in the future to do this you need to clean up on any financial mess that you currently have in place.
For example, if you own a car loan student loans are more important than credit cards these need to be gotten rid of as quickly as possible. I need time you owe money to people it means that your paycheck is never yours it’s always got someone else’s name printed off one of your first goals is to ensure all your income is at your disposal wherever possible the less that’s being allocated towards payments to other people the better
Start by paying off your largest debts and the ones that are charging you the most interest and this will help you lay a strong foundation for building Wealth.
For example, many people start posting quickly fine but in a few months that they feel they’ve got to raise the extra cash that they find just for making small sustainable changes such as paying down dents and reducing unnecessary expenses can quickly snowball once you start clearing that I’m managing your money you’ll soon see additional cash in your bank account at the end of every month. Eventually, free yourself of death being determined to stay there unnecessarily – completely undermines your ability to reach financial freedom never mind build any kind of financial foundation.
Step No. 3 – Make smarter career choices
This one should be obvious but one of the greatest tools you’re ever going to have to build Wealth is your ability to make money your chosen career is important but this doesn’t mean that you should remain stuck in a job that makes you deeply unhappy it’s just because you’re making good money a job should only be a means to an end something that you enjoy that helps you support your journey to financial freedom when looking for a career here are some things that you should bear in mind
- Do you see yourself working in this company in 10 years’ time?
- Well, the job I hope you reach your role financial goals.
- Instead of the potential for you to increase your income under opportunities for advancement and as a consequence higher salaries.
- Do you like your job I said something that you view as a career when you learn valuable skills that are transferable to passive income or side gigs.
- Does your company provide you with many benefits that can help your pursuit of financial freedom such as health insurance or 401K retirement plans?
Career choices will have a large impact on anyone’s long-term financial planning so they should always be taken seriously.
Step No.4 Start with a short-term savings strategy
If you do nothing different tomorrow than you did today, nothing will change. if you have to continually remove money from your 401k anytime your car breaks down your home AC unit needs a service or you have to reach for your credit card to buy groceries you’re living true unsustainable practices and have incentive you’ve created in that borrowing money is an acceptable way to manage your finances this needs to change.
A step on the road to financial freedom is to create a short-term saving strategy that will act as an effective buffer to prevent unexpected life events from negatively impacting your financial well-being having a savings account in place that can help pay for medical deductibles broken appliances and car repairs it’s effectively going to help you avoid curtailing your bid for financial freedom. It should be viewed as an emergency fund of an extra degree in that the fund should be able to cover you for at least 3 to 6 months in the event you suddenly lose your income.
Having some cash that you can use to cover unexpected life events can provide you with peace of mind and confidence that you eventually reach your overall financial goals. This buffer allows you to be more flexible with your budget you may even be able to spring for the occasional latte or shopping splurge.
As long as your treats do not involve taking on additional debt successfully starting short-term savings plan to cover any emergencies or even luxury purchases such as vacations is pretty straightforward. Draw a line through something in your monkey budget that you can live without and put them out to eat spending on this into your savings. The emergency fund grows and you eventually reach 6 months of savings to start putting the money towards other aspects of your financial freedom.
Step No.5: It’s time to start investing
The next step is to ensure that it takes courage to make a change in one’s life as also persistence and perseverance. To this point you’ve been conservative with your financial goals it’s time to take the money you are putting into short-term savings and start making longer-term investments talk to financial advisors in your area and find one who you trust to work with you towards your long-term investment goals. The more time you leave your money in investment the greater chance it has to grow you can take advantage of the power of compound interest and here are some good ways to get started
Retirement Savings accounts
The first thing you should discuss with your financial advisor is how to take advantage of government-sponsored tax-favored retirement accounts. What are you talking about 403 b’s or 401ks it’s solid advice to start putting aside about 15% of your income towards a long-term retirement savings plan. I’m combining with the tax deductions and offer as well as the potential for employer contributions you should never say no to free money from anyone.
People access what’s called the Roth 401k at work that’s great hey you should instantly invest your 15% there but if you’re working with a more traditional 401k invest what’s left of your 15% in a Roth IRA. Whatever you should do maxing out a Roth IRA is a great way to start your retirement savings plan. Roth Ira’s is a great way to invest and grow well in a tax-free manner effectively you don’t have to pay any taxes when you withdraw your retirement fund and this is a benefit that you shouldn’t want to miss out on.
College fees are excessive and once you’ve started putting money away towards your retirement fund if you have children you should start thinking about me at college fund look into what is known as using my education savings accounts similar to other raise the AC offers the opportunity for tax people which means once you use it to cover college expenses slowly you’ll be able to contribute up to $2,000 every year for every child you have there are some income limits but talk to investing professional and they can easily point you in the right direction.
Another thing you should talk to your financial advisor about it’s a 529 plan this is other Federal tax-free options grow towards financial freedom however at this point you need to find a trustworthy advisor because some five to nine plans aren’t worth the money to print it on but fixed investment options, as well as prepaid tuition plans, are always a good idea.
Investing in real estate
Your primary residence shows or is included as part of your financial freedom plan, not something that should be viewed as a burden. Because of this important to make smart decisions about the type of property you purchase and how you’re going to finance it usually buying property is an excellent investment as empowering a few blips probably values and continue to increase year and year for the last 50 years. If you’re laying inside 15% of your savings towards a retirement account you should invest any spare money you have in paying off your mortgage attack this with the purpose of reading yourself a mortgage is a massive milestone and journey to financial freedom.
Consider purchasing rental properties until you pay down your first property even then a rental property should only be purchased if you have the spare cash needed to pay for the mortgage otherwise you’ll end up burning yourself with an asset that may prove more hassle.
Look to other Investments
Once you’ve cleared your mortgage and you continue to pay your
Anytime you invest outside of retirement accounts that are specifically tax-favored after members you’re going to pay tax on any money you earn from your investment you’ll also pay taxes on any qualified dividends on capital gains but working with mutual funds that operate on a specifically low turnover rate will help minimize your tax liability.
Step No. 6. Take an active interest in your finances
Remaining focused on your finances is vital from this point, talk to your financial advisor to ensure they know your retirement fund and ensure that you are provided with a complete breakdown of fun performance on a monthly weekly, and annual basis. Any major decisions are made about how your funds will be invested make sure that you are informed and that you get a second opinion if you feel overwhelmed by
Once you have a strong foundation in place leaving everything else up the chance will just be foolish working with more than one financial advisor can help you navigate the uncertainty of investment options it’s their job to make smart decisions to tackle the stock market and believe it’s ups and downs working with a qualified and certified financial advisor can help you.
- Smarter investment strategy decisions
- Minimize your risk by rebalancing your funds on a regular basis
- Set realistic goals and plan for your financial freedom
- When the time comes they can administer a withdrawal plan
- Talk to you about continuing to invest beyond your retirement accounts
There are numerous different investment forums and groups online that can offer extensive insight and advice into investment opportunities by educating yourself are going to work with your financial advisor to help achieve financial freedom but remember this is not a sprint it’s a marathon and the expertise of your financial advisor will be vital for the journey.
As we mentioned previously financial freedom means different things to different people but one thing it’s not is just the ability to cover unexpected expenses when you start to see your nested grow and you realize you not only meet your financial goals. Able to help others. This is where true financial freedom lies being able to help a struggling family member with what the financial needs and putting your nieces or nephews to University are truly rewarding. you will be able to live a life beyond your wildest dreams if as you want to work when you want to and have financial independence which means working for a living and being at the end of the past should you wish.
Step No.7: Focus on building passive income sources
Picturing that the income from your passive sources as well as your investments now exceeds your standard income uncomfortable covers your expenses means you’ve reached financial freedom. Many people have even managed to reach financial freedom in their thirties no longer having to worry about any financial situation that may arise never mind just paying rent they can now do whatever they want.
Others were living life in their 20s and are now struggling financially in their 30s and parties many couples have decided that they only want to work for 20 years they’re happy to do so from the early twenties to the early forties and then get out. Smart this is achievable to change the retirement age from 65 to 45 and you can easily Focus your mind to do this for 20 years.
Central to this strategy is learning to make both passive and income sources online. My partner and I started off by setting up a proofreading service and we didn’t move into real estate and learned that money can be made easily by flipping properties online. Initially, this is our society but we seem to learn that our income is limited by the amount of time we could spend online so one of us quit and decided to take full time all the others continued their full-time job for another year.
Whatever you’re passive income may be the ability to start a couple of dollars every day from your couch is highly motivating. Creating what’s considered a passive income source something that works 365 days a year 7 days a week and 24 hours a day for you is a much smarter move.
Quickly understood that putting in 40 to 50 hours a week could change your financial outlook for the rest of your life very quickly. We started building different passive income sources and quickly left on standard 95 jobs behind us. How to change to making profits not living from paycheck to paycheck. Billionaires don’t worry about paychecks and everything is about profit adopting a business attitude and letting us to starting websites and blogs that are now Central to our income sources we are both low riding and are passionate about helping others become financially free we now combine this with traveling and living a life beyond our wildest dreams.
“All our dreams can come true if we have the courage to pursue them.” – Walt Disney.
“The secret of getting ahead is getting started.” – Mark Twain.
“An idea not coupled with action will never get any bigger than the brain cell it occupied.”~Arnold Glasow.
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