Who doesn’t want to achieve financial freedom? Of course, we all do, right? Unfortunately, too many of us fail to achieve it. Ever get that feeling when there butterflies in your stomach when the bills arrive? Or if your car suddenly needs an emergency repair? These and other similar scenarios make us panic when we don’t have financial freedom. Financial freedom means having enough savings, investment, and cash on hand that allow us to afford expenses, emergency or not, without panicking. It allows us to afford the lifestyle that we want for ourselves and our families. But indeed, financial freedom doesn’t come easy, if you don’t have a strategy, so here are 5 powerful and tested ways to achieve it.
1. Manage your budget
You won’t be able to get anywhere if you don’t manage your budget. You will just often wonder where your money went by the end of each month. That is an obvious recipe for financial disaster instead of financial freedom. List down all your planned expenditures for the month and make sure to stick to it. Track your spending as you go along.
2. Pay your debts off
Now that you already know how to manage your budget, you’ll realize that you’ve made some financial mistakes in the past that lead to you having debts. That’s fine, but if you want to achieve financial freedom, it’s time to clean up that mess and pay-off your debts. While doing so, don’t accumulate any more debts because until you’ve cleaned them up, you won’t have your income at your full disposal.
3. Build up your savings
Once you’ve cleaned up your debts, start to build up your savings. If you want to be able to achieve financial freedom, you need to have a buffer in cases of unexpected life events such as when someone in the family gets sick, or your car broke down. When these situations occur, you should have at least 3 to 6 months’ worth of savings at your disposal, instead of turning into debts again, or you’re back to square one.
4. Live below your means
Living life to the fullest doesn’t mean you have to spend all of your income on luxuries. In fact, most rich people have mastered the habit of living below their means before they’ve achieved their financial freedom. It doesn’t mean that you have to give up all of life’s little pleasures, such as dining out or going for a trip. It only means making small adjustments and being able to distinguish between needs and wants. Prioritizing needs over wants is a healthy habit to start putting into practice.
5. Start investing now
Now that you already know how to manage your budget, paid off your debts, have built up your savings, and are living below your means, you’re already close to achieving your financial freedom. But while you still depend on your monthly salary, you are just making someone else richer, but not you. Start investing now. It’s a powerful and tested way to achieve financial freedom. Find a platform that encourages new investors, and is open to any type of business such as the Virie Market. A no-fuss platform where you can conduct any form of business such as e-commerce, real estate, even cryptocurrency mining. In fact, anything. Read its whitepaper and download the application to finally be able to achieve your financial freedom.