The single, possibly most important thing in everyone’s lives that controls or connects to every single thing is money.
That is why most people look for ways to have a continuous stream of finances to secure their needs in a term popularly referred to as “financial freedom.”
In this article, manageable steps that can be followed and started immediately will be shared in an attempt for you to attain financial freedom.
1. Control Your Spending
Many self-help books on the attainment of financial freedom will tell you that you spend money in proportion to what you earn. The simple metaphoric phrase “cut your coat according to one’s coat.” How true can this be?
It is essential to enjoy life with all its perks, but the simple rule still applies. If you do not earn enough to live a luxurious life, why waste all your money doing so, and run broke in the process?
A smarter idea would be to reduce your credit cards, cut down your monthly budget a little, and cut across your living style to fit what you earn.
The grumbling caused by the previous sentence makes it essential to state that this “cut-down” is only temporary. It can be lifted anytime as soon as your earnings increase. But, it should be reorganized to fit your new increased income.
2. Save Up
If you have already begun or completed the first step, the next step would be to start saving if you do not already save. “How hard is it going to be…First, I reduce my spending, then I save from the little money left?” If this is what is going through your mind right now, relax, it will be simplified.
To start, let us roll in the cliché motivational quote, “Nothing worth having comes easy.” You do not have to believe this “cliché,” but when it comes to gaining financial freedom, is it a gamble you are willing to risk?
Savings help you in so many ways. In case of emergencies and unprecedented circumstances, some fee must be paid to invest or learn a new skill. That is why savings are significant and should be managed with the cut down of our spending.
3. Learn a New Skill
Aha! Direct use of your savings. The world is revolutionizing so much that having a skill (preferably a high-income skill) automatically puts one at a whole new level. However, most skills are not innate and would need to be learned, understood, and mentored to become a master of them.
Skills such as web development, graphic design, copywriting, to mention but a few, are so sought after by the world, it has no age requirement to learn and can be done freelance.
Worthy of mentioning is that, whatever skill you want to learn, it would be easier to follow through if it already aligns with something that interests you. It may take time to get good at it, but it is worth the wait in the end.
Adding skills to your financial belt, you can already start making enough money to pamper yourself a little, supplement your 9-5 job (if you work), and the gap to your financial freedom is shorter by lots of miles.
Investments come in so many ways. These days, forex trading, buying cryptocurrencies, and valuable items that appreciate like gold are standard. Not limited to the aforementioned, investment expands your income streams and makes you earn more, with little or no work.
Before investing, however, you must understand the nature of the business you plan to invest in. This would not only make you understand how much you can earn, but it would also save you a lot of losses.
The investment trade is a slippery slope; you either lose or gain. You must gain, of course, if you want to attain financial freedom.
By this time, if you follow the steps listed, achieving financial freedom becomes a walk in the park. Learning new skills and investing are simple ways to expand your income stream.
This process makes your financial freedom attainable and can put you one step closer to being your own boss.