Six Important Facets of Achieving Financial Freedom
Most people miss-understand what financial freedom is leading to confusion and miss-information. Financial independence and being rich are entirely different. Although most people confuse between the two, they are entirely separate and offer specific goals. One individual could be financially free earning $16,000 per year. Another individual could be trapped in his world, even with a 10 million dollar portfolio. If you dream of financial independence or stay awake and worry the whole night, then it’s time to handle things in a new dimension. Your financial pressures aren’t supposed to make you give up or declare your bankruptcy. You don’t have to continue longer on your current path because you will never achieve or be close to attaining financial freedom. If you aren’t able to take control of your money then forget it: financial independence ultimately requires money control rather than monitoring everything you perform.
What is financial freedom?
Imagine being capable of paying all your kids’ school fees without breaking any sweat. Imagine blessing a struggling guy or family by catering for their lunch bills! Financial independence isn’t about satisfying your needs anymore; it’s more than that, think about leaving a legacy not only to your family but also to the people around you. If you can do all that then you are on the right path to financial freedom. Maybe you have already achieved it without having an idea. If you think doing all this is being extravagance or see it as a miracle, then you have a long way to go. Continue reading to understand what financial freedom in deep.
Financial freedom is the ability to acquire or achieve a lifestyle that you need on a sustainable basis. Most people have experienced that work isn’t a viable means to fund their lifestyle because their working lives are limited and their needs continue up to the end. A person can work hard for 50 years and still not end up wealthy which proves that financial freedom only exists when their sustainable passive income exceeds the lifestyle cost. In other words, if your income outweighs all your liabilities over you expected lifespan or lifestyle, you have achieved financial freedom.
Financial freedom can exist both for an individual that chooses a simple life, opts to grow their own foods like vegetables, lives in modest and manageable accommodation, and needs very little cash to exist. Primarily sustainable passive income is anything that offers you money without the necessity for you working for it or do something to get it.
Here’s a six step road to financial freedom
1. Start increasing your personal worth by positively feeding your mind
Establish a platform of educating yourself daily by investing in your personal knowledge through reading books written by individuals who have created wealth and also those who have interviewed the wealthy. Always have a positive mind of growing rich.
2. Come up with a financial free burning desire
In order to facilitate a road to financial freedom, you must create a burning desire that will propel you to be there. It’s not a matter of wishful thinking but rather having a focused thought regularly combined with emotionally charged visualization of financial freedom feel. If you establish a strong enough desire and focusing everything in that direction, your mindset will lead you to ways and ideas on how to achieve your goals.
3. Create a plan
After creating a strong desire that is generating ideas and thoughts, you will require to organize them into a concrete plan. Remember that failing to plan is planning to fail: you must create a program or risk failure. Create a specific, realistic, accountable and measurable plan and have a time deadline. It’s better to put it in writing as an unwritten plan end up being a wish. A written plan will act as a reminder to keep all your thoughts focused on your set goals.
4. Enlist the help of others
Organize or recruit a group of positive and like-minded people to help optimize your created plan. Mastermind group will be more potent in providing expert ideas and advice. Don’t rely on insights from family, neighbors or friends inexperienced in doing what you aspire to achieve or accomplish. Instead, seek out individuals who have experience in the areas in which you don’t have experience.
5. Take action
Now it’s the right time to execute your plan: if you do nothing your plan will be useless. The created plan will only outline the road to financial freedom but acting on it realizes your goals. If you develop a strategy and discipline to stick to your project and daily execute actions towards your goals, then you will be on the right track to financial freedom.
6. Commitment and dedication
You will face bumps and obstacles on the way. So expect them and deal with them. Don’t let yourself use those obstacles as a giving up excuse. Instead, view them as stepping stones to success and learning experiences to build your goals achieving motivation and strength. Always be dedicated and push onward with no excuses.
In every effort you make to realize your financial freedom, try to make everything personal by dreaming big about your outlined goals. But how will you personalize everything? How does economic or financial freedom look to you?
- Have that freedom of taking or choosing your dream career without minding about making more money
- Have the freedom to decide on crucial things like taking a break by organizing an international trip at least once a year without it stretching or straining your planned budget
- Freedom to give a valid response to all your needs and also of others with generosity
- Freedom to prepare everything before you take an early retirement
- Freedom to activate or utilize any financial opportunity along the way
A financially stable or independent person always have a lot of options and doesn’t wonder if his/her bank account is big enough to help live rest of life like a boss. He/she just plans for today while saving for tomorrow no matter how little it is. The person learns how to spend the little money he/she gets, clears all the financial debts, smartly chooses his/her career choice, saves as much as possible and learn all the investment options in his/her world.
Keep in mind that most people enjoy sustainable financial freedom through income or investment that requires minimal effort. Keep track of everything around you to make sure that they run smoothly and help realize financial freedom. The most important thing is to achieve an income that exceeds all your expenses and costs associated with your lifestyle. Make every moment of your life significant. Realize your potential, your career and make an effort of living a sustainable life.