How To Gain Financial Freedom

How to gain financial freedom?


No colonized territory in the world got its freedom cheaply. That is also applicable to anyone who wants to enjoy financial freedom. 


What does financial freedom mean? 


According to Moneyfit.org, financial freedom means having enough savings, financial investments, and cash on hand to afford the kind of life we desire for ourselves and our families.


How to gain financial freedom?


How to gain financial freedom?



Nobody likes captivity. Everyone wants to be free, especially in finance. To gain such freedom, the following are the steps you must take;


1. Financial Intelligence


Financial intelligence is understanding and knowing how money should be used effectively. It is simply knowing how to use money and make it work for you. 


Here, your financial intelligence will help you to diversify your earnings. That is, it will help you create different streams of income, both passive and active. Note that the more streams of income you have, the more likely you will attain financial freedom faster. 


2. Financial Plan


A financial plan outlines how, when, where, why and what you should spend your money on (best done before the money comes). Note that you can also carry out your financial plan with cash on hand. 


Here, you are expected to intentionally separate some money (no matter how small) for savings (especially investing in things that will yield profits) and for your daily needs. This can more or less be called budgeting. How effective you are at this stage will determine how fast you will gain your financial freedom.



3. Financial Discipline


Financial Discipline is simply the willpower to stick to your budget or plan. Here, you are expected to spend on what you need, not on what you want. Here, you are expected to prioritize necessity over mere cravings. Don't spend on things that can wait or things you can do without. 


Note that your body will always want things you don't need, that is where your willpower to be disciplined comes in. The more your ability to think logically wins over the cravings of your mind, the more you are likely to have what to save, invest and spend on things that matter. 





In conclusion; no matter how small your earnings are, make the above the tenets of your financial management, and then, gradually, your financial freedom will come. Be inspired!

 



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