Set life goals, both big and small, financial and lifestyle, and create a blueprint for achieving those goals. Make a budget to cover all your financial needs and stick to it. Pay off credit cards in full, so you carry as little debt as possible, and keep an eye on your credit.
“Money is Freedom” to means having the ability to do whatever you want when you wake up in the morning. Freedom is where work is optional. It also means you can spend your time pursuing your passion and living the life you want to live.
The key to financial freedom is very simple: convert your regular earned income into passive income or portfolio income. With this in mind, it is very easy to achieve the goals you desire without giving up on things that you hold close to your heart. This content was contributed by Robert Kiyosaki.
With the 30 day savings rule, you defer all non-essential purchases and impulse buys for 30 days. Instead of spending your money on something you might not need, you're going to take 30 days to think about it. At the end of this 30 day period, if you still want to make that purchase, feel free to go for it.
Although the choices and sacrifices are often hard, the first steps to financial freedom are simple: honestly assess your financial situation, create a budget and eliminate non-essential expenses or find more cost-effective alternatives.
Follow these strategies for taking control of your finances right now.
The Number: The spreadsheet assumes that financial freedom occurs when we've saved 25 times our annual spending. For example, for a family spending $75,000 a year, they would need to save 25 times this amount, or $1,875,000 to achieve financial freedom. This is based on the well known 4% withdrawal rate in retirement.
“Financial independence compels women to rely on themselves for their survival. They do not need to ask anyone anything. It gives them the liberty to lead the life and experience what they want to. It gives women a sense of equality.”
SUNDAY, June 19, 2011 (HealthDay News) -- Personal independence and freedom are more important to people's well-being than wealth, a new study concludes. ... Their key finding: "Money leads to autonomy, but it does not add to well-being or happiness."
True financial freedom is the feeling of being without financial stress. With financial freedom, you have the independence to live stress-free. ... You know exactly what you can spend, are free to do what you want (within your budget), when you want and without worrying about financial consequences.
Money can buy happiness.
And it does, but it's very temporary and usually, the happiness extends only to you. If you want to spend money to get happy, spend it on experiences. It's been proven that experiences make us happier than material possessions. And it's not hard to think of an example from your own life.
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