Uhmm! My guess is that your interest in this post is solely to satisfy your curiosity about a bit or if not the entirety of Financial Freedom. Well, if otherwise, we what? We move! I hope not to disappoint you on this read as you educate yourself and execute the lessons learnt.
Overtime, I’ve realised or you would agree with me that at some point in our lives, we become desperate to earn money. Attaining Financial freedom is an objective to most of us. A few trailblazers discover this drive probably in their teen age and twenties while the late bloomers discover after fixing other important areas of their lives. But can we really fix all areas of our lives without the presence of money?
Money means a million different things to a million different people – Matt Higa
Some might say, Financial freedom is having more than enough money. Some believe it is buying what you want, when you want, having no debt; simply being rich. Of course, these are answers but half-baked. And if we don’t have a clear idea about what our goal is, how can we reach there?
I would say, being financially free embodies a lot. It is having enough savings that enable us pursue the career we want, sustaining income to cover living expenses, having financial investments; not being burdened with increasing debt, money emergencies and watching our money working for us rather than the other way round.
I also believe proper education should be a guide to to us fixing various aspects of our lives even as we prioritize money making. As an individual, family, nation, entrepreneur, firm etc, Financial freedom is a necessity or what is the need for the hustle and struggle if it isn’t primarily to generate income in the first place?
“Knowledge is Power”. Yes, I agree but on the brighter side, I prefer to say Applied knowledge is power. It doesn’t make sense if I know how to break a egg and I actually can not break one. If you seek to be financially free, you don’t just learn ‘How’ but you figure HOW whilst practicing.
°• Few Tips •°
LEARN. Not just skills….Empty your glass and be ready to gain more financial management lessons. When you learn to earn, you earn expertise, experience and exchange (of course! I mean money). Learn what must be learned by keeping abreast of financial news, opportunities, be involved and ready to adjust where necessary. Discover profit earning strategies from your sales or transactions. It is your responsibility to stay aware of such details.
SAVE MORE ‘ LESS DEBT. I can’t deny the fact that at some point, saving might seem very difficult especially when there isn’t enough to cater for yourself. Truth is, the thought and sacrifice of saving will only bother you when you don’t have a plan from scratch. With the mindset of a goal, budget you want to achieve in the nearest future, you will SAVE DESPERATELY. Savings makes you cover up for unforseen contingencies. It’s like a reservoir you can always draw from when things go south. So, why not save that 1K from your allawee and cut your expenses? If you want that dream car, house or net worth, you really should start saving those teeny-weeny amount from now, no matter how hard.
But you see debt, it’s harder. In fact, don’t try tasting it, flee!!! It will not only entangle you, it’ll embarass you and then your peace of mind suddenly goes on sabbatical leave.
Permit me to say, being debt free is a better option than having a good loan honestly. Whenever you hit a big deal, bonus or reward, channel it to paying off that debt because procrastination will have you biting your fingers later. When you control your expenses, minimize your debts and save more, your chances to financial freedom increases dramatically.
INVEST, BUT DIVERSIFY. Don’t put all your eggs in a basket. Don’t be dependent on one stream of income. Invest in people, assets and value generating ideas. Now, let me break this further. To make extra money, you have to work extra time. Hence, diversifying your skills, interest and efforts into at least two streams of income. So, when one freezes, another will be a source B. Being a business owner doesn’t mean you cannot work extra time as an online tutor too as long as you’re doing well and have the capacity to sustain them. Create value that will attract people to you; without value, there will be no attraction of income.
Make connections (partnerships) as well. The funny thing is, everyone communicates, but only few connect. After advertising your product/service and a customer patronizes, you don’t just seal the deals and zone out. Try maintaining a relationship which will on the long run earn you referrals. This way, you are creating a connected system which will bring you cash flow. Now you get it? Yeah.
LEVERAGE. Like I just stated, be a connector and expand to generate passive income(the ultimate form of freedom).
Column B in the diagram below has a steady cash flow
Remember, people contributing little by little is what makes up a Leverage and you access rewards from your team. Creative Entrepreneurs use leverage in businesses to build skills & relationships that expand their network. When you leverage your connections or network, it saves you money and resources in the sense that, your group of network understand that you can always seek legal, medical, business advice from them rather than hiring someone which will cost you. They also act as scouts for you since you can not be in several places at once.
For instance, a connection will help you get pass gatekeepers which might have taken you hours in calls and inquiries. But as soon as you mention his/her name, you automatically get approved. I’m sure you know about this! And finally, your circle of network, connection or expansion can always serve as a back up and save you from making costly financial mistakes. But please, connect with people that will add value to you, Okay?
Your journey to Financial Freedom begins now! I wonder what you are you still waiting for…Who knows, your generation could forthcome a new Warren Buffett.