These 10 Habits Will Help You Reach Financial Freedom
Achieving
a true financial freedom is a goal for many people. It generally means having
enough savings, investments, and cash on hand to afford the lifestyle we want
for ourselves, our families and friends —and a growing residual income that
will allow us to retire or pursue the career we want without being driven by
earning a certain amount each year.
Unfortunately,
too many of us fail to achieve it. We are burdened with increasing debt,
financial emergencies, wasteful spending, and other issues that thwart us from
reaching our goals. And we encounter unexpected events, such as the pandemic,
that overturn our plans and reveal holes in the safety nets we tried to weave
for ourselves and our families.
Trouble
happens to nearly everyone, but these 10 habits can put you on the right
path.
The
principle of proper maintenance also applies to the body. Invest in good health
with regular visits to doctors and dentists, and follow health advice about any
problems you encounter. Many problems can be helped—or even prevented—with
lifestyle changes such as more exercise and a healthier diet. Some companies
have limited sick days, making it a notable loss of income once those days are
used up. Obesity and ailments make insurance premiums skyrocket, and poor
health may force earlier retirement with lower monthly income.
What is
financial freedom to you? A general desire for it is too vague a goal, so get
specific. Write down how much you should have in your bank account, what the
lifestyle entails, and at what age this should be achieved. The more specific
your goals, the higher the likelihood of achieving them.
Next,
count backward to your current age and establish financial mileposts at
regular intervals. Write it all down neatly and put the goal sheet at the very
beginning of your financial binder. Get a visual board if possible.
Making a monthly
household budget—and sticking to it—is the best way
to guarantee that all bills are paid and savings are on track. It’s also a
regular routine that reinforces your goals and bolsters resolve against the
temptation to over spend.
Credit
cards and similar high-interest consumer loans are toxic to wealth-building.
Commit to pay off the full balance each month. Student loans, mortgages, and
similar loans typically have much lower interest rates; paying them off is not
an emergency. Paying on time is and will build a good credit rating.
Pay
yourself first. Enroll in your employer’s( for employee ) retirement plan and
make full use of any matching contribution benefit. It’s also wise to have an
automatic withdrawal for an emergency fund, which can be tapped for
unexpected expenses, and an automatic contribution to a brokerage account or
something similar.
Ideally,
the money should be pulled the same day you receive your pay check, so it never
even touches your hands, avoiding temptation entirely. However, keep in mind
that the
recommended amount to save is
highly debated. In some cases the feasibility of such a fund can be a question. We will simply advise you save a
considerable amount.
Bad stock markets can
make people question this, but historically there
has been no better way to grow your money than through investing. The magic
of compound interest will help it
increase exponentially over time, but you need a lot of time to achieve
meaningful growth. Don’t try to be a stock picker or trick yourself into thinking
you can be the next Warren Buffett. There can only
be one.
Instead, open an
online brokerage account that makes it easy
for you to learn how to invest, create a manageable portfolio, and make weekly
or monthly contributions to it automatically.
Achieving
financial freedom can be very difficult in the face of growing debt, cash
emergencies, medical issues, and overspending, but it is possible with
discipline and careful planning.
Your credit
score determines what interest rate you are
offered when buying a new car or refinancing a home. It also impacts seemingly
unrelated things, such as car insurance and life insurance premiums.
The
reasoning is that someone with reckless financial habits is also likely to be
reckless in other aspects of life, such as driving and drinking. This is why
it’s important to get a credit report at regular intervals to make sure that
there are no erroneous black marks ruining your good name.
Most
people are hesitant to negotiate for goods and services, worrying that it makes
them seem cheap. Overcome this cultural handicap and you could save thousands
each year. Small businesses, in particular, tend to be open to negotiation,
where buying in bulk or repeat business can open the door to good discounts.
Review
all applicable changes in the tax laws each year to ensure that all adjustments
and deductions are maximized. Keep up with financial news and developments in
the stock market and do not hesitate to adjust your investment portfolio
accordingly. Knowledge is also the best defense against those who prey on
unsophisticated investors to turn a quick buck.
Taking
good care of property makes everything from cars and lawnmowers to shoes and
clothes last longer. As the cost of maintenance is a fraction of the cost of
replacement, it’s an investment not to be missed.
Learn
to know the difference between the things you want and the things you need.
Mastering
a frugal lifestyle by having a mindset of living life to the fullest with less
is not so hard. Indeed, many wealthy individuals developed a habit of living
below their means before rising to affluence.
This
isn’t a challenge to adopt a minimalist lifestyle or a call to action to head
to the dumpster with things you’ve hoarded over the years. Making small adjustments
by distinguishing between the things you need and the things you want is a
financially helpful habit to put into practice.
These
10 steps won’t solve all of your money problems, but they will help you develop
healthy habits that can get you on the path to financial freedom—whatever that
means for you.
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