Financial Freedom Forever...
Do you long to quit your boring nine to five job? Do you wish you were not living from paycheck to paycheck? Is your dream to enjoy your life and not worry about money?
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You will find listed below a few notes on the course of action to lead the way to your goal.
This means that for others, the parents do not talk about each other's financial goals. This is a very big mistake.
Couples should work together on a common financial goal. If the children are old enough to understand, they may be informed as well.
Not only will this ensure that you will reach your goal faster, it will also improve family ties. The family as a unit will be able to strengthen each other's resolve.
As a start, start opening up to your spouse. Talk about your financial aspirations and the kind of lifestyle that each one has.
Take note of all this and create your goals together. Make a list and identify what is the immediate concern and what can be put off later.
Be realistic and open minded.
Before doing anything else though, we suggest you find out how much you earn. List down all your money sources.
If both you and your spouse have a job, honestly write down how much each earns. If you have other sources of income, write it all down.
If you are up to your neck in debt and are afraid to see it all in paper, don't be. You are taking a hold of your finances and are on your way to freedom.
Do not be overwhelmed with these. You will be paying them off soon. Pick one with the highest interest and religiously pay more than the minimum.
If you have extra cash, come to terms with your creditor. Negotiate for better deals if you plan to pay a lump sum.
If you frequently eat out at expensive restaurants, try minimizing or eliminating this habit.
Maybe you can cancel that magazine subscription of yours. Identify these things and take them out.
Learn to spend less than you earn. This will give you a bit of breathing room and be on your way to financial freedom.
If you have an emergency fund you will not be tempted to get more debt. Just remember not to use it for expected or routine expenses.
It is not to be used to purchase your wants either. We will tackle that in the next step.
If possible, set up different savings account for each. If opening a bank account gives too little interest, save it in the money market or in mutual funds.
Instead of spending it on trivial things, consider investing it in business ventures which can give you passive income.
Lately the trend is to start an online business.
Know where you stand, what you gain, and what the hidden costs are before starting any online business.
Whether you are religious or not, bless others with your blessings. Share a part of what you have to a worthy cause.
As the saying goes, bless others so you may be blessed as well.
Suze Orman is known to say that "a big part of financial freedom is having your heart and mind free from worry about the what-ifs of life."
Think, plan, and act. If you don't do something about your finances now, you will never get to it.
You will never realize your aspirations of freedom from debt and worry with inaction.
Follow this guide and enjoy living in financial freedom forever.
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