7 Steps to Achieve Financial Freedom
The importance of having a strategy for all aspects of our life is a critical component of success.
A good strategy consists of a vision for yourself in what you wish to achieve and then marking out goals to obtain that vision.
Adding to the formula is your determination of objectives that you see as part of the achievement of the strategy. Also, it is important that you formulate measurable objectives and methods to gauge progress.
If your strategy is to achieve a degree in business, you will need to decide what school you wish to attend, the date of obtaining the degree, how you will pay for this education, what prerequisites do you need to obtain, etc.
Planning is essential because the achievement of goals in life, for the most part, just don’t happen.
Another important long-term strategy involves your goal of being financially secure. Financial security allows for the freedom of following one’s dreams, being financially independent and securing the future during the retirement years.
Below are some compelling actions that you can follow that will help you achieve financial freedom. It is indeed worth your time and effort.
1. Control your spending
First of all, there is no substitute for discipline. This is true for all individuals in all walks of life as self-discipline will help maintain one’s health, their mental agility, be fully contributing members of society, enhance relationships, etc.
Also, when it comes to self-discipline, the area of controlling your spending will serve you well in the present and provide a secure future.
By definition, controlling your spending means that you stay within your means or don’t spend more than you have to. You can accomplish this by managing credit wisely and not spending your hard-earned money paying exorbitant interest each month.
Discipline in the use of money does not all for needless shopping sprees, but realizing the value of money and how it is earned in exchange for one’s time, plan for the future, etc.
2. Read financial books
Another way of bringing out the financial best in you is to always learn about financial matters. You can accomplish this by reading financial books, learning from the Internet, learning from others and their accomplishments, involvement in discussion groups, seminars, reading periodical, etc.
Constant reading is important because it allows you to continually learn and keeps you focused.
Reading financial books will educate you to be better qualified and engaged to value, protect and invest your own money. It is critical to remember that no one will care for your money as you do.
3. Set financial goals
To achieve your dreams of financial freedom, it is important that you set money goals. Goals are those achievements that we strive for but, to achieve those goals, there needs to be a plan of action.
If you wish to bring out the best in you, do not simply float through life in hopes of achieving this goal or another. Like a roadmap showing the motorist to his or her destination, goals utilize a map to outline their course, length of time, resources needed, etc.
So it is for the individual. It is important that for you to achieve the destination of a comfortable retirement, you should set aside a certain portion of your earnings on a regular basis, shelter your money from taxes, and invest that money. Goal setting is powerful in all aspects of life.
4. Start a business
Another way to achieve financial freedom is by looking into business ownership.
Business ownership fully displays the spirit of entrepreneurship and will allow you to embark on a rewarding adventure of owning and running your own business.
By starting a business, you will be working for yourself and pursue something that is meaningful for you. Also, it reveals your mettle by allowing you to create your path which is in stark comparison to the typical 9 to 5 treadmill.
Another solid reason for pursuing your own business is the satisfaction gained through success realized through vision, courage and hard work.
5. Don’t make excuses
True leaders today and those who are authentic also do not make excuses for their behaviors or blame others for their non-successes. They own their actions. Making excuses can make you broke and unsuccessful.
If you listened to others and made a poor investment, admit your mistake, minimize your losses and above all learn from the mistake. The best teacher in the world is the mistakes made in the school of hard knocks.
Failure is not defined by falling from a hill, but what we do after we take that tumble.
6. Connect with financially successful people
If you’re looking for financial freedom then look to associate yourself with financially successful people. Seek out these people at various venues like service organizations within the community, associations such as the Chamber of Commerce, Better Business Bureau, etc.
For the most part, these financially successful people are identified as such because they have followed a formula for success. By associating with these individuals, you will be able to learn from them and possibly implement some of their financial techniques and methods. Furthermore, by associating with them, it will help you to maintain your edge and perspective.
It is essential as well to remember that by associating with your peers you may be able to provide some insight into their financial life as well.
7. Take action
Above all financial freedom is achieved when all of these components are melded together and you take action.
It is not enough to have great goals, a glorious vision, training, experience, etc. The plan of action needs to be energized, and this energy is provided by taking action.
Action means that something physical is accomplished, energy is expended and something occurs.
Often in business meetings, there is great talk about where the company has been, where it currently is and where it needs to go. Often, these meetings are replete with reports and graphs and strategies. However, the most important aspect of the business meeting agenda are the actions items. Those action items include what is going to be done, who is going to do it and when will it be done?
Therefore, it is crucial for you as the director to yell out “action” then proceed according to plan.
In other words, plan the work and then work the plan.