Thursday, 27 July 2017

Begin Your Journey to Financial Freedom

Written by Posted On Thursday, 27 April 2017 18:14

It is said that money makes the world go round. It is often stated as an allegory, but its truth is self-evident. With more money comes more freedom, more options, more security and generally a more favourable disposition in life. The sum purpose of our adult working lives is to create as much of it as we can to be able to live the rest of our lives comfortably. Amassing wealth however is as much an art as it is a science. It is a journey that if taken with the right attitudes, habits and commitment leads to a place of eternal abundance.

Clear Debt

Among the biggest hurdles towards financial freedom is debt. It’s easy to get, but difficult to clear. The promise of instant gratification borrowing gives is very tempting, but learning to escape it is a critical first step. Your attitude towards money matters a lot. When you think of money do you perceive it as a disposable tool? A paradigm shift is needed before you can have more of it. It should be seen as an asset to keep instead of a catalyst for your wants. The idea here is to save more money than you make. And clearing debt has repeatedly proven anideal place to start. Again, to get rid of debt, you can always seek out for professional services, like Think Money, who will help you with their ideas and consultations.

There are many tested ways to clear debt and if you have the discipline and commitment to stick by the recommendations you will soon find yourself in that desirable place of zero debt. Start by reducing your expenditure by spending only on your needs, and not wants. Even then, you can reduce the spending further in little ways, like by eating out less, buying your home supplies in bulk and shopping with cash or a debit card. A monthly ledger of all your spending will help you get a better grasp of your habits, so having one, even for weekly expenditure comes highly recommended. Get rid of all your credit cards because they defeat what you will be trying to achieve. If you have a lot of different debts, try a debt consolidation plan so that you only get one to focus on. Commit to paying off a predefinedamount without fail every month. And if you find that you are able to do so comfortably, increase said amount but only within reason.

Wealth Creation

Creating more wealth is as important in this journey as being debt free. Depending on how much you owe, this can be done concurrently.

The first and, perhaps,the most important step is to increase your income. You can do so by getting a second job, or starting a venture that requires little initial investment. Any amounts you make should strictly go towards clearing your dues, or a savings and investments plan and never towards increasing your spending power.

Developing a savings culture is paramount, especially since it guarantees a better future, financially speaking. Besides whatever you keep aside will provide a soft cushion for life’s unprecedented occurrences. A portion of this savings should be invested. Explore different investment vehicles as this diversification has been demonstrated to be ultimately more rewarding.

The journey to financial freedom is not for those without resolve, or will over self. It is hard to begin and abide by, but it does in time, transform your narrative from one of struggle to one abundance.

Remember the optionof getting some professional help from a financial expert is always available.

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