What Do You Know About
Oct 12, 2020 // By:aebi // No Comment
Nothing is fulfilling than having financial freedom, but this is a luxury that afforded by a few although everyone has the opportunity to make it happen what is important is how you utilize the opportunity when it is presented to you. What people need to understand especially those under 30 years is that freedom and wealth is the outcome of time and the actions from our choices determine the return we receive from time which is an asset, time is an asset in the sense that the effort we put forth in acquiring financial education, relationship, and health at every given moment determine our overall success at any given moment. Inadequate financial planning is the leading causing of unachieved financial freedom for many people, this article has gathered some ideas you can use to help you start planning and managing your finances.
When working out your financial freedom it is always good to start from a point of self-awareness, so make sure you prepare a comprehensive list of all the debts you have from student loans, mortgage, car loans, credit cards and any other debt you may have also important to include are the debts from friends and family members you have accrued over the years, then compute all your savings from your saving accounts, stocks, retirement savings as well as the income you get from side hustles as well as the monthly salary, compare your debts and your income, this step is important in budgeting and planning for your financial freedom.
The next step to financial freedom is to outline your goals, it is important that these goals to be clear, specific, and achievable otherwise you can get discouraged by unrealistic goals you set being unfulfilled, you need to know exactly why you need money, to get rid of debt for good? To save for your wedding? A plan for your kids? Retirement? When you tire your goals with emotional reasons you are likely to give extra effort and commitment and soon you will realize them, however, you need to be patient because you might not achieve your goals within a month or two but can take a year or a couple of years but what is important is that you are making progress.
Tracking your spending is vital in achieving your financial freedom, there are some apps that can help you with budgeting and tracking your spending, a good and reliable tracking app helps you set limits on your spending and it sends alerts once you are about to exceed the set limits, it also tells you how much is in your account as well as the debt you have which help you stay financially conscious.
Those are some important considerations that you can apply to achieve financial stability before hitting 30 years.