Financial freedom is everybody’s desire even though not everybody achieves it. Sometimes if care is not taken it may be considered to be a myth or something impossible or attainable, yet with little discipline and effort it is possible to reach the lifestyle. Financial freedom may vary from individual’s perspective. Whatever is you view, financial freedom in nutshell is a stage that you can comfortably pay your bill and meet your financial obligation without any stress or fear. The standard of living of individual now determines what you may attribute your being financial free.
The followings tips will help anyone that can discipline himself to follow them to get to a stage in life that he can live stress free financial life
(i) Pay Yourself First
This is the first tip and it is always very difficult to do. Except you are disciplined without this it may not be easy to be financially free. You have heard it over and over but are you doing it? The sages of old had preached, the present financial prudent had discussed it but knowing it is not enough, you must just discipline yourself to do it. A percentage of your income must be set apart for investment. According to the author of the richest man in Babylon, this saving when invested will have a child to be reinvested again to give birth to a grand child, before long you would have created a wealth that you hardly could imagine.
The saving is not for a rainy day or any other thing but it is for investment to give additional income. To ensure that it is not expended on anything else but invested requires additional discipline. You are to decide the percentage to be saved but 10% is often recommended but you are free to decide what favours you only that some amount of money must be saved on regular bases. Do this even if there are bills to be paid.
(ii) Invest Wisely
Your hard earned income from which you had paid yourself must be wisely invested. Do your due diligence before investing in any business. Don’t invest in business that you barely know anything about. Do researches on it, take advantage of the internet, ask the professionals before you start. When you invest wisely you will successfully prepare yourself for financial freedom.
(iii) Sell Off Things You Don’t Need.
Look through the stuffs you have at home, old clothes, old house hold utensils whatever they are that are no longer in use, sell them off. You will make additional income and create space for healthier living. Invest the money earned from what you have sold off and let it increase your wealth.
(iv) Start A Home Based Business
You have a hobby; you can convert it to a money spinner. You love photography? You can make additional income from it. Get your camera take pictures of natural landscapes, birds, and other things you can think of, upload the pictures on the site that need them on the internet and they will pay you. It may not be a lot of money but it is passive income and over time it will thrill you. There are several home based online businesses that you can do. Network level marketing is there, it is easy to start, small start up capital and it can snowball into large wealth. All this will boost your income and you will get more to invest either in your business or otherwise.
(v) Pay You Debt
Make sure that you pay your debt and live debt free life by living on budget, avoiding impulse purchase and living above your income. If you are debt free then interest won’t erode your earning. You will be able to grow your wealth.
This tips may not really be a get quick rich tips but they are sure tips that if adhered to will result in eventual financial freedom.