4 Pinnacle Points for Gaining Financial Freedom
With the average American living paycheck to paycheck, it may be hard to believe that it’s possible to ever experience true financial freedom. Not only is it true, but you don’t have to be a millionaire to experience it either.
With a few key points and consistency, anyone can gain financial freedom in a matter of months or a few short years.
Set Goals
It’s one thing to say you want to experience financial freedom. It’s another thing to decide what that actually looks like for you. So in this case, you get to personalize it.
Does financial freedom only equate to being free of debt for you? Add on a bit more to that. Perhaps being financially free can also mean that you don’t have to work a full-time job anymore. You can make decisions for your family based on passions or dreams you have instead of being boxed in by the lack of money.
Consolidate Debt
Debt consolidation is so important because you first have to look at what you owe and lump it together. This will give you a clear picture of what you’re working with. Once you’re clear on how much you owe, you can set a plan in motion to get rid of the debt.
Whether that means you have to pick up a part-time job, start a side business or sell some things to make some extra cash, get intensely serious about paying off the debt.
Use a Budget
Part of your financial discipline will involve creating a solid budget. Creating a budget will help you get focused on what’s most important and you can put your money to those things.
First, line up all of your bills (rent/mortgage, gas, cell phone, groceries, etc.). Then, a lot money for a little bit of entertainment or your vacation fund. Make sure you have a little bit of money set aside to enjoy yourself.
If you don’t enjoy the journey, you’re less likely to stick to it. Don’t splurge though. Set a little bit of money aside for fun and then throw the rest at your debt.
Focus
Whether you create a vision board or tell friends that you can’t go to Puerto Rico with them next summer, get focused and make focused decisions based on your goals.
It may hurt in the interim, but eventually, you’ll be able to live a life that’s completely debt-free. That’s worth its weight in gold.
While you’re in the midst of climbing out of the debt hole, it might seem like you’ll never get any momentum. However, if you remain consistent and focused on your goal, you’ll achieve the freedom you desire and experience a whole new way of living.
Remember that financial freedom is possible, but you’ll have to earn it. Work hard and go for it. The success is worth the struggle.
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Category: Financial Planning
