What does being financially free mean to you? For some, it means getting out of debt. For others, it might mean being able to retire. Some people are tired of slaving away at jobs that they hate so, for them, it means starting their own business. There are multiple meanings for being financially free but they all take the same kind of motivation. How much do you really want this and how much are you willing to give up for it?
Are you dedicated enough
Are you dedicated enough to put off getting your dream car and keep driving your rusty, ten year old car? Are you dedicated enough to put off that second honeymoon? There are some things that you have to give up in order to be financially free. You don’t have to be an expert but the one thing you are going to have to be is dedicated. Since dedication is the key to being financially free.
Ask yourself, “Am I going to stay motivated enough when my car doesn’t start or when other hardships begin to materialize in my life?” This has to be a top priority in your life for it to be successful. Spend some time in reflection. Why do you want to be financially free? Think about your reasons for doing this. What are you motives and is it worth the sacrifice?
The first step to financial freedom
The first step to financial freedom is living a life frugality. That means stop doing what you’re used to doing. Look at your spending and you’re going to find that a good chunk of your money goes to a bunch of insignificant purchases. Make a budget eliminating all the extra junk you’ve been wasting your money on and do the same with your credit cards purchases. Better yet, don’t use credit cards at all. People tend to spend more on credit, anyway, while losing money with all the interest charges and annual fees. If you have a substantial amount of credit card debt, create a plan to exterminate it and execute it. Being debt-free is a big part of being financially free.
Create an emergency fund
One way to curb your dependency on credit is to create an emergency fund. That is basically a savings account that is used for emergencies. Commit to saving a certain amount each month. This might be hard for people who live paycheck to paycheck but saving as little as $5 a month will pay off in the future. You can also start saving for retirement and starting your own business. Saving is the building block to being financially free.
So don’t wait any longer. Start taking complete control over your life and have the freedom to do whatever you want. You don’t have to stay stuck because you’re dreams are attainable. It might get hard at times but keep the faith by reminding yourself why you’re doing this. Financially freedom is only one decision away.