How To Reach Financial Freedom 💸
How to reach financial freedom in 2019 if I'd say everyone can retire at age 40 and travel around the world you would probably laugh at me but seriously this is not an unreachable dream and it could be a reality for us all all it takes is a strategy a plan and dedication first start up the video I want to emphasize the meaning of financial freedom nowadays in today's world knowledge is so accessible everything is incredibly convenient with the internet and with the power of social media is creates unlimited opportunities for everyone okay guys I'm going to show you how to reach financial freedom in 2019 step 1 the first step you need to do is to track your expenses and income in excel sheet this way you'll have an overview of what goes in and out of your pocket and whether you have a deficit or surplus of money every month it's important to have a surplus every month because without it you'll never reach financial freedom in the first place and another thing you need to do at the beginning of your journey to financial freedom is to create an emergency fund of at least six months of expenses it's important to have a buffer when things happen which you don't have any control so how can we create a buffer of at least six months or more well let me explain that in the next step of this video step two step two is living below your means let me give you two examples number one warren buffett lives in a modest house that's worked like 1,000 of a percent of his total work the second example is Mark Zuckerberg the trash man Acorah and famously wears the same grey t-shirt and hoodie to work every day then we buy stuff just to show our status to other people in the examples I mentioned earlier shows us that you don't need any those stuff to show other people that you are rich in fact it's better to not care about what other people think about you if you apply the mindset of being minimalistic reaching your target of being financially free will become very realistic if you keep on buying stuff to show the people you don't care about you'll be stuck in the red brace for a very long time despite the things you need or just treat yourself with experiences that will last your life long so after saving money we will now focus on increasing your income a three step three is to create multiple streams of income sometimes you're wondering why the rich get richer over time it's because they have multiple streams of income and money will flow into the pocket even when they are asleep so why does that happen because they let the money work for them and not the other way around we are so lucky that a world that we live in today allows everybody to start their own income stream with the internet if you like to express yourself and share knowledge you can start a YouTube channel or an Instagram account or if you are interested in doing business you can start out with the drop shipping store where you basically don't need any capital to start with or if you are good at graphic design you can sign up on some online platforms to get freelance jobs you can do this work all at home the point is to start with one or two side haces besides your job if you keep doing this for a year you'll be amazed how quickly wealth can grow over time and especially if you talk about five or ten years and now we go on to the final step which is probably the most important one of reaching your goal of financial freedom step 4 investing your money when you're starting out with investing do not touch the money that's in your emergency fund anytime emergency fund is only for emergencies not for investing only use it for real emergencies like when you lose your job and you need the money to pay your monthly expenses like insurance or groceries so don't touch it there are two ways to invest your money and make money while you are SC these two are the most common ones number one is buy real estate and collect rent from tenants the yearly cash flow of real estate investments are around 8% the second option you can do is to buy stocks that pay a quarterly dividend of around three to five percent so once you've gathered enough stocks and/or real estate to copy your monthly expenses you can consider yourself financially free now you can use your time to do things you always wanted to do instead of going to the office and getting stuck in traffic .
Posted from my blog with SteemPress : http://iread4u.live/2019/04/05/how-to-reach-financial-freedom-%f0%9f%92%b8/
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Posted from my blog with SteemPress : http://iread4u.live/2019/04/05/how-to-reach-financial-freedom-%f0%9f%92%b8/