Tips On Financial Freedom [Final Part]

More often than not, what people experience is a direct function of the decisions that they have made in the past. In the area of finances, it is worthy to note that your financial decisions can go a long way to determine how your financial life will turn out to be. One should also note that financial freedom is attainable but it is not a gift. To attain it, you have to make a choice of the responsibilities to take. In our last episode, we saw some tips to point one towards attainable a level of financial freedom and we shall be taking the final lap here.

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1. Cultivate the habit of saving

If everything that comes into your hands in terms of finance goes into consumption, then you are taking a serious financial risk. As much as your wants may be almost limitless, you have to learn to set some parts of your funds and save for the future. You may not even be earning as much as you desired, but it does not stop you from saving. Saving is not a function of how much you are paid or how much you earn but it is a product of commitment, choice, and determination. As a matter of fact, if you cannot save up a part of your funds when you are earning little, you may not have the zeal to save when you begin to earn much.

Saving may not be convenient at the moment because there are obvious things you may want to spend on, but it is necessary that you save because it may become what you will fall back on in the future. Or if you want to invest, it can be your first point of call before any other source of financial assistance will come. More so, there is a kind of security and peace of mind that you have when you know that your account is not empty and that you have saved something that you can fall back on the rainy day.

2. Have Investment mentality. Invest wisely

Saving money does not mean hoarding or accumulating money until you are old. There is something that should come after saving right? The best bet is to make the money you have saved to work for you by Investing it instead of lying just fallow. The honest truth is that you cannot save your way into riches but you can invest and get rich. When investing, you should also know that it includes investing in yourself - through acquiring knowledge, building yourself, etc, and then investing in experiences.

You have to always consider long term when you are making financial decisions. There are some investments that one will make at the moment and it will become what will sustain them in the future - like a retirement plan. However, before you invest, you should be sure to take out time to do your own research and even conduct your feasibility studies to know the potency of what you are investing in. You do not invest because the business appeals to your emotions or because it looks too good, but because you have understudied it and found it worthy.

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3. Have a positive mindset about money

More often than not, your mindset and your mentality about money tends to influence your financial decisions and ultimately what becomes of you. For example; many people see borrowing as something bad but if you have positive mindset about it, you will discover that it can also be used as a powerful tool to effect some financial changes - like borrowing for investing instead of borrowing for consumption. To be free financially, you have to start by being free mentally. The mentality you have about finances will determine your financial status.

To be able to attain a level of financial freedom, you need to see money as something that works for you - a tool that will enable you to achieve your desired dream. Always have in mind that if you see money positively, you will attract it. But if you see it as something negative, it will be repelled from you.

Thanks for reading