I would like to share with you some steps to attain financial freedom in the years to come. But, first let me ask you some questions? Are you willing to change your lifestyles if necessary? How willing are you to commit? Can you accept failures? Are you willing to discipline yourself daily, weekly, monthly or yearly till your goals are achieved? If you can answer these questions positively, you are on the right path towards financial success.
Here are the steps I’m talking about..
- Increase your income. Don’t just rely on your salary. Use your creativity to look for other means such as selling stuffs to relatives, friends and office mates. Start a small business at the sides. You may also do freelance work. There are many ways to generate more cash flows. However, it requires creativity, self-discipline, hard work etc.
- Create an emergency fund. This is really important because there are situations in life that are beyond our control like being fired from the company we are working for or getting sick. Emergency fund is usually equivalent to 3 to 6 months of your salary.
- Get an insurance. Some people think that this is not essential, but those people regret later of not having an insurance to cover up medical expenses, or to replace lost income when the breadwinner is gone.
- Invest for your retirement. Let’s face the fact that as we get older, our capacity to work lessen as well as our capacity to earn. Having a retirement fund makes us secure, and not a burden to our children in the future. Moreover, it will help us maintain a certain level of lifestyle.
- Give back at least a tenth of your income to God or the society. The more we give, the more we receive. Furthermore, the joy of giving is far more greater than thinking only of ourselves.
- Enjoy your life while investing for the future. We will miss the point of investing or having an emergency fund or insurance if we don’t to get enjoy life at present. Give yourself a treat from time to time so that investing will not be burdensome.
All of these steps require self-discipline and commitment. You may know many ways to achieve financial independence. Probably, your steps are better than the one I mentioned. But, nothing will happen when we don’t act. I guess the best time to attain financial freedom is NOW.