3 Essential Ingredients for Financial Freedom
Despite appearances, many people have overcome extreme disadvantages, such as poverty and hopelessness, and gone on to inspire many others with their incredible feats of self-improvement and perseverance. What they accomplished is proof that anyone is capable of doing the same. Working on ourselves is all that's required to establish and maintain our priorities, stay the course, and maintain confidence in our abilities.
True financial independence and prosperity can be attained through any number of possible approaches. Each individual will experience a unique combination of these elements. The path you have to travel to get there, though, remains the same.
The three very basic ideas are the foundations of our financial independence, and they are the sum total of everything we have heard or read from our elders, those with extensive experience, and our idols.
1). Stepping Outside Your Comfort Zone
They claim that if you don't change from your current habits, you'll continue to experience the same results. Everyone values their comfort zone the most. However, it is nothing more than a poison with a sweet taste. After all, nobody likes being forced to adapt. No one likes to step outside their comfort zone or take other risks. However, you can't improve your knowledge, skills, or life overall if you never attempt anything new. The same is true if you want to become financially independent.
Someone could get used to their financial situation, accrue debt, or lose motivation to work if these things become routine. But after a lengthy time of adjustment, that person may no longer view that lifestyle as undesirable. It's never fun to be in debt or reliant on others for financial support. They undermine our social reputation, drag us down into melancholy and worry, and harm our sense of self-worth and esteem.
• The first and most important step toward achieving financial independence is changing one's mentality and being willing to make adjustments to one's current standard of living.
• It's important to look at the things we've been doing badly up to this point that have been stopping us from making money. It's possible that we're encountering resistance from within, be it in the form of deeply ingrained practices or preferences or external factors like tragedy or chance.
• Recognizing and eliminating them is crucial. The new path toward autonomy requires not just a willingness to strike out on one's own but also an acceptance of the fact that one will never stop learning.
2). Setting Reasonable Objectives and Plans Accordingly
"If you assess a fish by its ability to climb a tree, it will spend its entire existence believing that it is stupid," goes a popular saying. That makes perfect sense. Certainly does, wouldn't you agree?
• It's thrilling to imagine a better life and take the initial step toward achieving that vision, but resist the need to panic. Don't act hastily or rush in without giving it any thought.
• You must be familiar with yourself before you can know anyone else. Overoptimism is just as terrible as underestimation. Explore your hobbies, strengths, and limitations to determine a lifetime vocation that you will enjoy.
• Develop objectives in light of the aforementioned considerations. Indicate your level of specificity. In other words, the objectives need to be within reach. Settling for unattainable objectives is futile. Despite how enticing they may seem, they never fail to leave us feeling dejected and unable to trust in ourselves.
• Effective preparation is the backbone of accomplishing any task, no matter how large or small. Work toward accomplishing your financial objectives, and then build a thorough strategy. If you've done your planning right, you've already made significant progress.
• In addition to your primary strategy, develop and have on hand a backup plan. Active income sources should be prioritized, but it's also important to keep an eye on your passive income streams.
• On gloomy days, reflect on what drives you. Get back to the very first question you asked yourself: "Why did you start?" This will give you the drive you need to accomplish your goals and the self-control you need to see them through.
• Take your time while deciding how to spend your funds so that you may maximize your returns. Think about all the great investing opportunities available to you.
3). Developing and Implementing
If you have followed the preceding two steps and have reached this point, you are very close to beginning a new chapter in your life.
It's best to take things slowly and steadily to achieve success. Proceed as intended; establishing a reliable stream of income should be your top focus. Even if you have a steady source of money, you still need to pare back on any unnecessary expenditures.
• Save a significant amount of money each month in addition to reducing your outgoings.
• Having a reliable source of income is crucial, but so is developing passive income streams. Things like that could be a part-time employment, an online job, an investment, or anything else.
• After a few years of success with that strategy, you should put in as much effort into the passive sources as you did the active ones. This could involve anything from starting a business to investing in land or real estate or even gold.
• Nonetheless, remember that development is never confined to monetary success. Instead, it incorporates not just physical well-being but also emotional contentment, a sense of inner harmony, a strong support network, and a vibrant social life. Money is just one facet of a much larger system.
You should prioritize your health. Not being able to enjoy the fruits of your labor robs them of any meaning while you are sick.
• Try to spend as much time as you can with your loved ones. Satisfaction is the key to happiness; they have been there for you through thick and thin and deserve your attention and love. Insatiable avarice leads only to misery. Decide where to place a period and chill out.
