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I know what you are probably thinking.
Simple steps to financial freedom? Sounds too easy, right?
There is nothing too simple when it comes to money right?
Truth is-Nothing is actually simple when it comes to the affairs of money and yes, I understand that.
Do you know that you can make “making money” look easy for you. And you can achieve that even quicker by applying these solutions until it becomes part of you( an habit).
An habit is something you do as often as possible. Once an action becomes a habit, you can close your eyes and do it without even thinking too hard about it.
These habits, listed and discussed below can make you wealthy for life.
It is not a one off thing. They are habits that should remain a part of you for the rest of your life.
- Save more and invest the difference.
Save more in this economy?
Let me tell you something you probably don’t know about a lot of wealthy people that have followed these 3 simple steps to financial freedom.
They always, always, I mean always, have money to invest. How do you think they come up with those huge funds?
They save like crazy!
So in good times, in bad times, in recession, in depression, anytime, they have lots of available money. This is because they do not want to miss out on any opportunity. The best of opportunities always come in times of economic slowdown or recession.
For example, while a lot of people are whining, cursing and complaining about the bad economy and the nation’s president, there are still a few souls making lots of money on the stock market.
Some popular companies’ stock prices have risen more than 500% this year. That means, if you invested the sum of NGN100,000 in any of them, that money will be worth NGN500,000.
Let me assure you this, I am not here to promote the stock market, though I fear that time might come.I am only trying to educate you on reasons why it is important to save in good times and in bad times.
The habit of saving always gives you an edge in taking advantage of opportunities. When you save more, there is always tons of investment where you can invest it in.
Perhaps the greatest task for you might be to develop that habit first. If you don’t have savings, begin saving!. If you have savings already, start stacking more money away. It does not end in savings, you have to be on the lookout on where and how to invest them wisely.
- Earn more and invest the difference
Earning more or passive income aside from your main source of income is easier in in our present world because of the rise of the internet.
Back then, in the 20th Century, a lot of working men and women were satisfied with a job. They will get a job and work their asses up until they retire.
It was much easier for them because the jobs pay well and they were relatively safe. This cannot be said for today’s jobs. You will count yourself extra lucky to get a good one. If you have a job, do not allow it to be your only source of income ( as a wise man never puts every of his eggs into a single basket). Be relentless in your search for other sources of income.
There are things you certainly love to do, use your current stream of income to start developing it.If you don’t have a business idea to develop, start seeking for one. When you find it, begin learning as much as you can ( never restrict your knowledge).
All you need is a phone with good internet access. You can take as many courses online(the possibilities is endless) as you want, subscribe to new and old blogs that teach what you want.
There is nothing you cannot learn online these days. And there are lots of free materials too.
Before you know it, your idea will start to pay you.
You might be surprised that your side job might even pay more than you expected. If you develop and market it further, it can pay more than your current job.That is when you will start thinking of quitting your job.If you finally take a bold step to quit, then it will not be long before you start all over again – developing new skills, new abilities, learning more and then starting yet again another business.
Relying only on your current 6-6 job as your source of income is not good for you but also hazardous to your financial health.
First is that it will only take a miracle for you to achieve financial freedom.
Secondly, what if you are sacked? What if the company suddenlygoes bankrupt and decides to shut down its operations?
It is always good to have a second source of income, even better to have multiple sources of income.They will save you a lot of stress and they will make you wealthy in lesser times.
Enjoying this post? Read on: 3 Simple Steps To Financial Freedom
- Spend less and invest the difference
Here is where it gets interesting:
Do you know that to spend less money almost means the same thing as saying to save more money?. When you are doing both correctly, you have the same intention of accumulating more money for yourself. But they are a bit different.
Someone who is trying to spend less might not have any savings at all.
The person might belong in the category of people who are striving to learn how to save. So there is no saving more for them because they do not have savings in the first place.
When you have a high income and maybe less responsibilities, you are sure that if you worked hard on yourself, you can save more money.That is when the two terms become the same thing because for you to start saving more from your income it simply means that you have to start spending less.
Nevertheless, because you are earning good money doesn’t mean your lifestyle should go through the roof. Instead treat it as an opportunity to build your wealth slow and steadily.
Keep your lifestyle simple(the way it was) or make a little adjustment, then invest the remaining funds.There are other little expenses that cause a lot of deadly attacks to your finances. Things like cars, fun things, accessories, watches, designer bags etc.
Yes, they sure do appear small, but when they add up, you will be amazed at how much these things cart away from you.Put your expenses under control and build your wealth.
Follow these 3 simple steps to achieve financial freedom.
You also need to invest a lot. You can see in the three steps above, it is made clear – invest the difference.
When you earn more,save more, and spend less, you are only freeing up more funds for investment.
Investment is the surest and safest path to achieve the financial freedom you so desire. It is what brings in more money into your bank account.
You should spend more time learning( reading books, watching financial education videos or signing up for financial mentorship) how to make better investments so that when you have that extra funds that come from saving more, earning more and spending less, you will have a lot of options to invest it.
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