Financial Freedom Tips

Almost everyone dreams of being able to become financially free one day. Being in a good financial position will allow us to experience a greater quality. The better your quality of life is, the more time and freedom you will have. Time, stability and wealth all lead to less stress and more happiness. One of the biggest killers in the US and Canada is heart attacks that are caused by excessive stress. One of the biggest causes of stress is financial strain.


So how do we get there from here? Here are 5 tips to get you there:

1- Conserve:

No matter how big or small your income is you must learn how to conserve your income by budgeting. If you are truly serious about becoming free, then take this step very seriously. Millionaires and even billionaires are very conservative with their money and that is why they always have it. Poor and middle class people tend to be more wasteful. Cut down on all excessive spending.

2- Debt Elimination:

Financing and credit cards are the biggest ball and chain. These two financial killers will keep you in slavery for the rest of your life. Most people purchase oversized houses and expensive cars. There is a time for living extravagantly but that is only after you have become financially stable and free.

Most people will get married and then save for a few years to scrape up a small down payment for a home. Then they go out and borrow even more money for an over priced car. Then they struggle against the constant rising inflation. Then they end up getting chained to their jobs for the rest of their lives. Do yourself a huge favour and sell that overpriced car if you have one. Buy something more affordable. If your house is eating away at you too, sell it as well. It is time to clean house and eliminate all outstanding debt.

3- Elbow Grease:

Now it's time to role up your sleeves and put in a little elbow grease. Put in some overtime each week or get yourself an additional part time job to boost your income power. Most people are not willing to do this step because they are so preoccupied with their spare time. Sure having time off for rest and leisure is important but working only 40 hours per week isn't going to make you financially free.

4- Financial Education:

Go to the library or bookstore and find wealth building books that will assist you to increase your financial IQ. Have you ever heard the expression to think and act like an entrepreneur or successful person? Well these books will assist you to do just that. They will assist you to change your financial blue print. For some people this blue print may be set at thousands and for others it's set at millions.

5- Investing:

Investing will allow you to build passive income. Passive income will keep on growing without your constant supervision and effort. This is what the wealthy used as leverage to take themselves out of mediocrity. There are only 24 hours in a day and only so much that you can do all by yourselves. Passive income can have your money working hard for you. Forms of passive income opportunities include: Stocks, bonds, annuities, network marketing residual income, Laundromats and real estate.

6- Plan:

In order to become successful using the steps above, see a financial planner and get a professional plan of action set up. The planner will take your personal financial situation and set up a realistic budget and debt elimination strategy. Once you have a plan written down on paper, sign and date it. Keep this plan in a place where you can see it daily to keep you disciplined and focused on your financial goals.

About the author:

Rory Singh is an Internet Entrepreneur and Investor.

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