25 Jan The Pathway to Financial Freedom
Everyone dreams of achieving financial freedom. But only a few get there.
What is financial freedom for you?
Is it enjoying a comfortable life without having to work 9 hours per day? Or is it never having to worry if there’s food on your plate? This will likely mean different to each and every one of you, but how you define it may depend on your current financial situation.
So, to help you with attaining financial freedom, here are 4 steps to get you started:
1. Get rid of debt
Being in debt obligates you to pay the borrowed money back even if you faced unexpected circumstances that may change your situation like losing a job or getting in an accident. These situations would just make it even harder to repay debt and will cause you more stress. So if you’re ready to get on a path to financial freedom, it’s important to get rid of debt by deciding to stop borrowing money.
2. Budget your finances
Spending more than you make can be fun for a while but it is a sure way to financial catastrophe if done regularly. Make sure to budget your finances by living within your means, only purchase what you “need” instead of what you “want”. This may include making home cooked meals instead of dining out while at work, save on electricity and water by turning it off when not in use, limiting fun activities like traveling, shopping and going to the movie house and unsubscribing to tv and music streaming applications.
3. Start a business
When you have your own business, you’re the one who’s in control. You’ll have a more flexible lifestyle than working in a company however you are not guaranteed with a fixed salary. Only if you manage your business well will you earn more than you expected.
For more tips, reading Business Ideas You Can Start for Just 10,000 Pesos and 7 Tips to Make Your Startup Business a Success are a good place to start.
And if you already are a business owner, you can further grow your business by selling your 30,60,90 day term invoices and get paid as early as 5 days! Register now at Acudeen to get started!
4. Create an additional income stream
Earning from something other than your 9-hour job is an ideal way to be more financially-free.
If you want to achieve it, one example is through investments that will provide good returns. You just have to be careful with your choice and do a lot of research before going in. There are different ways to grow your wealth and how much you invest in your chosen channel will depend on your risk tolerance and investment duration.
Learn more about the top earning channels below:
Another alternative way to grow your money is through participating as a Funder in online marketplaces. Acudeen is one of the country’s top peer-to-peer marketplace platform that yields fixed income as much as 15% to 25% per annum.
Being financially free makes you live a worry-free life where you will be able to pursue your passion while having a comfortable lifestyle for you and your loved ones. So take some time to focus on your financial goals, think long term and have that positive mindset!