What really is financial freedom and how do you get it?
Financial freedom is a phrase that people say often but what does it really mean? To us it means being able to make decisions based on what you want, not whether or not you can afford it. It means being prepared for impact in case something happens to you or your family. It means being able to say “yes” simply because you want to say “yes”. Most importantly, financial freedom can allow you to become the person you are meant to be and be able to make an impact on your life and the world. It can be summed up in one word…CHOICES.
For so many of us, financial freedom seems elusive. 78% of Americans who work full time, live paycheck to paycheck which means the thought of being able to quit your job seems impossible. Don’t throw in the towel yet! There are some strategies to help you move in the right direction. Below are 7 tips for success:
1. Make a decision and take control of your finances. It starts with you taking a hard look at your finances and recognizing if you keep doing what you are doing, nothing is going to change. Once you decide to make some changes, get your family or partner enrolled in your vision. You want everyone on the same page.
“I realized I was avoiding taking a real hard look at my budget, expenses and bank account. Because I made a good living, and had the mindset of, I can always make money, I wasn’t paying attention to my future goals” Kim
“Talking to my family about our goals financially and in life made all the difference because I felt supported.” Shari
2. What’s your number? You have to know what your financial freedom number is for you and your family. Is it $5K a month $10K a month or $100K a month? Everyone is going to have a different number. Think about your life and what you would do if you didn’t have to worry about money. Where would you live? Would you travel? Do you want to give to charity? Is supporting a family member important? Before you can figure out your number you have to first really think about your life. It’s time to start dreaming again and think of the possibilities.
“It wasn’t until I really sat down and thought about all the things I want to do that I really thought about what I would want to make on a monthly basis to feel completely free.” Kim
3. Track your spending. Review Expenses and Make a Budget. You can’t know what you need until you know your numbers. Figure out what you spend on groceries, health care, insurance, gym membership and all your expenses. One way to do this is by reviewing your last few bank statements and find the average. Once you know what you spend and what your expenses are, you can make a budget.
“I have to admit, this part is not fun. The thought of a budget was stressful. But once we did it as a family, it was easy,” Shari
4. Save 4% of your paycheck. We know the first thing you are thinking is how can I save 4% when I don’t make enough. The truth is, if you made less you would spend less so you can find a few places to make some adjustments. Start by calling all your services. Are you getting the best rate for your phone, TV, electricity? More often than not, you can shave some money simply by asking. Maybe you are going to eat in more. Make little changes that can make a huge difference. Have 4% taken off right when you get paid so you don’t see it.
5. Set an Attainable Goal. Too often we set a goal that is too big from the start and we get discouraged. Set achievable goals that are going to inspire you.
“It wasn’t my goals that were unrealistic, it was the time I gave myself to achieve them. Once I broke my goals down to weekly, monthly and yearly, I was able to start achieving them!” Kim
6. Invest in yourself. If you want to be financially free, you may have to learn new skills. Find ways to gain knowledge. There are many free resources and information available to help you grow personally and professionally. As part of investing in yourself, find a mentor who is financially free and ask for feedback.
“Personal growth changed my mindset about believing financial freedom is possible. I read, got coached and that is what truly made a difference,” Shari
7. Start a side hustle. This for many might seem overwhelming because you may already be overworked and underpaid. But, a side hustle could be the vehicle to help you transition out of your job and provide you with the financial freedom you want. Find something you can build in the nooks and crannies of your day. Find something that gives you an opportunity to build asset income.
“We both believe Network Marketing is the best side hustle around. It allows you to start a business for next to nothing and make money immediately while building a business for yourself. The business model gives you flexibility so you can build it while you are working full time. The industry is about personal growth so the tools you learn building a business will help you in every aspect of your life. It is probably the most misunderstood profession, but for someone who is serious about financial freedom, it is a viable option. It enabled both of us to quit our jobs and have…Choices” Shari and Kim, The Savvy Sisters
The Savvy Sisters
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