Follow these 5 Powerful Habits to achieve Financial Freedom
A friendly guide to attaining financial freedom.
Do you ever feel like, ‘I don’t want to do this all my life’? Or something like, ‘I can do better but I spend too much’. These are just a few statements that usually come knocking when you start working or land your first job.
To distance yourself from this situation, not very quickly but slowly and steadily, you need to turn towards financial freedom. It means your financial stress would be much lower; you would stop busting your ass out there just to earn a living. To attain this freedom, there are 5 powerful habits that will crush your financial goals.
What’s the plan?
Let’s start by understanding what financial freedom means to you. This is very crucial, as it will enable us to lay out the next game plan to accomplish freedom.
It could be debt-free living, an early retirement, traveling the world, etc. The list goes on and on. From all of these, identifying what matters to you the most will give you a clear vision for working towards financial freedom.
Let me quickly take you through some of the benefits of having financial freedom:
- Less stress and anxiety: You will relate to this! When I see my bank balance decreasing, my heart starts beating so fast that I can’t even explain it. And then I think about how many days this amount can cover my necessities. Then I start looking for some ways to make money, and eventually I become casual about it and let it be. So, this problem of less stress and anxiety can be reduced with financial freedom.
- Explore your hobbies and interests: Not worrying about earning money can do a lot of things, like bring out the artist in you or build a garden in your backyard. You can try out many things when this state is achieved.
- More time to spend with family: When you work, you don’t spend much time with your family, but when you have become financially free, you can spend a good amount of time with your kids, wife, sisters, brothers, and all the other family members. This will also result in increased happiness levels and make you a more relaxed person.
5 Habits to Build a Financial Foundation:
- Answer the WHY: The first question that should come to your mind is: WHY is it important for you? Clear out your mind about the motivation behind achieving financial freedom. It could be for your early retirement to travel the world. The thing I want to emphasize here is the importance of having a clear idea that defines your personal financial goals.
- Track Your Spending: Keeping a record of what you spend and where you spend on a daily or weekly basis is one of the crucial steps towards your financial freedom. A monthly budget helps cut the extra expenditure on useless items that are not necessarily needed at this point.
- Early Investing Habit: Develop a habit of investing when you are in your 20s. It will help you in 2 ways: first, you will invest a part of your income in whatever instruments you prefer, and second, you will develop a habit of sincere investing that will help you greatly in your financial freedom journey. Also, try to diversify your money in stocks, mutual funds, gold, bonds, etc., to maximize the returns, but only after assessing your risk profile.
- Keep a check on your progress. Now that you’ve started your journey, reduced the cost of living, and invested, the next step is to keep track of what you do. It’s important to keep track of whether you are on the right path or not.
- Focusing on Lifelong Learning: When you land your first job and start earning, you might find yourself in very overwhelming situations where you spend your salary on anything and everything, and you are left with nothing at the end of each month. This can be reduced to needs, wants, and a little bit of desire that will keep you from going broke.
By not becoming a show-off and focusing on learning and taking intellectual decisions, you’re helping yourself, your future self, and your future family.
Conclusion
These are not hard-and-fast rules; rather, they are steps towards building the habit of a peaceful future. If you want to become financially free and achieve your long-term goals, try these 5 powerful habits that will change your life entirely if you do them with full dedication. Also, keep upskilling yourself on this journey because financial freedom is not a destination but a journey on which you need to excel as well as enjoy.
Try implementing these habits in your daily routine to make the most of them and successfully achieve what you desire.
BONUS:
Check out these 3 budgeting and expense-tracking apps to ease your journey of achieving financial freedom:
- Money View: https://moneyview.in/
- Axio (formerly Walnut): https://axio.co.in/
- TrackWallet- https://trackwallet.app/
If you found this article helpful, do leave an appreciation message in the comments; that will motivate me to write more about such topics.
That’s it for today, I will see you in another post.
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