Financial Freedom: What It Looks Like May Surprise You
Do you feel chained to your credit card debt? Are you worried about retiring on time? We all deserve to get ourselves to a point where we feel calm, confident, and in-control of our finances, both today and in the future. While financial freedom looks different for every individual, this freedom comes from the same habits: frugal living, goal setting, dedication, and positive thinking.
Here are four principles of financial freedom:
- Debt Free: If you owe thousands in credit card debt, then you’re tied to deadlines and losing money to interest. And if you’re only paying the minimum, you’ll never free yourself of this debt! Leave the cards at home, give your budget a makeover, and start paying off the card with the highest interest rate. Aim to free yourself of debt within two years, or sooner if you can manage!
- Security Is Freedom: Financial freedom means you can comfortably cover costs in an emergency. Grow your emergency fund by reducing splurge purchases, re-negotiating recurring bills, and automating transfers.
- Freedom of Movement: You may define freedom as not just security, but also as mobility. This includes having options that lead to peace of mind and happiness. If more freedom appeals to you, consider taking up a second career. The added income will create opportunities that may otherwise not exist.
- Future Freedom: If freedom counts on your ability to afford living without going into debt, then saving up enough to live according your preferred lifestyle in retirement can be the ultimate freedom. Set your long-term goal and reassess your savings progress every few years.
Don’t forget to take pride in each step accomplished along the way!
To learn more about how to improve your financial life and embark on a second career, visit Syncis at http://www.syncis.com/associates/.