What is Financial freedom: 5 ways to achieve it

WHAT IS FINANCIAL FREEDOM?

Financial freedom is when you have enough money, time, and resources to live your dream lifestyle and fulfill your heart’s desires. To become financially free and independent you should focus more on passive income and wealth. When you can cover your expenses and lifestyle without a 9-5 job or being dependent on others you are deemed financially free.

HOW TO ACHIEVE FINANCIAL FREEDOM & INDEPENDENCE

1. Self-knowledge (know yourself)

It is often said that “Self-knowledge is the beginning of wisdom and wealth”. While this might be something you rarely come across during your financial freedom research, it’s absolutely important you know this.

Yes it pays and it’s cool to invest in the stock market, real estate, and cryptocurrencies but your greatest investment is in yourself and that’s your first step to financial freedom. Your ability to understand and manage your time, thoughts, and emotions is key.

Self-knowledge can be broken down into many forms some of which are personal development, spiritual health, priority management, having a vision, and setting goals.

Successful self-knowledge and spirituality manifest in the form of practices like meditation, mindfulness, and heightened consciousness. These practices help us to identify and overcome self-limiting beliefs and to build successful habits towards achieving our goals.

When these practices are in order wealth will come easily and readily to us. Self-knowledge helps you to create and maintain mental, emotional, physical, and then financial breakthroughs.

Paying attention to your mental diet shapes your ability to succeed. Since your thoughts create your emotions which in turn creates your reality.

Top corporations that mandate meditation amongst their employees

• Apple
• Google
• Nike
• Yahoo
• Facebook

The virtues and qualities of self-knowledge lead to very high spiritual health. This is the true foundation of all success, wealth, and ultimately financial freedom.

While being poor and struggling to make a living is tough, being rich without being spiritually centered is harder. Self-knowledge is having the understanding that possessing all the money in the world isn’t going to make us happy or fulfilled, true happiness comes from doing what we love, living according to our life path and soul’s purpose, and finally being in divine alignment.

Let’s be honest with ourselves and face the truth, there are multi-millionaires and very rich people out there who are not fulfilled with what they have. They open new businesses and ventures seeking the right path that will bring them true happiness and fulfillment. On the other hand, there are people with very little yet they are happy and contented with what they have and do.                                                FINDING BALANCE IS KEY!!!

2. Create a budget: track your expenses and clear your debts

“Where focus goes energy flows”, tracking your spending habits and living debt-free is very essential on your road to financial freedom.

Creating a budget that helps you to keep track of your cash flow is very vital, every major corporation has an internal and external auditor and accountant that does their bookkeeping and manage their financial statement. This helps the organization to focus on generating revenue for every project.

As a result of keeping a budget key factors like return on investment (ROI), and break-even analysis helps to generate more revenue and income for every corporation.

Treat yourself like a corporation and investment because you’re one.

A budget helps us to track and cut-off unnecessary spending habits. More importantly pay off your debts like credit card debts, student loans, and mortgages on time because accumulating interest rate is a killer of wealth building and financial freedom.

Below are the best apps to help you budget.

• Mint
• Good budget
• YNAB
• Every dollar
• Personal capital
• Pocket guard
• Honey due
• Fudget

3. Start a side hustle and become an entrepreneur.

Entrepreneurship simply means being in control of your income, time, thoughts, and emotions. You will become financially free and independent when you become an entrepreneur (based on the definition above).

A side hustle is a hustle you do on the side to earn extra cash revenue and passive income.

Your long-term goal should be to quit your 9-5 job and have ownership of assets and your own sources of income. Start planning now, so you can switch from active income to passive income.

Luckily enough we live in the digital and internet age where you can make money online.

Start a side hustle that’s connected to what you love. If you work a job you don’t like, chances are you’ll never become financially free. The goal is to work on what you love and love what you do so that when challenges come you’ll be able to overcome them.

Below are some side hustle ideas you can do

• Affiliate marketing
• Freelancing: Sell your talents and services on companies like Fiverr, Upwork.
• Sell items you no longer use on amazon, Etsy, Jiji, facebook marketplace.
• Start a youtube channel
• Sell digital products online
• Drive for uber or lyft
• Rent your car

4. Invest and earn passive income

Passive income is income you earn without you actively working and money you earn in your sleep. The most effective way to financial freedom is to earn passive income.

This is a key requirement for wealth but funny enough they never teach this in schools.

Active income is your regular 9-5 jobs that require you to get paid based on the number of hours you worked. But with passive income, you work initially and get paid forever.

It’s cool to invest in stocks, real estate, etc. but the greatest investment you can make is in yourself.

Here are some intelligent questions that help you on your journey toward financial freedom.

What do you do during your free time?

Are you learning a skill or just browsing through social media?

Are you creating content or simply consuming content?

Are you making memes or millions? Lol

Below are some ways you can invest and earn passive income

• Dividend stocks: A powerful technique to generate passive income is through dividend stocks. To obtain huge dividend checks, you’ll need to invest a sum of money and conduct extensive research to locate good stocks that will bring revenue in the long run.                                                                                                                                    You can do it yourself or get a stock broker or a professional. In addition, you can ask your bank to do it for you. Banks usually run this type of investment the only difference is that they take higher interest rates compared to if you run it yourself. You should also operate off the principle of compound interest, where you reinvest your returns instead of cashing out.                                                                                                                                                                                                                                                                                        This strategy helps you to pay less in the interest rate and taxes and also increase your returns by the power of compounding.

• Cashback apps: Cashback is a form of payment that you earn using your credit card. It works on a principle that requires you to purchase what you would normally buy. When purchasing use your credit and for every purchase, your bank will pay you a percentage.

You have to talk with your bank and ensure your credit card is set up for cashback or you can use some cashback apps like DOSH, TopCashBack, Rakuten (Ebates), Capital One Shopping, Coupons.com, Honey

• Build an app or product to sell: These days you can literally sell anything online from ideas to physical products. Look for a way to share your ideas either through ebooks or online courses.

We are all good and unique at something, In part 1 we spoke about Self-knowledge and doing what you love.

There are a lot of content creators online that sell products like fitness, how to find love, how to teach, how to cook etc.

Remember the goal is to be of service, there is something you’re uniquely good at that doesn’t mean much to you because you’re used to doing it but guess what, there’s someone out there that is willing to pay for what you’re offering. Take advantage of sites like Etsy, Shopify, udemy, Coursera,

• Real estate: Buying and owning real estate is an investment strategy that can be both satisfying and lucrative. There are many ways to make more with real estate.                                  

One is ownership of land or building whereby you are the landlord of the property and you make money by renting either monthly, annually, or by land disposal.

The other method is flipping, this is a process whereby you buy undervalued real estate fix it, and then sell it at a higher price.                    

The last method is to rent your home, house, apartment, or even a single room on Airbnb, VRBO, VACASA.

5. Self-education and online courses.

The last and most important method we will be looking at is Self-education. All other ways to financial freedom we covered in this article involve a level of Self education.

Remember your time is your greatest asset and you’re your most valuable investment

Self-education helps you to learn new skills and habits that will continually generate passive income for you. If you are really serious about becoming financially free you have to realize you can no longer remain the same person you used to be, there will be a lot of Self-development, improvement, new habits as well as skills you have to adopt.

Luckily enough for you, we live in the digital age where a lot of information and skills needed for you to become financially independent have already been outlined for you to watch. You can learn and develop skills by subscribing to online courses on reputable platforms like Udemy, Coursera, teachable, and the likes

On the internet, you can learn and receive guidance from anything you could possibly think, even about “financial freedom” itself. There are a lot of gurus and mentors out there who have achieved financial freedom and will give you everything you need to become financially free including tested secrets and proven investment strategies that work for them.

Luckily enough for you, this will save you time, money, and energy making your road to financial freedom easy and worth it. This works irrespective of your level in life.

Of all the financial freedom mentors out there, the best we can recommend for you is yours truly, our very own brand online course “FINANCIAL FREEDOM”.

Our financial freedom program is uniquely different and the best in the sense that we provide you with secrets not shared by other gurus. Our program is divided into two sections.

1. We cover all the key secrets and investment strategies given by other top gurus and in addition

2. We provide and teach you how to tap into the foundation of all wealth and riches, which is the manifestation of secrets (Self-knowledge) and Self-development strategies.

This is your blueprint on your road to financial freedom which helps you to manifest and live the life of your dreams. With the right foundation set in place, you’re guaranteed to remain a multi-millionaire irrespective of the obstacles you face along your financial freedom journey.

FINANCIAL FREEDOM QUOTES

CONCLUSION

You can be anything you want in life as long as you open yourself up to the possibilities. Remember when your income exceeds your expenses you are deemed financially free and independent. Also, the most effective way to guarantee your financial freedom and success is through passive income.

All the information in this article is putting you on the right track but if you are interested in taking a closer step toward financial freedom you can click the link below to check out our financial freedom program. We update our course contents regularly and you’re guaranteed to live the life of your dreams.

Program link: FINANCIAL FREEDOM