Where would you like to be 10 years from now? Living in a big house with a beautiful garden, a private swimming pool, and a hot tub? A holiday home by the sea that you could use whenever you wanted to get away from the hustle and bustle of city life? Maybe you are already living this dream now. But if not, maybe you would like to live that kind of life eventually. Either way, it’s likely that you will want more than just your monthly salary to do it. No matter what your age, income, or financial situation is, you can still be financially free. You just need to determine the kind of freedom you want – where you want to live, what you want to do, and how much of your savings and investments you want to manage.
Yes, you may have heard about the various reasons why financial freedom is a good idea. But have you ever thought about how much money you should be saving? Maybe not. And neither has the 72% of Indians who were unaware of how much to put aside or invest to achieve financial freedom.
Whether you’ve never invested in your life — or have lost interest in passive investments made in the past — now it’s a better time than ever to learn the finer points of making smart, impassioned investing decisions. Don’t know what you need to do further? Worry not; just stick around and read this blog till the end to find out the ways which can eventually bring you the financial freedom that you have been just dreaming for. Let’s get started, then!
Grow Your Assets
Follow a Budget
It’s important to start in the right place! Before making financial goals, it’s important to get a good understanding of where you stand today. Budgeting is the best way for most people to keep track of their spending and decide what they can afford. It can be as simple as finding how much income you bring each month and dividing that number by the amount that needs to go towards paying bills, rent, etc.
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Set Your Goals
When you ask people what financial freedom means to them, they often respond with a general statement about wanting to be able to buy whatever they want. But just having that goal is too vague. You need to get specific: specify the amount of money you want to make and the date by which you want to reach your goal. The more specific your goals, the easier it will be to achieve them.
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Opt for a Credit Card
There are so many ways to save and make money. One of the easiest and best ways to save money is with a Credit Card! It can actually help your financial well-being. Credit cards can be your friend in more ways than one so opt for a student credit card or any other credit card as your friend.
With credit card rewards, cash back, and points, you can actually save money while shopping and doing the things you love. All it takes is a little self-control, and you can save money every time. So, if being spendy isn’t your style and you like to save, it’s high time you get yourself a credit card.
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Start Investing: Investing doesn’t have to be a complicated process. While there are many different ways to invest, the most important thing is getting started. Take the time to set realistic long-term and short-term goals, determine your risk tolerance, and find an appropriate amount to invest while taking into account the amount of time before you need access to those funds.
Keep Yourself Updated: It is of utmost importance for you to keep yourself updated about the updates in tax laws, financial patterns, and new rules and regulations. This will help you to ensure that all adjustments are maximized. The stock market has ups and downs, so it is important to make sure that you do not fall prey to those people who would try their best to take advantage of you. Keeping up with financial news and developments in the stock market will help to make you better at making investment decisions.
Keep a Tight Check on your Credit Score: The first step to any financial success is having a healthy and positive credit score. Your credit score is checked before you get a loan or even when opening an account with an insurance company or utility company. A bad credit score can open doors to many other problems in the future like it might become difficult to get your hands on a personal loan, home loan, or even a car loan.
Wrapping it Up…
In order to achieve financial freedom, you must find out the areas in which you lack behind and work on the same. You may start by setting up a budget for yourself and avoid spending more than your earnings. Make sure that your savings are increased every year in spite of your increasing expenditure. This can be simply done by cutting down unnecessary expenditures from certain monetary liabilities like loans or deposits and investing your money the right way.
FAQs
Financial freedom is different for everyone, and that makes it a broad concept. For some people, having the financial cushion to afford a certain lifestyle (plus a nest egg for retirement) is their definition of financial freedom. Others use this word to mean having no need to earn a certain income or secure a job.
Mutual funds pool money from many investors, who then invest in securities such as stocks and bonds.
Automatic Saving is a helpful strategy for boosting your savings. Deduct a specified amount from your bank account on a regular schedule and deposit it directly into your Savings Account. You’ll never miss the money, and you’ll see the benefits of having more in savings!