Some people don’t believe in financial freedom, or at least, they don’t think it’s something available to them; after all, people need to work hard for their money until retirement rolls around. But that’s not the case; financial freedom is an open road you can start traveling today.
If you don’t know where you’re going, you’re never going to get there; on the other hand, if you have a clear destination in mind, your journey can be faster and more controlled. The same can be said for your journey to financial freedom; you need to set some goals to reach a destination.
Goals for financial freedom come in different forms; there’s the accumulation goal which is the point you want to get to where money no longer matters, then there is financial control, which gives you the comfort and security of Manufactured homes without putting in the hard work.
Once you have your goals in place, it’s time to work out how you’re going to get there, but if you don’t have the goals set out, chances are you don’t have your finances under control either. Always have a clear idea of what your goals are – do this by writing out a goal statement.
If you’re looking for more control over your finances, along with security and better spending power, you probably need a passive income strategy that helps to grow your income when you’re doing other things. Alternatively, you need a savings and investments plan for the future.
Take some time to reflect on your financial life, perhaps over the last five years or longer. It makes sense to use a bank statement so you can track your spending and saving habits accurately; what you’re looking for are patterns in your financial habits that can be changed.
If you’re like most people, you have an attitude when it comes to saving and spending; some people save all their income when it comes in, while others choose to treat themselves and spend large chunks of it. Use the information as a road sign to change your money mindset.
If you want to succeed in your goal to find financial freedom, you need to think about your journey in three ways; you need to cover your immediate expenses, then you need money for saving and spending; finally, you need money for developing your lifestyle towards your goal.
It’s useful to think of this as the fuel economy you need to reach financial freedom; the more controlled you can be with your saving and spending, the better chances you have of reaching your goals. It also means you have a more comfortable life on the journey to your destination.
Speaking of journeys, don’t forget to enjoy the one you’re on; even if you haven’t reached your goal and don’t expect to for some time, make sure you have enough in reserve to treat yourself from time to time without getting carried away. Now and then, remind yourself of the destination.