Achieving Financial Freedom – Easier than You Think
Achieving Financial Freedom Easier than You Think
Have you ever wondered why some people in the same economic class as yourself seem to achieve financial freedom effortlessly while you struggle to make ends meet and pay off debt once and for all?
The first step to solving this dilemma faced by millions, if not billions of families worldwide is so easy that a lot of folks tend to overlook it. First and foremost, you must admit that there is a problem.
Money does not grow on trees and is quite difficult to earn. By acknowledging and accepting that you have money problems, you will be able to address them in a rational and systematic way.
Getting into debt is like digging yourself into a hole. You will almost always have the shovel in your hands when you incur more debt because it is your overspending that increases it.
To achieve financial freedom you must determine what kind of enemy you are facing. List down all the names of the banks, companies or people you owe money to and indicate exactly how much you need to pay them back. Also keep a record of which ones have the highest interest rates so that you can prioritize them over the others as interest can really get you into more trouble.
Once you have done this, set aside a certain amount of money on your next payday specifically for spending on the essentials like food, water and utility bills. The rest of the cash should be allocated to settling your unpaid balances with the highest interest rates.
If you are disciplined enough to do this over the next couple of months or maybe years depending on your situation, there is no reason for you not to be able to pay off every cent that you owe.
A great way to speed up this process is by looking for other sources of income. Consider doing freelance work or looking for a part-time job. That way, you will be able to generate additional funds to go along with the money you get from your regular job and ultimately allowing you to settle your debt faster.
The best way to achieve financial freedom is by living within your means. Spend only on the things you can actually afford with the cash you have on hand. Buying things on credit is a recipe for disaster especially if you do not have the capacity to pay the credit card companies back. Make a promise to never waste money on the things you do not need and you'll live a happy and debt-free life.