Path to Financial Freedom
Do you wonder why people get wealthier and you are getting poorer
. If you think it is luck, then you are wrong. You must be prepared to be in this current position or may even end up poorer forever.
However if you spend some time and find out how they get rich, then you will realize it takes more than pure luck to achieve that wealthy position.
What is financial freedom exactly?
Each person may define it differently. The 3 main broad categories of financial freedom are:-
1. Achieving ample savings for retirement age. This group of people had started saving early from a young age. Thus they can retire early and spend time with their loved ones.
2. "Good riddance to debts". Having a proper loan repayment schedule and making sure all debts are paid on time; this group of people practically say Good-Bye quickly to their credit card bills, mortgage bills, car loan repayments and other loan repayments to various parties.
3. Managing to fulfill their goals and dreams - may it be the new car or house they managed to buy or going for the long-awaited holiday they have been planning for years. This group of people had written down their goals and managed to fulfill their goals by focusing their mind in achieving them.
Most of us would like to belong to all 3 categories but in reality, we may easily fall into only one category or none at all.
To achieve financial freedom, most of us think that savings are enough to last us through our lifetime. Yes savings are important but savings may not be enough as our savings are eroded by the increasing cost and standard of living and by inflation. Some of us may have little or no savings at all. We may also choose another option called investing in financial instruments but how much do we know about investing? At present, there are many uncertainties in the economic outlook so even investing is questionable.
Ever opened the letter-box at the end of each month and thought to yourself "Oh No! It is time to pay the bills again!" You drag yourself to the house and put up a monthly budget and realize you have hardly any money left at the end of the month? Or worse still, when you have not repaid the debt each month, a reminder letter (The word REMINDER in BOLD and RED in color) keeps staring at your face?
If we are still keeping our current job, it's the same routine and mundane lifestyle. If we are not earning enough, we may even work past our retirement age. But the worst scenario that can ever happen to us is when we lose our jobs. This is the most crucial period of needing an income to support our families and fulfill our financial obligations. So now we can also say goodbye to retirement.
So the reality is, most of us may not fit into the three categories. No savings, inability to fulfill our debt obligations and the least in our mind is to get a holiday or acquire a new car or house.
How do some people manage to belong to these 3 categories and still have more than enough in their bank accounts to last them through their lifetime and some are even able to pass their wealth to the next generation. Because they have found alternatives (examples: internet marketing) in increasing their wealth instead of just depending on their 9-5 job. It is just a matter of looking around, strategic planning and execution and BINGO they have hit the JACKPOT!
Sit down and think which category you want to belong to. Review your current financial obligations and manage them better, find alternatives to increase your earnings / savings and you are on your way to achieving your financial freedom!
Path to Financial Freedom
By: T. Shaamini Devi
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