Now, more than ever, the need for financial freedom is what all people aspire for. Gone are the days of farming and tilling our own land where we get daily nourishment. In order to live a comfortable life, we need more to thrive. Here are the top tips in order to achieve financial freedom in less than 10 years:
- Understand financial responsibilities. To be able to achieve financial freedom, it is imperative to understand the underlying responsibilities of the individual. The next step would be to appropriately plan according to the responsibilities and follow the plan.
- Learn to say no to binge spending. Work can be very stressful and it can take a toll on our sanity. Some of us binge on food or luxuries that we can do without. My friend, Gina, earned a five figure salary monthly but did not seem to be able to survive until after the next paycheck. She spent so much on luxury branded bags and shoes that she had to cut on her food expenses. If she had learned to apportion a certain percentage of her income to savings, she would be able to live comfortably.
- Start investing! Money lying idle is money wasted. Having money sitting in the savings bank account is almost equivalent to spending the money because of the very low interest income we get from it—which is offset by inflation levels. Investing this idle money ensures that money works for you – not you working for the money. In our daily lives, we should seek to be free from financial burdens by making money work for us.
- Ensure Medical/Health Prudence. Hospitalization expenses have been increasingly expensive despite the betterment of technology. This means that the chances of survival have increased but this increase is at a cost (higher medical expenses). There are two ways to keep these costs minimal. The first is very simple – to maintain a healthy lifestyle (eating right and exercising regularly) thus, reducing chances of illnesses. The second is securing appropriate medical insurance. Following the above two prudent measures can significantly reduce medical expenses and ensure your longer life.
Learn more about Personal Financial Planning, talk to Jeffrey Fleurinor, CPA! Our Accounting and Tax Services in Georgia will help you save enough for retirement, pay for your children’s college tuition, and leave them enough to live a comfortable life if any unfortunate circumstance happens to you.
We believe that a financially sound goal starts by knowing your strengths and weaknesses. Talk to us at 404-884-9220 or email email@example.com to learn more about making money work for you!