Many people in the world are struggling financially.
Financial struggle is quite different from not being wealthy because most people that you think are rich are also struggling with their finance.
There are still few people in the world that are very successful with their finance even if they are making little money every month.
These kinds of people are out of debt, they have enough savings, and are free in every sense of finance.
Have you ever wondered how these kinds of people do it?
Do you want to achieve financial freedom too?
On this post:
You will learn 5 little secrets to achieve financial freedom in your life.
1. You Need to Make Sacrifices
You have to be clear why you want to be debt free. I know it is obvious but you need to know your reasons and have them by heart.
Why do you want to have financial freedom?
Everything else will become easy when you truly understand why you don’t want to be leaving from one paycheck to another, or why you should pay off your debts.
Think about the security and safety you will have.
Think about you having the means and power to take care of your family and friends if they run into trouble.
If you can think about those things, you will see clearly why it is so important to make sacrifices.
Why you should take yourself outside of you comfort zone in ways otherwise you wouldn’t be able to.
And you can be selfish about this:
Instead of thinking about your family and friends, you can think about how you will feel when you have enough money in your bank than you normally have.
Seeing you bank account grow each month instead of reducing.
This leads us to the second point…
2. Spend Less Than You Make
Spending less than you actually earn is a basic rule that will always make you a winner in personal finance.
I will admit that it is not so easy to practice this rule.
The way money slips through our finger is faster than how water slips down on a smooth surface.
I completely understand that.
No matter how much a person makes there is always a different agenda for his bank account.
One of the reasons why most people are like that is because money is a taboo.
What does that mean?
You hardly talk about it with friends or colleagues without being judged or offended.
And the solution to this is that you need to start having honest conversation about money.
You need to get above your ego and learn about money.
Reading this post is your first step to learning about money and I strongly advise you to use the tips in it.
You can get more advice and tips from books like The Total Money Makeover by Dave Ramsey, I will Teach You To Be Rich by Remit Sethi and Unshakeable by Anthony Robbins.
3. The 50/30/20 Rule
This is important:
Make the habit of dividing your monthly income into these three parts.
First Part – 50 Percent
Here it is…
Let 50 percent of the money be the part you will spend for the whole month. It is from this money you will buy all the things you need for that month.
Reduce all your monthly spending and never spend above this 50 percent. It should include both important and unimportant spending.
You basically have to recondition your mind that the money you earn in a month is the half the actual money.
I believe you get it.
Second Part – 30 Percent
30 Percent of your monthly income should go towards an investment. I strongly recommend this part because if you stick to it, pretty your income will be rising.
You need to be aware of where you put your investment though.
You should only invest this money in what will continue to yield you money.
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Third Part – 20 Percent
The remaining 20 Percent is your savings. You should also use this part to pay your debts if you have any.
And after the debts, the money should continue to go into your savings.
You should save some money for emergency fund. Emergency fund is the money that you only spend during emergency only.
Then after that, you save some money that can feed you for a year in case if you lose your job or something bad happens to your main source of income.
This part is usually your monthly expenditure multiply by 12 months, you should do the maths.
If you can implement this three rules, you are very well clear on your road to financial freedom.
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It is not compulsory that you use this rule exactly…
You own investment can be 50 while your savings can be 30 and you spend 20 Percent of your monthly income.
It is very flexible, just make sure that you spend on those three parts and you save for emergency.
4. Avoid Lavish Lifestyle
The first thing that most people do whenever they start to make a little more money or got a salary a salary increment is to upgrade their wears, furnish their apartment, or buy another car and other shits like that.
They usually believe that they are rewarding their self or it is the best way to tell their self WELLDONE. And I assume you have such belief too.
If you are mindful and keep your lifestyle in check and not inflate it as your income rises 5-7 years later, you will be living a lot more comfortably than increasing your lavish lifestyle each year.
5. Forget The Myth of I-Don’t-Have
This something that you use to convince yourself that you need to go out and but that thing.
This is the secret:
Our brain will always tell us we need this we need that. You don’t have this and that.
Or you need to buy this if you want to do that.
A bit more constructively, your brain can tell you that you can work out until you pay for the gym membership. Or you need a pair of sneakers to exercise.
The truth is that your brain is only procrastination and stopping you from starting your goals. It is try to convince you that buying that extra thing is going to solve everything.
Know that you brain is lying to you.
We buy a lot of shit and I mean a lot. And the sad part is that we convince ourselves in sneaky ways why we deserve it.
You hear people saying shit like:
“I like shopping, is there anything so wrong in that?”
Know that most adverts only make you feel like you deserve the indulgence, acting like you’ve worked so hard and you deserve this crap and that crap.
The truth of the matter is what you and I deserve is to be debt free. You deserve not living paycheck to paycheck.
Don’t follow the crowd.
Most people are rich because they make wise decisions with their money. They don’t live in an apartment they can’t afford.
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