Does financial freedom mean having lots of money? does it mean knowing how to budget and save etc?or is it being debt free?
As i was preparing my next blog post, i wanted something that will make you and ME understand the end product of all this budgeting, saving, paying yourself, investing and entirely personal finances.
Why financial freedom?
Financial freedom happens when all that you budgeted and planned for your money has succeeded. It may mean being debt-free since all your money objectives have been attained and now you are in the journey of budgeting for your future plans
9 Elements of financial freedom
- Determination and
- Pay yourself
Set your financial objectives, a time period when you plan to accomplish them. Dedicate yourself towards your work, sacrifice a little more time than expected. Be patient. In order to be free from debts and mistake with your finances patience is a virtue. Determination surpasses all the factors and finally keep the focus to the end of the race. Do not forget to pay yourself. It’s self-love.
Many people venture into various businesses e.g entrepreneurs with the aim of achieving their financial freedom. But what will lead you to that point? How competitive are you in the business field? What are your potential risk taking strategies? Who is your target market and finally how profitable is your business that will enable you earn your desired profits and finally gain financial freedom? Challenges will always be on our way. The world and customers will not be aware of it, but what matters is getting up stronger and formulating new strategies that will get you there. Know your vision and financial objectives.
Before you ask me how your feelings are related to your finances, this is the point :D. How you feel about your finances, how important they are to you? and how much you are able to sacrifice just to get your finances answers the question. Are you the kind of person who gives up when they don’t achieve their financial objectives? Do you rely on your past financial mistakes to be a burden in the present or are you a go-getter, one who feels that everything around the world revolves around money and it is time to go for it?
Your mind set affects everything in life. Never go back to what made you broke and how you perceive your finances leads to your own financial freedom.