An average Indian always finds life settling things first and he thinks that if someone accomplishes something in life means his life is set. For example, let’s have a look at the following chain where an average person’s thoughts can read the future of a man.
When a person’s son is in 10th grade, he advises his son to complete 10th so that he can be settled in life! Once the son finishes his 10th, the same person focuses on 12th-grade marks and advises his son to finish it with good marks so that he can settle in life!
Now once the son finishes his 12th grade, his person focuses on degree education and asks his son to put a little more effort to pass it to get a good job! Now, the person thinks, once his son gets a good job, his life will be settled.
Once his son passes the degree, this person focuses on higher studies and advises his son to do that to settle in life with a good salary!
Once the son gets placed in a good company with a good salary, the expectation of that average person won’t go down but grow a little more! Now the person wants his son to get married to settle down in life!
Once the son gets married, he suggests his son have kids because it is the right time to have kids. Once that is over, the son concentrates more on his work to take care of his big family! So, he works hard for another 30-35 years.
After this, it’s the time of retirement where the son thinks now it’s the time to relax and settle down in life! Now that is when he starts to grow health problems and the life is still not settled! This is why we need to think of ‘Financial Freedom’!
Financial freedom is achieved when you work just to enhance your hobby but not for making money. People think to do what they love, but many a time they fail because they have to earn money for their survival. If you want to do what you love, you need to have enough money with you to spend on life.
How can you achieve this financial freedom?
You can either continue your loving hobby and sustain your lifestyle with the money you earn or make money at a young age and enjoy the retirement life!
We might need more money to enjoy a good lifestyle as our desires are increasing day by day.
What are the steps to follow to get financial freedom?
There are 4 steps.
- Cut down your expenses
- Earn more money
- Invest the amount left after your expenses
- Do not do any financial mistakes
To achieve financial freedom, you need to follow all these steps, if you skip any 1 step also, it won’t work! This I said because, if you earn more money and don’t cut down your expenses, you will end up losing all the hard-earned money. If you follow steps 1 and don’t follow 2 and 3, you will end up giving up the financial freedom plan. If you fail to follow the last, that is the 4th step, it will cost you high!
Now let’s learn how to cut down the expenses
Frugal life can get you there! Yes, count on discounts. Purchased can be made only on needs. Don’t be hurry in making decisions of buying anything, if you need it, you should buy it otherwise no.
Avoid money fluctuations in your lifestyle which can be achieved by living a simple life. When you get promoted at work, don’t upgrade your needy things, like, car, fridge, etc.
Now let’s focus on how to increase the income
Flourish your skills and work hard. Get promotions or hikes. Try any other source of income. Customize your skill sets and earn from them. For example, photography, podcast, videos, etc. Try to get income from the hobbies you like to do.
Now let’s come to the next step of investments
With a disciplinary method, invest in stocks, mutual funds, cryptocurrencies, etc. In a mutual fund, opt for SIP plans. Keep on investing a little amount and have patience until it grows. Start investing at an early age. Learn from experts and start investing.
Cryptocurrency can make you a billionaire if you invest in it wisely. This is the best option one can have on the money market for investment.
Learn about financial mistakes
Instead of a term plan, focusing on buying an endowment plan is a financial mistake. Also, if you do not have any emergency budget is called a financial mistake. Even not having a medical plan is a financial mistake. Jumping into trading by becoming too greedy.
Make a list of your expenses which can be ok even if you are not earning money. In this fast world is going through stress and many of us agree that we do not want to earn for all our life sacrificing our self-time. Also, we realized that our desires have no end and we end up buying luxurious things without any need for them.
Now, after reading my article about financial freedom, I’m sure you too would like to get financial freedom. Opting for Cryptocurrencies is one of the great ways we have. So why wait? Start from now!