You are probably wondering how to achieve financial freedom in the future. The struggle to achieve financial freedom is one that plagues households all over the world so you are not alone. The idea behind living financially free consumes many people and they ultimately spin their wheels because they have no guidance on how to set themselves up for success.
In order to help you not get distracted by all the fluff and empty promises offered by the “get rich quick” gurus out there, I have compiled my personal list of 3 key things you should be doing right now in order to achieve financial freedom later on in life. These are real life solutions, not some magic formula that will make you millions overnight.
1. Get Out Of Debt
One of the biggest problems in society today is the abundance of debt that consumes individuals. You can never achieve financial freedom, and ultimately entrepreneurial success if you do not get yourself out of debt.
If you are currently in credit card debt (one of the most common types of debt), you must dedicate your time and efforts to getting rid of this debt.
If you are in student loan debt, read my article on how I paid off my nasty student loans in a little under a year.
If you owe a mortgage or maybe have a small car loan out, that is acceptable because some debts are too large to pay in full in any short amount of time. However, make sure that you can refinance or have your rate lowered so that you can afford the most important step (step 3) that I will talk about below.
The biggest problem with people in excessive debt is that they can’t get help escaping this debt. If you do need help, I highly suggest you find a program that suits your needs.
I have found a program that I recommend that has helped thousands of people fight off debt collectors, credit card companies, and even allows people to keep their homes. In fact, many people end up getting paid out after using this service. With a 60 day risk free trial period it is more than worth it to see if you can truly make money and escape your debt at the same time.
2. Educate Yourself
Many people think that the only way to become educated these days is through rigorous schooling. This is not true at all. There are so many ways to self educate especially with the accessibility of internet resources these days.
If you are struggling to make money, find a job, or struggling with life in general…A few good reading materials and the right platforms for education can really help. I can say from experience that attending a university will teach you a ton of information in one specific field.
However, attending a university doesn’t teach you everything you need to know to make it in life. It doesn’t teach you how to be an entrepreneur when you have absolutely no money starting out. It doesn’t help you to make money online, or even to build yourself an excellent resume that will land you a job.
Self education can teach you everything from networking skills, to technical skills that you may need in the future. In addition, there are always certification courses offered online that will allow you to build yourself some credibility when applying.
The more you learn the more valuable you become. You can also use the things you’ve learned to teach other people. This is one of the fastest growing markets on the web and the creation of digital content is quickly becoming one of the best ways to make money this day and age.
If you have ever wanted to work from home, land the job of your dreams, or become financially free and see your goals become realities, then it is necessary that you learn as much as you can.
Don’t just learn from every resource out there. While learning a large quantity of information can be helpful, you want to tailor your self-education to topics that will benefit you or that really fine tune your interests and passions.
3. Invest Your Earnings
One of the hardest things out there is figuring out where to invest money. With thousands of different options including real estate, online business, the stock market, private investments, or advertisement it is hard to know what will generate you more revenue in the future.
You should never be sinking your money into items that depreciate. Necessities are understandable but make sure that you are investing your earnings in things that will end up making you more money in the long run. One of the easiest things to invest is your tax return. Check out some solid suggestions on what to do with such a large lump sum.
There is also some importance to understanding how to create a variety of income streams for yourself. I’ve managed to create 7 forms of income for myself and some are definitely more profitable than others. Did you know that the average millionaire has a minimum of 5 forms of income? This seems like a lot but after you break down all the different possibilities of where to invest your money you will quickly realize that it’s not too hard to attain.
Why These 3 Things Will Lead To Financial Freedom?
It’s hard to imagine that three simple elements like this can contribute to the ultimate goal of financial freedom but they certainly can. When you remove debt from your life you are essentially removing money leeches.
Debt accumulates and perpetuates and can keep you from turning what you earn into more money. When in debt you are just paying out all the money you work hard to earn in the first place. If you want to be financially free this model is not sustainable.
When you finally pay off all of your debt you will then be able to spend the same amount of money you were spending on debt on investments instead.
The second point of self education is important because if you don’t teach yourself how to properly manage your money and adjust your life to propel yourself forward, you will not achieve financial freedom as you hope to.
By investing a large majority of earnings now you can see huge potential for earnings in the future. Making more money on the money you are currently bringing home is the only way to be truly financially free.
Eventually you may find a program or outlet that will allow you to make money from anywhere in the world or make money while you sleep. This is the ultimate goal and true luxury lifestyle.
Financial stability is not to be underestimated. This allows a legacy to be created that you are establishing the pillars for in your lifetime. Work hard now so that your children’s children will have the life that they dream of. In the end, you will likely have the life you dream of as well.
If you have any questions or comments for me, feel free to leave them below. I would love to talk about any struggles you may be having and see how I can help.