Financial freedom is something that all people, regardless of culture or background, hope to achieve.
The fact that so many can’t do so shouldn’t stop us from making it our goal. As unscalable a mountain as it might seem, a well-thought-out plan and the willingness to stick to it over the long term can be your best asset in reaching the summit.
Here are six steps to help you on your journey:
Debt is the first thing people need to address before getting anywhere. If and when an emergency arises, fast cash loans with low interest are a much safer alternative than a high-interest loan from a bank or payday lender.
Learning how these low-interest microfinance programs work to relieve short-term pressure, without adding to the problem, is essential in reaching fiscal freedom.
Unmanageable debt can be a seemingly insurmountable impediment to putting your finances in order, and your first goal should be to slowly, but surely, eliminate it.
The reason so many people fail to reach their financial goals is that they give up too easily.
The average working American owes $4,717 in credit card debt, which, at an interest rate of 15% and a minimum payment of $189, will take slightly over ten years to pay off.
No meaningful change happens overnight, but most don’t think like this. Instead of figuring out how to eliminate their debt with a well-thought-out strategy and generous helping of patience and self-discipline, too many people succumb to the lure of easy money and pile on more debt, ensuring that they will never escape the cycle
Envision Yourself Already There
We should never underestimate the power of positive thinking. Staying positive throughout this journey and focusing squarely on your goals and objectives is key to achieving success.
No ship leaves the harbor without its captain knowing its destination and neither should you. Being at the helm of your own life’s course and envisioning your goals will not only keep you firmly on track, but it will also help you overcome any hurdles you may encounter along the way.
This step might sound easier said than done but by once you’ve reduced or eliminated your debt, much of your income will no longer disappear as soon as it arrives. Your next move should then be to start saving that extra cash.
With more disposable income, many fall into the trap of spending more. That fancy new sports car or backyard pool can wait! Focus sharply on your priorities and the progress you’ve made. As Dave Ramsey’s famously put it:
“We buy things we don’t need with money we don’t have to impress people we don’t like.”
Receiving an Inheritance
Receiving a monetary inheritance is a gift. Although the circumstance by which you are given this gift can be emotional and stressful, it can change your lifestyle.
Your inheritance could come at a time in your life when you are in desperate need of monetary assistance, or when you are quite comfortable in life and have no immediate need for it. Regardless of your circumstances, there are benefits to obtaining your inheritance at the beginning of the probate process rather than waiting until the end of the closing of the deceased’s estate.
The probate process of an estate can take anywhere from two months to over one year. The length of time can depend on the value and the size of the estate as well as the time it takes to work through the many legal components of the estate.
If you are an heir to a sizable estate and you need your inheritance now more than you will need it in a year, you should consider an inheritance funding company.
Skip the Probate Process
The first step to receiving your inheritance early is to get proof that you are indeed an heir to the estate.
Once that is determined, an assessment will be done as to the amount you are to inherit, and a percentage of that amount can be made available to you long before the lengthy process of probate finalizes. Generally, you can receive your money within a couple of days.
Use Your Inheritance Wisely
The amount of funds that can be advanced varies. It depends on the size of your inheritance and the percentage of that inheritance the company is willing to advance. You can use these funds any way you need or want.
The practical benefit of getting such an advance is that it allows you to take care of immediate needs such as:
- Paying off education loans
- Paying off credit card and medical bill debts
- Fixing or replacing a vehicle
- Assisting a loved one in need
There is also the benefit of getting a head start on your future planning. Rather than losing that year or more waiting for probate to finalize, you can begin investing in yourself now by using your inheritance for the following:
- Education expenses for a new degree or certification
- Home purchase or remodeling your existing home
- Building your retirement
- Setting aside funds for future healthcare
It is wise to use your inheritance in a practical manner to benefit you; however, you should also consider splurging a little. Take that much-needed and well-deserved dream vacation you would not otherwise be able to afford.
Consider These Factors When Deciding To Receive an Inheritance Early
A unique factor of advance funding a portion of your inheritance is that you do not have to pay it back like you would a loan, nor is interest charged on the advance.
Once the estate is finalized, the portion of the distribution you received is paid back to the funding company. After that, whatever remaining funds are due to you are disbursed. It is important to know that any other heirs to the estate are not affected by your decision to advance fund your portion of the inheritance before the estate closes.
Another factor to consider is any fee the company may impose for the advancement of funds. You may receive less of the final inheritance due to payment of such fees.
Receiving any size of an inheritance is a great gift. The larger the gift, the more important it is to consider your options of how to wisely improve your lifestyle, either immediately or for your future.
For many families, one, or even two, steady paychecks is not always enough in today’s economy. For this reason, it pays to research additional revenue streams that you can establish without excessive, ongoing investment of time and effort.
There are many ways to generate passive income, and with a bit of imagination and ingenuity you can supplement your primary income and relieve some of the monthly pressure. From blog or affiliate marketing to real estate investment or stock trading – the possibilities are nearly endless.
Financial freedom is closer to most people’s grasp than they realize. With some foresight, patience, and determination to get there, you too can finally live ever more elusive American Dream.