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 five 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.”
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.