Financial freedom is one of those things that can sound like a nice idea but not one that’s necessarily possible for everyone.
After all, you might think, don’t you have to start with family fortune in the first place or at least have the kind of job that pays you a million dollars a year or more?
In fact, neither of these things is true. Financial freedom is in reach for anyone who is determined to achieve it.
Your Mindset
Do you tend to think of yourself as someone that things simply happen to, or do you have a sense of purpose in your own life?
While it is certainly true that there are things in life that you don’t have any control over, an important element in establishing financial freedom is belief that you can direct the course of your life to some extent.
With this mindset, when things do happen that are outside of your control, you’ll know that the right way to approach them is not to throw up your hands and give up but to look at what you can do to improve your situation.
Think of yourself as the master of your own destiny. Changing your mindset also means thinking carefully about what you’re spending your money on and whether some of those expenses are worth it to you.
It is also important to structure your life for maximum freedom in areas outside of finance, so that you can achieve a well-rounded outcome.
Tips for Saving Money
Of course, it’s all very well to believe in yourself, but you also need practical tips that will help you achieve financial freedom. Some of this will involve long-term planning, such as making investments that you expect to grow over the years and decades.
However, this is also about learning to be more frugal in your daily life so that you can use your money for the things that are important to you. Once you are truly focused on saving money, you may be surprised at just how much more you have been spending unnecessarily.
One of the first places to look is at costs that you may have thought of as fixed, such as your auto and home insurance. Visiting Navient Marketplace gives you the opportunity to compare rates such as these as well as for student loan refinancing, and this can substantially lower your monthly expenses.
Tracking your spending and budgeting will also be an important part of identifying where you can save on everyday expenditures.
Setting Goals
As you set out on this path, it’s also important to define what financial freedom means to you.
For some, it might be the ability to retire 10 or 20 years earlier than they might otherwise, but maybe you love your job and have no desire to retire. You might want the freedom to support loved ones through difficulties, in starting a business or in creative endeavors.
Maybe you want to shift to working only part of the year or having a passive income. Being as specific as possible about what your goals are will help you plan to achieve them.
