Experts' Corner

guru forex ask

Daring ideas are like chessmen moved forward; they may be beaten, but they may start a winning game.

  • Goro Yang
  • Posted Articles: 13
  • Last Posted: 2017-06-14 08:41:01
    • Guru StarsGuru StarsGuru StarsGuru StarsGuru StarsGuru Stars

Achieve Financial Freedom in 10 Ways

2015-12-30 09:46:09

Everybody wants to attain financial freedom, right? Here’s how.


Build an Emergency Fund


Also called paying yourself first, this is the very step to achieving financial freedom. No person can move on with his next financial goal if he fails to come up with his own emergency fund. It is imperative to save at least two to three months’ living expenses, which can be used for unforeseen expenses and any investment. The money for automatic savings should be deposited the same day you receive your salary to avoid temptation altogether.


Set Goals



Ask yourself this question: What is my version of financial freedom? In other words, be specific with what you desire to achieve. For example, set the amount of money you should have in your bank account, lifestyle it entails, and the age it should be attained. The more precise your goals, the higher the likelihood of notching them. Next, count backward to your current situation and determine financial mileposts at regular intervals. Write it all down and place the goal sheet at the start of your financial binder or tracker.


Make a Budget and Stick to it



Create a monthly budget and stick to it to ensure all bills are paid and savings are on track. This monthly routine reignites your purpose to attain these goals and boosts the fight to evade temptation.


Settle Debts ASAP



Any high-interest consumer loans, credit loans, and other debt obligations hinder wealth-building. As much as possible, pay off the full balance each month and do not use any credit card for a month or two.


Do Not Splurge Like the Joneses



Just because you can, you should spend all you want. It does not make sense to show off all the latest cars or gadgets to your neighbor. Whenever you are enticed to spend impulsively, just think the reward is coming tenfold (or even more) in the future.


Be Mindful of Credit Score



Lenders and other institutions look at a person’s credit rating to determine the rate to be offered. Same thing with life insurance premiums. Why? When an individual is not aware of his financial spending, he is also likely to be reckless in other important life aspects. Obtain a copy of your credit report regularly to make sure there are no erroneous marks that will affect you.


Bargain



Many people are hesitant to negotiate for products and services, thinking the act makes them cheap. Bargain and save thousands of bucks every time. Small enterprises tend to be open for bargaining, especially if you are buying in bulk or repeatedly.


Educate Oneself Continuously



Review any changes, especially tax-related ones, to optimize all adjustments and deductions. Keep abreast of the latest news and developments in the market, and adjust your portfolio based on such changes. Education is the best tool against fraudsters who capitalize on people with less knowledge about the industry.


Take Care of Property



Taking good care of the things you own, such as clothes and cars, makes it last. Remember, the cost of maintenance is less expensive than replacement.


Exercise and Instill Balanced Diet



What’s the use of exerting effort to achieve your financial goals if you do not take care of yourself? Exercise, get enough hours of sleep, and eat right to reap the rewards of your hard work someday. Poor health may press you to retire early, and it might result to a lower income.


Are you on course to attain financial security? If not, start now.