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4 Secrets of Financial Freedom

4 Secrets of Financial Freedom

Everyone is looking for financial freedom, and we try to do it by getting involved in something we are passionate about. Many people have found this freedom by starting a business or working their way to the top in a company. In the past 5 years, there have been more millionaires than in any other period looking back. Much of their success can be attributed to the popularity of the internet, and the resources available online. The cool thing is that many people have written about this success offering their insight into what makes a person successful, or what someone must do to stay ahead of their competition. These same people have mentioned the “secrets to financial freedom” and have written lengthy books while making millions of dollars through sales. Today, we’ll be going through something very special…

We’ll be exploring the “so-called” secrets and what you can do right now to start working your way towards financial freedom. However, it’s very important to mention that this freedom does not necessarily mean you’ll be happy because no amount of money can buy happiness. However, you can use the money you earn to help others and build a wall of happiness around you.

Let’s get started and your feedback will be greatly appreciated:

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1. Money Management

You might have a great foundation with your family supporting you or have a high paying career, but you won’t get closer to financial freedom if you don’t know how to manage your money. I know many people who spend more than they make, and this doesn’t bring them closer to their bottom line. To achieve true financial freedom, you must know how to manage your money and learn how to save, letting your money work for you. Many of the top money managers have stated that if your spending habits are uncontrollable, then you’ll end up worst off then some of the people who don’t make much at all. Therefore, saving money is one of the most important steps to financial freedom.

Start to understand your spending habits, and jump back on track by controlling your expenses, learning about savings and budgeting. Know what’s important right now in your life and what you can do to reinvest into your savings. Identify the areas where money spent truly pays off in a better quality of life for your core interests. For example, some people spend money on their business because they know long-term this will increase profits, grow their customer base and ultimately their business.

2. Your Career Choice

This is going to be one of the most important decisions you’ll make ever, and you should spend time making it by researching growth markets. For you to get closer to financial freedom, you must love what you do, and be earning enough money doing it. However, on the other hand, I know a lot of people who make enormous money but are miserable getting up to go to work in the morning. Follow your passion and everything else will fall into place accordingly.

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Some of the best advice I can give you about choosing a career is to get involved in one which plays to your best strengths, and where you’ll be an asset to the company. If you start your own business, then base it around those very same set of skills.

3. Always Set Goals

Someone once provided me with a great analogy about why setting goals is important, here what they said –

“When you set goals, you’ll be like a ship with a compass knowing exactly where it’s going. However, without goals, you’ll be lost at sea”.

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Therefore, you should have a clear-cut plan about what you want to accomplish, and how you’ll get there. You should set small goals which, when combined” will lead you to a higher purpose. Setting smaller goals provide you with motivation each time you check something off your list. So, what makes a great goal plan?

Let’s look at some of the questions you should be asking:

  • What is my main objective?
  • How can I achieve my end goal?
  • What is the time-limit I must meet this goal?
  • Can I network with others for help?
  • What other way can I achieve my end goals? Hiring help, working for others, etc.

4. Network with Others

This can also be commonly grouped with helping others, and building a network of people that you can rely on to get the job done No matter what successful entrepreneurs you ask, they’ll all give you the same advice – you must get help and then help others to succeed. There are people who have been involved in the same business before you so know creative ways to get the job done. They know the right people which will be a great asset when trying to grow your business, and to your bottom-line. However, for you to benefit you must reach out to people in your industry and build close relationships with them. These people can help increase your brand awareness, profits, guide you in the right direction, and finally help you from making common mistakes.

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How can you find the right people to network with? Luckily, we live in a period where resources are available online so all you should do is a quick search. I would search in Google and find bloggers, companies or even marketing companies who are in your niche. Find and connect with the right person and reach out to them making sure your follow-up afterward. Tell them about your passion and ask them for advice on how you can grow your business leading you to faster financial freedom. Remember, financial freedom is all about making enough money to save, invest and using it to provide you the freedom you are looking for.

Final Thoughts

In the end, everyone is trying to achieve that complete financial freedom so they can live a more enjoyable fulfilling life. However, gaining this freedom does require smart investing and money saving. For example, it’s difficult to gain that freedom when you have uncontrollable spending habits without a clear vision. It’s time you start saving and investing in your business so you achieve that complete financial freedom.

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Rizvan Ullah

Online Blogger

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Published on November 8, 2018

How to Answer the Tough Question: What are Your Salary Requirements?

How to Answer the Tough Question: What are Your Salary Requirements?

After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

Unfortunately, this is the wrong approach.

Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

Of course, you can’t command a high price without bringing value.

The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

1. Hack time to accomplish more than most

Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

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Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

2. Set your own boundaries

Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

Here are some important traits to consider:

  • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
  • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
  • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

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3. Continuously invest in yourself

Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

4. Document the value you bring

Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

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Here are some ideas:

  • joesmith.com
  • joeasmith.com
  • joesmithprojects.com

Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

5. Hide your salary requirements

Avoid giving you salary requirements early in the interview process.

But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

6. Do just enough research

Research average salary compensation in your industry, then wing it.

Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

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Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

7. Get compensated by your value

Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

The bottom line

You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

Featured photo credit: LinkedIn Sales Navigator via unsplash.com

Reference

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