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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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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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