Advertising
Advertising

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

Advertising

Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

Advertising

If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

Advertising

Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

Advertising

8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

Reference

[1] Hartford Gold Group: IRA Retirement Accounts

More by this author

Robin Williams

Business Professional, Writer and Blogger

Why You Shouldn’t Ignore Your Fatigue Symptom (& How to Boost Energy) The Positive Impact That Drinking Healthy Tea Can Bring to Your Life Sleeping Too Much but Still Exhausted? Why You Can’t Sleep Well At Night How Much Should I Spend on Rent? Find Your Answer Here How Much Money Do I Need to Retire? Find Your Answer Here

Trending in Smartcut

1 7 Simple Brain Training Habits to Boost Your Brain Power 2 Is It Time for a Career Change? (And How to Make the Change) 3 6 Important Interview Questions for Employers to Ask 4 15 Best Interview Questions to Ask Employees 5 25 Hard Work Quotes to Motivate You to Achieve More

Read Next

Advertising
Advertising
Advertising

Last Updated on January 13, 2020

50 Motivational Quotes for Work to Inspire Success

50 Motivational Quotes for Work to Inspire Success

Let’s face it – no matter how excited you are about a new project or priority in your life, there will always be days when your motivation lags. Days when – despite all the progress you’ve made in the past – it just sounds easier to sit on the couch playing video games than to buckle down and crank out the work needed to meet your goals.

In order to be successful, you must be able to motivate yourself past these humps. Whenever you feel your drive and determination lagging, turn to these motivational quotes for work to provide the extra spark of passion needed to keep you on track.

Quotes about Goal Setting

Whether you’re still in the planning phases of your business or whether you’re plotting a plan of attack to bring about your long-range vision, setting good goals is a critical part of succeeding in business.

Check out these quotes for extra inspiration on how to turn your dreams into reality:

quote-Benjamin-E.-Mays-the-tragedy-in-life-doesnt-lie-in-106113

    “The tragedy in life doesn’t lie in not reaching your goal. The tragedy lies in having no goal to reach.”– Benjamin Mays


    “By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be. Put your future in good hands — your own.”–Mark Victor Hansen


    “Give yourself an even greater challenge than the one you are trying to master and you will develop the powers necessary to overcome the original difficulty.”–William J. Bennett – The Book of Virtues


    “The entrepreneur is essentially a visualizer and actualizer… He can visualize something, and when he visualizes it he sees exactly how to make it happen.”–Robert L. Schwartz

    Quotes about Achieving Excellence in Work

    Once you’ve got your goals together, you’ll need to put in 110% of your effort in order to transform these visions into reality. To increase your motivation to work at a consistently high level, take a look at the following words of wisdom:

    “Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.”–Aristotle


    “If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude.”–Charles R. Swindoll

    Desire is the key to motivation

      “Desire is the key to motivation, but it’s determination and commitment to an unrelenting pursuit of your goal — a commitment to excellence — that will enable you to attain the success you seek.”–Mario Andretti


      “The secret of joy in work is contained in one word – excellence. To know how to do something well is to enjoy it.”–Pearl Buck


      “The quality of a person’s life is in direct proportion to their commitment to excellence, regardless of their chosen field of endeavor.”–Vince Lombardi

      Quotes about Determination and Persistence

      Since every business or other endeavor is bound to hit some rough patches, it’s often a person’s level of determination and patience that brings about either success or failure. These positive quotes give you an extra boost of encouragement:

      “Enter every activity without giving mental recognition to the possibility of defeat. Concentrate on your strengths, instead of your weaknesses… on your powers, instead of your problems.”–Paul J. Meyer


      “Knowing trees, I understand the meaning of patience. Knowing grass, I can appreciate persistence.”–Hal Borland


      “Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.”–Calvin Coolidge

      quote-Thomas-Fuller-an-invincible-determination-can-accomplish-almost-anything-92190

        “An invincible determination can accomplish almost anything and in this lies the great distinction between great men and little men.”–Thomas Fuller

        Quotes about Leadership

        Whether you use it to engage your employees, to encourage teamwork or motivate others to follow your unique way of thinking, leadership is crucial. Take your leadership cues from these renowned leaders’ famous sayings:

        “The most dangerous leadership myth is that leaders are born — that there is a genetic factor to leadership. This myth asserts that people simply either have certain charismatic qualities or not. That’s nonsense; in fact, the opposite is true. Leaders are made rather than born.” –Warren G. Bennis


        “All of the great leaders have had one characteristic in common: it was the willingness to confront unequivocally the major anxiety of their people in their time. This, and not much else, is the essence of leadership.”–John Kenneth Galbraith

        Leadership is not magnetic personality

          “Leadership is not magnetic personality — that can just as well be a glib tongue. It is not ‘making friends and influencing people’ — that is flattery. Leadership is lifting a person’s vision to high sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations.”–Peter F. Drucker


          “The task of leadership is not to put greatness into people, but to elicit it, for the greatness is there already.”–John Buchan


          “High sentiments always win in the end. The leaders who offer blood, toil, tears and sweat always get more out of their followers than those who offer safety and a good time. When it comes to the pinch, human beings are heroic.”–George Orwell

          Quotes for Success

          Think of success as a holistic process – one which results from the combination of goal-setting, excellence, patience, determination and leadership you prioritize throughout your career. These highly successful people provide you with an excellent source of motivation:

          Advertising

          “Be patient with yourself. Self-growth is tender; it’s holy ground. There’s no greater investment.”–Stephen Covey


          “Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy.”–Norman Vincent Peale

          Success is the ability to go from one failure to another with no loss of enthusiasm.

            “Success consists of going from failure to failure without loss of enthusiasm.”–Winston Churchill


            “Successful and unsuccessful people do not vary greatly in their abilities. They vary in their desires to reach their potential.”–John Maxwell


            “Would you like me to give you a formula for success? It’s quite simple, really. Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, So go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.”– Thomas J. Watson


            “The great successful men of the world have used their imagination.  They think ahead and create their mental picture in all its details, filling in here, adding a little there, altering this a bit and that a bit, but steadily building – steadily building.”–Robert Collier


            “It is a paradoxical but profoundly true and important principle of life that the most likely way to reach a goal is to be aiming not at that goal itself but at some more ambitious goal beyond it.”–Arnold Toynbee

            Sports Quotes for Athletes

            You don’t need to be a Michael Jordan-caliber athlete to draw inspiration from the following quotes. Even if you’re just a recreational player or someone who’s using sports as a means to get back in shape after long periods of inactivity, the following motivational sports quotes will encourage you:

            “My attitude is that if you push me towards something that you think is a weakness, then I will turn that perceived weakness into a strength.”–Michael Jordan


            “Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.”–Lance Armstrong

            Strength does not come from winning. Your struggles develop your strengths.

              “Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.”–Arnold Schwarzenegger


              “I know what I have to do, and I’m going to do whatever it takes. If I do it, I’ll come out a winner, and it doesn’t matter what anyone else does.”–Florence Griffith Joyner


              “Every time you stay out late; every time you sleep in; every time you miss a workout; every time you don’t give 100% – You make it that much easier for me to beat you.”–Unknown


              “If you are hurt, whether in mind or body, don’t nurse your bruises. Get up and light-heartedly, courageously, good temperedly get ready for the next encounter. This is the only way to take life – this is also ‘playing’ the game!”–Emily Post


              “We must train from the inside out. Using our strengths to attack and nullify any weaknesses. It’s not about denying a weakness may exist but about denying its right to persist.”–Vince McConnell

              Quotes to Motivate Learning

              Committing yourself to pursuing knowledge in a single area is a tremendous endeavor – one that often seems overwhelming given the depth and breadth of information that’s available today. Keep the following motivational quotes in mind if you’re learning:

              “How far you go in life depends on your being tender with the young, compassionate with the aged, sympathetic with the striving and tolerant of the weak and the strong. Because someday in life you will have been all of these.”–George Washington Carver

              quote-William-Arthur-Ward-if-you-can-imagine-it-you-can-36189

                “If you can imagine it, you can achieve it; if you can dream it, you can become it.”–William Arthur Ward


                “It is the mark of an educated mind to be able to entertain a thought without accepting it.”– Aristotle


                “Success is not the key to happiness.Happiness is the key to success.If you love what you are doing, you will be successful.”–Albert Schweitzer


                “Wear your learning, like your watch, in a private pocket: and do not pull it out and strike it, merely to show that you have one.”–Philip Stanhope, 4th Earl of Chesterfield


                “He who asks is a fool for five minutes, but he who does not ask remains a fool forever.”–Chinese Proverb


                “Study while others are sleeping; work while others are loafing; prepare while others are playing; and dream while others are wishing.”–William Arthur Ward


                “Books can be dangerous. The best ones should be labeled ‘This could change your life’.”–Helen Exley


                “A book is like a garden carried in the pocket.”–Chinese Proverb

                All-Time Favorite Positive Quotes

                Finally, whatever your goals are in life, you can’t go wrong by taking the advice of the following famous motivational quotes:

                “Change your thoughts and you change your world.”–Norman Vincent Peale


                “Your time is limited, don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living the result of other people’s thinking. Don’t let the noise of other’s opinion drowned your own inner voice. And most important, have the courage to follow your heart and intuition, they somehow already know what you truly want to become. Everything else is secondary.”–Steve Jobs


                “Nobody can go back and start a new beginning, but anyone can start today and make a new ending.”–Maria Robinson


                “Out of clutter, find Simplicity. From discord, find Harmony. In the middle of difficulty lies Opportunity.”–Albert Einstein


                “Yesterday is not ours to recover, but tomorrow is ours to win or lose.”–Lyndon Johnson

                If we did all the things we are capable of, we would literally astound ourselves.

                  “If we did all the things we are capable of, we would astound ourselves.”–Thomas Edison


                  “You miss 100% of the shots you don’t take.”–Wayne Gretzky


                  “Success is not final, failure is not fatal: it is the courage to continue that counts.”–Winston Churchill


                  “What lies behind us and what lies before us are tiny matters compared to what lies within us.”–Ralph Waldo Emerson

                  Final Thoughts

                  To use these motivational quotes effectively, find the one that speaks to you. Although all of the phrases listed above can be considered “motivational,” only you can decide which one resonates with you most directly.

                  Next, take the quote you’ve settled on and copy it onto small index cards or other pieces of paper that can be stored around your home and workspace.

                  If you’re creative, you can create inspiration boards, signs or other decorative displays featuring your favorite motivational quotes – really, though, the most important thing is that your chosen phrase be accessible in a variety of different places. This will make it easy to access and review whenever you feel your motivation slipping away.

                  More Inspiring Quotes

                  Featured photo credit: Kyle Glenn via unsplash.com

                  Read Next