By Damilola Faustino
Everyone wants financial freedom, but not everyone gets to achieve it. All it takes is the right lifestyle, routine and habits. It won’t be hard if you follow these steps:
Set life goals
A general desire for financial freedom is too vague of a goal. What does it mean to you? Write down how much you should have in your bank account, what the lifestyle entails and at what age this should be achieved. The more specific your goals, the higher the likelihood of achieving them.
Make a budget
Making a monthly household budget, and sticking to it, is the best way to ensure all bills are paid and savings are on track. It is also a monthly routine that reinforces your goals and bolsters resolve against the temptation to splurge.
Many people are hesitant to negotiate for goods and services, worrying it makes them seem cheap. Overcome this cultural handicap and you could save thousands each year. Small businesses, in particular, tend to be open to negotiation, where buying in bulk or repeat business can open the door to good discounts.
Taking good care of property makes everything from cars and washing machine to shoes and clothes last longer. Since the cost of maintenance is a fraction of the cost of replacement, it is an investment not to be missed.
Live below your means
Mastering a frugal lifestyle by having a mindset of living life to the fullest with less is not so hard. In fact, many wealthy individuals developed a habit of living below their means before rising to affluence. Just making small adjustments by distinguishing between things you need rather than things you want is a financially helpful.
Get a financial advisor
Once you’ve gotten to a point where you are able to understand if you’ve amassed a decent amount of wealth but aren’t as readily available to convert to cash, getting a financial advisor to educate and help you make decisions is highly suggested.
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