Too many people fail to achieve it. They are burdened with increasing debt, financial emergencies, profligate spending, and other issues that thwart them from reaching their goals. Then there are unexpected events, such as a hurricane or earthquake—or pandemic—that overturn plans and reveal holes in their safety nets that weren’t visible before.
A general desire for it is too vague a goal, so get specific. 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.
Next, count backward to your current age and establish financial mileposts at regular intervals. Write it all down neatly and put the goal sheet at the very beginning of your financial binder.
Financial freedom is about much more than just having money. It’s the freedom to be who you really are and do what you really want in life. It’s about following your passion, making choices that aren’t influenced by your bank account, and living life on your terms.
Many of us, especially women, lose sight of who we once wanted to become, because we are so busy putting others first. As we play the various roles of parent, spouse, employee, friend, and more, we watch our dreams slip away.
Financial freedom is having enough residual income to cover your living expenses. It is not about being rich and having tons of money, but having enough to cover your expenses so that you can spend your precious time doing what you like rather than doing things just to earn money. This can be achieved only when you are prepared for it. All you need is a little financial planning.
The first step in achieving financial freedom is assessing your current position – net worth, debt, saving. A bit of number crunching would be required to prepare personal balance sheet. Without knowing your current financial health, you cannot start setting up short-long term financial goals. A good financial plan is like a road map that shows us exactly how the choices we make today will affect our future. Not deciding on financial goal is a recipe for financial disaster. Investment goals – marriage, education, travel, lifestyle, health – would vary in terms of time horizon-, should be quantified. Current and expected income levels, annual spending rates, inflation (including lifestyle inflation) needs to be considered while quantifying these goals. In the pursuit to be financially independent, first, you must prioritize your long term financial goals.
the journey to financial freedom is a marathon, not a sprint. One should be active through this journey. You probably won’t make perfect linear progress towards achieving some of your goals, but the important thing is not to be perfect but to be consistent, which is required in achieving long-term goal of wealth creation. Like our freedom struggle, a whole-hearted commitment to financial planning will ensure attainment of Financial independence. Once you get financial freedom then their is nothing to earn in your life only in case of asset remember this things.