7 habits to help you reach financial freedom fastest
In our life, everyone wishes for happiness. To make people happy includes two factors, physical and spiritual. The mental factors of each person are different, but the physical factors can be quantified. Surely all of us have a desire to freely use without worrying about money. That is roughly understood as financial freedom. This article will introduce readers to the concept of financial freedom. At the same time that is how to achieve financial freedom.
What is financial freedom?
Financial freedom is having enough income to cover living expenses and being able to do what you want. Not very rich and rich in wealth. It’s about having enough money so that you can spend your precious time doing what you love rather than doing things just to make money. The most effective attainment of financial freedom is controlling money to work for us. It’s not that we work hard to make money.
Here we will outline the habits that will help you achieve financial freedom fastest
1. Goals setting
As for the concept of financial freedom, everyone has their own shape. The first step to financial freedom is to quantify it. You dream of a house, a car. Saying that is too vague. You need to name it as specific as possible and specifically give it a number. For example, say you want a house close to the city center. You could target a 120-square-meter apartment building overlooking the river.
The more specific your goals are, the more likely you are to achieve them. If you didn’t hit it then you probably hit your goal a bit lower. But all in all, you still get something. Next, count down your current age and set regular financial milestones. Write it all down and set goals right from the start in your financial notebook.
Make a monthly personal or family budget. This is how you define your current assets and capital. It is also the best way to ensure that all bills are paid. From there, the current resources can be identified, through which it is possible to allocate resources for investment.
It is also a regular habit that reinforces your goals and boosts your resolve to resist the temptation to spend.
3. Stop using credit cards
According to behavioral psychology, it is easier to swipe with a credit card than with cash to pay. Using a plastic card to buy things won’t leave you as stifling as holding a stack of foil for payment. So the existence of a credit card is bad for your budget. Pay off your current debts. From student loans, low-interest mortgages and similar loans. Pay all to avoid higher interest expenses. Help reduce costs, improve your own income.
In addition, prepayment helps build good personal credit. When you need capital to invest it is easy to raise.
4. Financial investment
What is the secret of the rich? Simply sending the money to work for them. Historically, there was no better way to do this than investing financially. There are many different markets such as stocks, forex, Money 4.0, …. You need to have solid knowledge to choose from.
If you don’t have that then all you need to do is start testing a market under the guidance of a pioneer. This is a crucial step on the path to financial freedom. And it’s one of the hardest steps. The key factor is discipline and prudence.
5. Regular property maintenance
Good property care will make everything from motorcycles, cars, vacuum cleaners to shoes and clothing more lasting. Because the maintenance cost is only a fraction of the replacement cost. In addition, the maintenance also helps the property provide a better sense of use. You will be more comfortable riding in a healthy vehicle than a vehicle with broken brakes. Therefore, this is an expense that cannot be ignored.
When building a suitable lifestyle. After a time, you achieve certain financial achievements. It will raise the problem of lifestyle changes. Try to live up to your own needs. It is possible to increase compared to the previous one, but do not follow the frivolities and forget the inherent principles that made it successful. Getting on an elephant is very easy but getting off an extremely difficult dog. Stay consistent to be able to sit firmly on the elephant’s back.
7. Consult with experts
When you reach the point where you have amassed a fair amount of fortune. Regardless of the asset, it is essential that you store it and grow it further. At this point, the appearance of a financial expert for a relative fee is essential. They are ready to provide services to you to increase your property many times more. With an affordable fee. You don’t need to work and still have a lot of money. It is not a bad option when you are no longer interested in the financial sector. At this point, you can put your whole heart into your passion.
The shortest way to financial freedom
One of the most important steps toward financial freedom is investing. There are many ways, many objects to invest. It could be gold investment, real estate, securities, … And in the current trend, cryptocurrency is the fastest way to get there.
Why money 4.0 can make us rich quickly? Looking back at history in 2020, from March 16 to December 21 Bitcoin went up from $ 4,782 to $ 23,660 and is now over $ 50,000. The rate of return achieved is approximately 500%. This is just an example of Bitcoin, in addition to this coin, there are thousands of other coins in the world. Meanwhile, gold and stocks also have an increase as hard to compare with money 4.0. As for real estate, it is falling into a difficult, if not freezing, period.
Money 4.0 already has advantages such as technology, security, transparency, non-inflation, … Currently, it has proven its role as a safe-haven asset in the financial world. It is no exaggeration to say that money 4.0 is electronic gold in today’s world. Not stopping there, the upcoming social development trend is non-cash. And money 4.0 is representative of the future to come. If you want to invest or invest to preserve value. Money 4.0 is the thing that can fulfill both of your requirements.