How to Achieve Financial Freedom? 3 Tips for Success
Do you desire to live a sustainable and financially comfortable life when you grow older? If yes, then you must take the correct slow but steady measures towards achieving financial freedom. Unfortunately, the average American is saddled with a staggering debt of nearly $37,000. This massive figure mostly comprises credit card debts. How to achieve financial independence through these cards? The simple answer is: you can’t.
1. Avoid debt like the plague
You must understand that the first step to becoming wealthy one day is to avoid debt like the plague. And that process starts with your childhood, not when you are 25 or 55, if you get what I mean. So teaching children about being responsible with money should be the first mandate coming from a household.
Making money is not an instant process.
It takes time. Therefore, if you wish to earn vast amounts of money quickly, chances are, it will drain all your resources, and eventually, you’ll end up in deep debt. This will prevent you from making any further progress, and you may even have to face financial insolvency. Therefore, to achieve financial freedom, it is essential to be consistent, put in more effort, and work hard and smartly.
Robert Kiyosaki’s books are perfect for people interested in achieving financial freedom and investing in themselves and their families. If you want to know how to achieve financial freedom as well as learn about Robert Kiyosaki and his impact on world financial markets, Rich Dad Poor Dad is the book for you to start:
Note: The images/links below contain affiliate links. We share products/knowledge that we have actually used or tested. At no additional cost to you, making a purchase using any of these links helps our company continue to create free content for you. For complete details, please read the company Disclaimer.
In this bestseller, Kiyosaki shares personal stories as well as tips for developing a wealthy mindset. You will learn how to instantly differentiate an asset from a liability, which will allow you to live a life filled with prosperity rather than fear and anxiety.
Rich Dad Poor Dad is all about building a robust financial portfolio while minimizing your involvement in day-to-day finances. Kiyosaki explains how passive income and other investment strategies can generate large amounts of cash flow. The author advocates using techniques like borrowing or using financial instruments to generate the initial push every person needs to start making money. Even though there might be some discrepancies in using such a risky tactic, Kiyosaki defends his idea based on reducing risk by learning how to do so.
In his book, Kiyosaki also introduces a concept called the “rate race” and its relation to financial freedom. The rat race is nothing more than the virtual gratification you get from keeping on in a repetitive cycle to continue living (like inside the Matrix if you have watched the movie). This takes me to my next point:
2. Think about what makes you happy
To achieve financial freedom, you have to LOVE what you do. Else, it is going to be torture each day of the rest of your existence. I LOVE sharing my knowledge and helping people that ask me to do so. What is your true passion? What do you want to achieve in life? These are the two questions every person needs to consider when they feel a change might be better for their current situation.
You should plan for your future. Always keep a budget for yourself and try to stick to it. You might need an expert who can provide you with an excellent financial plan. Do your homework and investigate different things regarding making money and debt repayment. This will give you the right direction towards your goals in life.
The current pandemic has left millions of Americans and people worldwide without a job, increasing their debt. Still, according to the
United States Census Bureau, 2020 has been the year with the most filled applications to start a business in American history. Yet, there must be some truth hidden in all this.
3. Start your own business
Think about the two questions played out in the second bullet of this article. Ask yourself what your true passion is, and get ready to start your own business! I know what I will say contradicts a little what Kiyosaki thinks, but avoid borrowing money from a bank to create your own business (debt = plague). Instead, you could apply for a small personal loan from a friend or family. Regardless of the industry, you will have to invest a significant amount of money in one way or another. Around 2K, to be precise. If you can do this successfully, you will be able to pay it back early. By paying off your debts with friends or family faster (they don’t accumulate interest), you can improve or keep steady your credit score and avoid a future financial crisis.
Get all the necessary information and tools required for achieving your goal. It takes at least 20 years or so to run a successful business. Therefore, you must start your business sooner than later and get ready to be patient! By doing this, you’ll be on the right track required for achieving true financial freedom if you can manage to increase your monthly income while reducing the amount of money spent, congrats! You are now in better shape than 90% of the world population.
Other books I would recommend reading around the topic are:
If you would like to know more about starting a business, I could write another article specifically on this subject. I’m aware there are many YouTube videos out there, but believe me, the 20-40 minutes “tutorials” can be shortened to less time than that.
Enjoyed reading this material? Please share it with your friends and family. It would help a great deal with our business.
Thank you for your time!
Finding affordable housing in the USA is a challenge for many families. With less disposable income available, the cost of living has become more expensive than ever. This is making it difficult for low-income families to buy and maintain a sustainable living. With less money to spend on food, gasoline, and entertainment, it can be...