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Latest posts by Trevor Barrett (see all)
- What Does Financial Freedom Mean To You? - September 4, 2011
- It Is A Good Plan To Start Saving Money As Soon As Possible - August 31, 2011
- You Do Not Have To Pay Bank Fees - August 18, 2011
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I guess that financial freedom will mean different things to different people. However I would expect that around 80% of people think that it is only determined by the amount of income they are making.
That was exactly what I used to think until I had a very special light bulb moment. It struck me that, no matter how much income I received, if I spent the whole lot I would never have financial freedom. I would always have to be dependent on my income.
Here are some ways that you can ensure you have more income than expenditure.
The first thing that lots of people do as soon as they start to see a decent income is to go on a massive spending spree. They will get a new car, upgrade to a new home and start eating out regularly. Give some thought as to whether those things are really essentials for you. You have survived for a long time without them. Don’t try to match your neighbors in what they spend their money on, they may have lots of money stashed away in their bank accounts. It would be sill to spend more than you can afford.
In the past at some stage you have probably had to budget carefully for what you spent on your grocery shopping. Why should you need to change that habit of money saving eating? You should still search for all the special offers and deals in the supermarkets every time you go there.
You ought to still eat out more often as a reward for your hard work, I’m just saying that you should be careful and not overdo it.
Now we come to what I consider to be the essence of being financially free. You must build up a large amount of savings so that you will be able to stop working at any time you want and receive the money you need from your savings rather than from your income.
To achieve that, it is necessary to get a savings plan underway and start saving money as soon as you begin making money. From that moment commit yourself to putting some percentage of your income into a savings plan every month. Do not waver from that. When your income increases, increase the amount you save relatively. You may realize that by doing this, it will still leave you with more actual cash to spend on luxuries every month.
Another phrase sometimes used for this process is living well below your means. You should still have a lot of flexibility to enjoy yourself now and again, just do not spend everything that comes in.
Here is your financial freedom
If you continue to follow these recommendations, day after day, month after month, right from day one, then you will be well on the way to having financial freedom.
most people wait the end of the month to see if they can save money
truth is you have to save money first, coz at the end of the month you always spend all your money anyway ^^
Jean-Luc recently posted..Comment Etre Heureux et Heureuse Durablement
Twitter: monadvexp
Jean Luc, the wrong thing people do is spend money as soon as it gets in their pocket, they should save some first.
Trevor Barrett recently posted..Is Eliminating Credit Card Debt Advisable?
I agree with Trevor because first I always spend my money as soon as I got it but now when I get money I put 50-75% in the bank so I save money for when I need it. I really like this post keep on the good posts.
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So true, Jean-Luc! I learned early on when trying to dig myself out of debt that I had not paid myself first. Once I realized that, I made saving a “payment” in my budget and put it under non-discretionary… I put it on the same level as paying my mortgage.
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For me, financial freedom is coming to a point where you’re able to make money work for you, and not you working for the money.
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That is a great definition Adeline.
Trevor Barrett recently posted..Is Eliminating Credit Card Debt Advisable?
Hi,
First of all, I like the term ‘financial freedom’. It’s one I will now be using, I always used to use ‘have enough money’!
But for me having financial freedom is to do the things that I want to do. I don’t own a house or a car, that isn’t important to me. I live to travel, I earn whilst traveling and get enough to just get to the next place. I wish I had the ‘financial’ freedom to not have to work my way around the world!
Twitter: monadvexp
As I said Graham, what people want the money to do or freedom for is totally up to them.
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I like the fact that you said, ‘begin saving money when you start making money.’ The key is to teach our young people this. So many of them leave school without an inkling of how to save. They think life depends on credit. It’s so easy to get credit that saving seems to be something ‘old’ people do.
This is so important. No matter how little you make, you can order your life so that you’re able to save something each month.
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Twitter: monadvexp
Well pointed out Anne, we do live in a credit culture right now.
Trevor Barrett recently posted..Is Eliminating Credit Card Debt Advisable?
Financial freedom is a heaven feeling of being away from all this stressful life. I have wished for this day to come since I too have been in such a mess for quite awhile. Now that I am slowly moving forward into a happier and stress free from debt. I can’t ask for more but WOW! please come soon and everything will be a delightful experience everyday.
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Twitter: monadvexp
Your your goal is stress freedom, good luck Matthew
Trevor Barrett recently posted..4 Tricks For A Healthy Financial Lifestyle
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Sounds like good advice.
Why would anyone lose their financial intelligence just because they have gained some spending power.
Like Robert Kiyosaki says, “It’s not how much money you make, it’s how much you keep.”
Thanks for the article.
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Twitter: monadvexp
They lose their financial intelligence because they are not used to having a lot of money and don’t know how to manage it.
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I have heard that saving at lest 10% of your income is ideal. I suppose it depends when you start, becasue it is the effect of compounding that makes the most difference.
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Sam 10% is fine if you start young, the later in life we start, the higher the percentage needs to be.
Trevor Barrett recently posted..An Emergency Is Not Catastrophic If You Save For It
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Yes, Trevor, it’s nice to be reminded about financial freedom! Thanks, Gi’Gi
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Hi Trevor,
Nice article. For me financial freedom mean, to make money by doing what I love to do.
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azadshak, maybe enjoying what you do is more important than making money from it.
Trevor Barrett recently posted..Why Banks Take So Long To Clear Checks
Financial freedom for me is not having to live paycheck to paycheck. My golden rule is to spend only what I need to only AFTER I’ve saved my target amount
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that’s a good way sandip.
Trevor Barrett recently posted..Personal Retirement Planning In The 21st Century
Nice posting about financial freedom,In this concept we have sufficient resource for our investment.
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Financial freedom was easier for past generations in America, before conspicuous consumption and “keeping up with the Joneses” became an unwinnable game of oneupmanship between neighbors and social groups. What is needed now is a return to having fewer possessions as a lifestyle choice, and making those few things a person does have really count for something other than being able to say “I got mine!”
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Twitter: monadvexp
You are so right, we live in a “Got to have it and got to have it now culture”.
Trevor Barrett recently posted..IBOtoolbox Is The Marketing Site You Have Been Looking For
Financial freedom for me is when I started to stop worrying about my daily expenses. If I wouldn’t work for couple of month, I can still survive. But of course, I don’t have that kind of mind set of taking a long vacation after working to hard. I still grab every opportunity that will come my way.
I think the only problems with me is I worry too much that even I’m in a safe place, I can’t still feel that security. Maybe I need to push myself more.
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Twitter: monadvexp
You are heading along the right lines there maria.
Trevor Barrett recently posted..Should Governments Be Personal Debt Management Role Models?
Thanks! I really hope I could improve more on my way of thinking. I believe that freeing myself to any worries about financial matter can really help me be successful.
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It means i dont need to think about money most of the time. I can buy what i like. I can just live.
Twitter: seejoerun
“Don’t try to match your neighbors” – great advice.
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Joe, if you were at the start line of a marathon and stood next to you was the Olympic champion, what would happen if you tried to keep up with him?
Trevor Barrett recently posted..IBOtoolbox Is The Marketing Site You Have Been Looking For
Great article!
My idea of financial freedom is constantly evolving. At first I thought I wanted to be free to buy what I wanted, then I thought freedom would buy me time, but now, I am thinking financial freedom is more of the experiences I would like to have and having gobs of money is not necessary the prerequisite. So with this topic, I am evolving.
Blessings!
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Hi Nathal,
I really like your comment! I think you are on the right track now with thinking of financial freedom as experience. This is what I think too – to be able to look back on life and know you have done some great things!
Rachael Slorach recently posted..Build ANY business online with these three steps – Mike Dillard’s “YOU, INC”
Twitter: monadvexp
I think this is why we try ti get people to set different types of goals. Very few people actually want money, they want what they can get with it. That will be very different for everyone.
Trevor Barrett recently posted..IBOtoolbox Is The Marketing Site You Have Been Looking For
Twitter: RachaelSlorach
Hello Trevor,
This article is so true! So many people spend what they earn, so that even if they are pulling in more money for the month their financial situation does not change!
I consider our family to have financial freedom – not because we earn more than others, but because we mange what we earn really well. We holiday often because we save for these occasions (it is our passion) and cut out on other unnecessary items. Friends and family think we must be either rich or in debt (but neither is true!) We have paid off our home and are frugal with food, clothing and entertainment – when not on holidays that is!
Thanks,
Rachael Slorach recently posted..Build ANY business online with these three steps – Mike Dillard’s “YOU, INC”
Twitter: monadvexp
You are doing very well Rachael. When others see you they measure your financial situation by what their’s would be if they did what you do.
Trevor Barrett recently posted..4 Tricks For A Healthy Financial Lifestyle
Twitter: debtnational
Financial freedom for me is when I don’t rely on credit cards and have a bank full of cash ready to go to buy anything I want. Unfortunately it will be a long time before I reach that.
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I don’t need to be rich but financially free would be great. To me it would mean doing what makes me happy and being able to do what I want when I want.
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Hi Trevor,
Great article.
It’s good to see people out there helping people with their finances as opposed to people giving bad advice.
I work in the Debt Help Industry and even I, myself find it a struggle at times like this, when everything is so expensive. Your article has helped me somewhat and I hope it helps others.
Twitter: monadvexp
Olivia, Thanks for those kind words, glad I have been able to help you and maybe also the people you help.
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Financial freedom for me is being able to live a comfortable life and being able to take control of your money.
Why will you work so hard if you still be ending up broke just because you let your money control you,right?
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Living a simple life separating your needs and wants will not fail you… A chinese friend of mine ones said ” if i cant buy it 5x then i will not buy it” then ill have peace of mind…thanks for this post..
Timothy Smith recently posted..DoUpTo- The Fastest Way to Make Money Using Your Talent updated Tue Jul 26 2011 1:56 am CDT
As an ex-educator, we never went into the school systems for a paycheck. We bacame teachers to help and grow the kids of tomorrow. Luckily my wife worked full time and with our savings we can lead a stress-free financial life.
Eric Bloom
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Well done Eric, you are one of the few who can.
Trevor Barrett recently posted..Should Governments Be Personal Debt Management Role Models?
Living below your means, as simple as it sounds, is what many fail to do. It’s as simple as spending less than you make. Yet how many of the “average” people do this? Most don’t, and that’s why they’re going further into debt.
Someone mentioned saving 10%, but even if you don’t feel you can save that much — if all you feel you can save $10 a week — whatever you can save is better than nothing. Just remember to set it aside before paying anything else out. Build up to the point where you are saving 10% (or whatever amount you want to save).
It may take some effort, but anyone CAN do it!
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Excellent post, Trevor. Being retired, I have found that even though you might think you have enough savings to carry you through, you can be deceived. When Wall Street crashed, I found most of my IRA money disappeared, so instead of living off the income I had to spend down capital.
With the current economic situation, this problem is likely to get worse. That is why it’s more important than ever now to have an external stream of income or two. I know I’m preaching to the choir, but it’s easy to forget that the only asset you really have for the future is yourself: you could lose everything else.
So what is the message? Continue to invest in yourself: learn new skills all the time. Think of the number of jobs that have disappeared in recent years with new technology. I remember the days of keypunches for computers and typing pools for the office – just a generation ago.
As we grow older it’s easy to become complacent and imagine that we don’t need to keep up with new technology, but it’s a recipe for an impoverished old age.
Thanks for the thoughtful post, Trevor.
Alan
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To me it means – being able to travel, not have to work 60 hours a week, having a really good “rainy day” fund. You never know when it will be needed. Financial freedom means not having to work 60 hours a week so we can spend time with family.
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I really love this topic. The idea of financial freedom has set me on a path of delving into the internet business aspect pretty far, as I haven’t been doing this for very long.
Honestly, I have spent a great deal of my life a bit tight on finances, and I am really driven towards financial freedom.
Simultaneously, I believe my attitude has a great impact as well, as I can feel bound with lots of money, or so I have heard, and feel freedom without.
Aside that, financial freedom to me is to truly not ‘need’ to be concerned with a price, at the same time, still remaining thrifty, but not worrying, ‘can I do this?’ or ‘can I afford that?’
Martin
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This is awesome .I was actually planning to buy a present for a friend and I just thought, Why not give her this tips instead. Financial freedom is a great gift I guess and it’s cheap too
Liana recently posted..Ideas to Help the World updated Tue Sep 13 2011 12:27 am CDT
Achieving financial freedom is my dream. Personallly, what I have been doing is saving money and investing it less risky blue chip stocks and at the same time writting on revenue sharing sites and my blogs. For me, articles that generate income are assets and for this reason I try to write whenever I can come up with a good idea for an article. At the moment my online ventures do not generate much but I look forward to the day when that income starts to grow. Same thing with my investing ventures. I search for stocks that grow their dividends each year and that have good bance sheets and growth and enroll them in a dividend reinvesting program. I have been getting good results and my passive income has been growing little by little. In the end the passive income is what makes you independent regardless of the source. In my case I use a two step approach. Online revenues and investments. I will be really happy the day that I no longer have to worry about working for someone else. Great article by the way, I wish that more people read it because it will be eye opening for many.
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Really a thought provoking post! I used to also think that earning more would give me financial freedom. This is not necessarily true for most people. With more income, the spending habits change. One should also not compete with other blogger’s income (it is easier said that done).
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