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 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.
