Browsing Tag

financial freedom

General

The Freedom That Only Money Can Give You

The importance of money in our life can’t be underestimated. It’s a necessity that helps us just live; buy food and clothes, move from place to place, enjoy different entertainment; travel and participate in numerous activities which all become possible once you have money at your hand. Aside from those factors which are strictly needed, there exist a lot of many other features that give flavour to our life making it rather colourful and enchanting, and even more stress the role of financial freedom.

The following tips will help you understand what I mean by saying financial freedom and what money can give you.

Freedom of Actions

The first and for me the most essential advantage of earning money is the freedom that it can give. This firstly refers to the freedom of actions. You can freely spend your money wherever and whenever you want without asking anyone. It is just a good feeling to have your own money and not to depend on others.

June 10, 2014

Wealth

5 Steps To Achieving Financial Independence

If you could ask a thousand people right now to list five things that they wish they could achieve in this lifetime, it wouldn’t surprise us in the least if one of the things that they mentioned was financial independence. That’s because, in a world that is filled with so much debt and credit issues, by knowing how to make savvy money choices, it can cause one’s life to be lot easier while granting them access to so much of what they desire to have.

If you happen to be someone who is currently on the path towards achieving financial independence yourself and you’d like a few tips on the kinds of steps that you should take in order to reach that goal, we have five proven ones for you below:

Don’t “get a job”. Start a career. There are a lot of people who work at low-paying, dead-end jobs who will tell you that they would’ve never thought their life would turn out that way. Years ago, they thought to themselves “I just need to get a job” and now here they are, still at the same place of employment, with a very limited possibility for promotion. The way to avoid this trap is to plan for a career. Think about the kind of professional you want to be. Go to college. Get an internship. Find a mentor. The more educated you are, the easier it will be to get a good paying position; one that will provide much room for lots of growth.

Set a budget. People make a lot of money mistakes, simply by taking the “I’ll just wing it” approach to their spending. It’s really easy to look up and realize that you spent hundreds of dollars on food, entertainment and clothes that you don’t really need. You can avoid this by establishing a monthly budget where bills and a savings account comes first. This brings us to the next point.

June 28, 2013

Book Reviews

Do You Respect Your Money?

I recently skimmed Suze Orman’s book entitled The 9 Steps to Financial Freedom and Step 5 caught my attention, which is to be respectful of yourself and your money. The concept of respecting your money may sound a bit strange, but the way Suze describes it makes sense.

Respecting your money means taking care of it properly. To quote Suze: “Your money is governed by how you treat it: it’s that simple. It thrives when you are being responsible, respectful, and doing honorable things with it.”

In other words, don’t abuse it and it will actually take care of you. Spend money within your means rather than spending more than you earn. Be honest with what you have rather than pretending you are rich.

July 13, 2011

General

Who Cares What The Joneses Have? Not Me.

It can be really tempting to want to have as much or more than our neighbors, colleagues, friends, family members, etc. It’s like we want to prove a point – that we are successful and important. What most of us don’t realize is that we will be a lot more content and enjoy our lives a lot more if we are satisfied with what we already have. “Keeping up with the Joneses” is an unhealthy lifestyle choice that can cause serious debt problems among other things.

Instead of focusing on what others have and trying to attain those things, why not be thankful for what you’ve got? You will be more likely to save for things that are important to you rather than wasting your money to keep up appearances. Half the time we don’t really want the things we buy anyway – we just don’t realize it until it’s too late to return them.

It’s not that we shouldn’t buy anything – there’s certainly nothing wrong with having things. The main thing is the motivation for buying things should be because they will be good for you, not just because someone else has them.

My goal is to be willing to make small sacrifices now so that I can achieve future goals. For instance, my husband and I try to take a 2 week vacation every year. We forfeit eating frequent restaurant meals and other expensive forms of entertainment so we can save enough to take an enjoyable vacation. Rather than worrying that our neighbor recently landscaped their yard and feeling like we have to keep up with them or rather than being concerned that we are not going out all that often compared to other people our age, we are content because we know that we will soon be able to take a vacation and that we won’t have to borrow money to do it.

Not caring about what the Joneses have is very freeing, and it’s a lot easier on the pocket book. In the long run a lot of people who live expensively are often in debt up to their eyebrows, and I would much prefer to live more simply and work my way towards becoming debt free and ultimately financially free. I know this goal will take a lot of discipline but I am up for the challenge because I know it’s worth it.

August 7, 2009

Debt

Debt Help-5 Ways to Attain Financial Freedom

If you want to attain financial stability, it does not happen overnight. Sooner you start the process of getting out of debt, the better it is. It will not only help your credit score to improve over time but your chances of getting credit in future also gets multiplied. With the increase in the number of credit card holders, debt help programs have gained wide popularity. Some of the popular debt solutions are given below.

1. Debt settlement

Debt settlement (debt negotiation) is the process in which you are allowed to pay less as compared to what you actually owe. There are several debt settlement companies helping debtors with their debt problems. These companies usually charge upfront fees for helping you out. They work for you and negotiate with the creditors or the collection agencies to allow you to pay less. You do not make payments to the creditors and pay the same amount to a trust account. When approximately 50% of the outstanding balance has been accumulated, the settlement company pays the money to the creditors. Approximately 40% to 60% of the outstanding debt can be reduced.

2. Debt consolidation

In debt consolidation, you compile all your debts together into one account. Debt consolidation companies will help you to negotiate with the lenders and the collection agencies. Debt consolidation has many benefits.

July 15, 2009

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