1- Financial Freedom is achievable. Believe in this first.
One of the first rules to follow to Achieve Financial Freedom is to believe that it is in fact ACHIEVABLE! It isn’t a myth and if someone told you that it, then they perhaps were pulling your leg or have made a couple of bad investment decisions in their time. Achieving Financial Freedom and it requires a lot of patience and commitment. To put in all the hard work and to save every penny so that you can invest it in the right avenues for wealth generation, it is mandatory that you believe in your goals and beliefs.
2- ‘Money makes money’ is bogus. Most of the big investors started from zero.
One of the biggest myths that follow up right behind financial freedom being a myth is the funny idea that only the rich can make more money. this couldn’t be further from the truth. Most of the successful and big investors in the market started from scratch. they worked hard and invested their money smartly after a lot of consideration and analysis. Don’t let people dishearten you by telling you that you’d have to stick to a the economic status that you are currently stranded on. Nothing feels better than proving naysayers that you can achieve something when they say otherwise.
3- Your own ‘Free Cash Flow’ is more important than your company’s ‘Free Cash Flow’. Work hard to upskill your CV. Start a Youtube channel or Instagram Handle or take online classes in your area of expertise. EARN EXTRA MONEY.
Improving your skillsets can open up new streams of revenue in ways that you can’t possibly imagine. It opens doors to new opportunities within your professional career and side hustles. This can range from anywhere between picking up a new online course or to work on a passionate hobby or skill that you could develop parallel to your Professional career.
4- Unnecessary expenses are poison. You do NOT need an iphone, you do NOT need a fancy car on loan. Avoid expenses until you become a millionaire atleast.
If your scrolling through amazon to buy stuff that you probably don’t need but are looking for instant gratification, then you’re already doing it wrong. Segregates your expenses based on ‘want’ and ‘need’. Do you need that new iPhone or that new bike? Always look for cheaper alternatives and substitutes. If personal travel is a priority consider buying a used vehicle with a higher depreciation rate than opting for a new expensive vehicle on loan. Minimalism is a way of living that you’d probably want to look into. Living on the absolute minimum might be hard to follow through in the short run but it can pay off in the long run and make your goals to achieve Financial Freedom much more easier.
5- Once you have successfully increased your ‘Cash flows’ by increasing ‘Income’ and reducing ‘expenses’, follow one mantra all your life which is : EARN, SAVE, INVEST, REPEAT.
Investing is like watching the grass grow. It might not seem exciting but has to be executed with patience and commitment. Use your different streams of revenue to EARN. And use your earnings to SAVE. Use your saved income to INVEST. And now do it all over again! It might seem difficult in the beginning but if you hone your abilities to master this discipline then you are already much closer to achieving Financial freedom more than you can imagine.
You can check out Negen Opportunistic SIP smallcase here – https://bit.ly/3hWNWyu
Financial freedom will have no option but to embrace you within a few years. It is only a mental block and nothing else. So, stop netflixing at nights, start upskilling or launching your youtube channel.