What is the good start for financial freedom
The ultimate goal of earning for most of the people is attaining financial freedom. Not everyone would be interested in Financial freedom. I have seen many people not even thinking about that. It is very hard to find people who think or say that they want financial freedom. Everyone would like to do a 9 to 5 job and that's where their dedication is. I agree that even people who have attained financial freedom shouldn't be idle but the point of having financial freedom is to not run behind money anymore. If someone has some passion and if they go behind the passion and if it also gives a good source of revenue for them, that's a different story.
There should always be a starting point. Having a good financial dream is very nice but we all will have to start the execution at one point. Starting small initially is also good and gradually increases it to a bigger and better value.
Saving the money we earn
Someone who is very young and just starting their career should get started with savings. Earning is just one part. Saving whatever we earn in the right place is what is going to give us a ladder toward financial freedom. During the initial stages, people might get tempted to spend whatever they earn. But we have to gradually start building a discipline where we allocate a part of our earnings every month towards saving. This will help us grow our corpus funds to reach financial independence.
Diversified investments
When we are doing our savings or investments, it is very important to have the funds in multiple places. They say don't put all your eggs in the same basket. This is a good saying to understand the importance of diversified investments. If we diversify our investment to multiple streams or places, even if one fails there will always be another income source that can help us out.
Investment plays a very important role in financial freedom. To attain financial freedom, one needs perfect savings, and having the saved money in multiple passive income places can help us focus on other important things in our lives than money. But when we are in the initial stages, there is nothing wrong the focusing on money and being highly disciplined to save the money we earn.
Grow small passive income bigger
Initially, to start financial freedom, we have to first plan to have a small passive income. For example, we can have a fixed deposit in our bank that would give us around 300 to 500 per month. If that happens, we can be proud and say that our Netflix bills are covered with interest from the savings. We will not stop with just this alone. Our focus should be on increasing the passive income generator. Initially, we might have to balance our spending and investment a little bit but then later if we focus on increasing our passive income returns and one fine day if we get 200 percent more that can be a safe zone for us to quit working altogether and focus on developing our creativity.
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To be financially stable and independent, one needs to be very disciplined because with that, one can build a better future for themselves. These days the economy is getting very uncomfortable and one need to manage expenses to be able to do something good with money.
The key to financial freedom is mainly discipline like you said, also having a scale of preference too is important and having an emergency fund. Emergencies can be dangerous for savings.
Yeah we will never know when there will be an emergency.
I loved the third part, basically saying enjoy the process. Because without enjoyment we will fall. Since it's not a single day job, we must Learn to love the slow and steady financial growth otherwise non of this matters to a deeply depressed soul.
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Perfectly true. I think if only many of us can actually learn the act of saving, we will be free from our financial struggles
It is very important for us to be able to save. Actually, it may be hard because the economy is not favorable and we are not earning enough but we should still try to save if we can
No matter the income, if one does not actually learn how to diversify incomes and investments. It will not be great
Financial freedom can sometimes be really demanding and requires a lot of work. Just that one must keep going no matter what