3 Secrets to Financial Freedom
Nikhila Sastry
10 Sept 2020
minutes
3
Financial freedom is desired by all but achieved by very few.
However, financial freedom isn't as elusive as it is construed to be. The secret sauce to financial freedom is simple and accessible to all.
What is Financial Freedom, anyway?
Financial freedom is the ability to effortlessly achieve your life goals, fulfill your dreams, meet your needs, and cover your living expenses.
It's about implicitly eliminating financial stress and worry, so you have the time and energy to enjoy the fruit of your hard work rather than toiling away your precious time making ends meet.
You don't need a ton of money to be financially free.
All it takes is effective and comprehensive financial planning and the right mindset.
In this blog, we discuss:
No #1: Mastering Money Mindset
Our mindset plays a major role in the decisions we make and the results we achieve.
Studies at world-class universities have now proved that our financial life is primarily a result of our money mindset.
Our mindset is a set of beliefs, behaviors, and habits that defines our mental modeling.
It calls for a fundamental shift in our relationship with our finances.
It calls for a desire to attune our thinking to attract abundance into our lives.
As discussed here, the desire for financial abundance is not craving for more. It is neither a relentless quest for minting money.
True abundance is in gratitude and contentment with what they have along with a sincere effort to make the best of the same.
For more such insights on money mindset, check this out.
No #2: Managing Your Money
Despite having a great career or a flourishing business, financial freedom will remain elusive for those who can't manage their money.
Managing your money efficiently means doing more with your money and letting your money do more for you.
Savings as much as you can, budgeting your expenses, monitoring your cash-flows are essential nonetheless.
Identifying the return on every investment that you make is just as crucial.
It is best to seek help and use a financial planning platform that offers a comprehensive service.
No #3: Powerful Goal Setting
Your goals in life, individual or all put together, are the foundational pillar of your financial life and hence your financial freedom.
Imagine sailing in a sea without a goal or purpose!
A man without a goal is like a ship without a rudder.
Your goals are like the compass that guides your ship in the direction you want to go in. Without a compass, you'd be lost at sea.
Similarly, without setting the right goals, taking the right action on them, and tracking your goals regularly, you'd be lost in your finances.
Planning your finances with a goal-based approach is the mantra to financial freedom.
Planning your life goals proactively, managing your debt, building a contingency fund, getting medical insurance for your family, and monitoring your expenses will help you achieve financial freedom.
To make the most out of your money, ensure your financial goals are set, acted upon, and tracked from time to time.
We, at MoneyPlanned, are passionate about helping you master your financial life.
Help us live our passion.
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For more exciting and fun bits of financial wisdom, do check out our blogs on Quora and Medium!
