7 Pillars To Grow Financial Freedom |

Financial independence is often a range in the sand. It’s saying “I never have to work for income again.” Financial freedom is a different kind of thing. Financial freedom means you have some more choices than you had before. It’s incremental. Every year we can try to grow it It starts small and.

There is no definitive range in the sand. It can start as a sprinkle of options and those options can keep growing and growing into a downpour. Here’s the awesome thing about growing your financial freedom: you can take steps every day to see real development. And here are 7 key ways to that you can grow your financial freedom consistently. To start, you could concentrate on growing two or three at a right time.

You don’t have even to do most of them to make some real growth! It can be a fully customimizable way to more financial freedom. Each is scalable. They’re not just huge milestones that might take years to accomplish! I love growing financial freedom because you can make progress every single day. Debt payments are one of the worst kinds of expenses because you can’t quit them simply! There are lots of reasons they limit your ability to grow financial freedom.

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They eat up your income. There is often interest (or extra expenditure like full-auto insurance and PMI). They create emotional stress with techniques regular expenditures don’t. They limit your ability to take chances. They push up your baseline income quantity. However the big reason I hate them is regular expenditures: You can’t just stop paying!

If you needed to reduce your expenditures so you could take up a new job, travel, ramp up your savings, you could drop a lot of other styles of expenditures. You could eat out less, lower your food bill, quit cable or internet. But you can’t juststop making credit card payments, house payments or student loan payments.

If you’d a car loan, you could switch vehicles, but often there is an equilibrium extra and credited cost in doing that. The less debt repayment you have on the books every month, the greater financial freedom you shall have. A BIG part of the reason we have been able to leave from our 9-5 jobs going back 2.5 years is because no debt is had by us. Having a little of cash on hand will rapidly grow your financial freedom.

It’s easy to understand how options quickly start to open up whenever we have cash in our pocket. As well as the more cash, the greater options. This isn’t always literal cash. Keep it in a bank or investment company, money-market account, index finance, or in a Roth IRA even. It simply means the money you can access. Depending on the season of life, pick the amount right for you. Sometimes it makes more sense to keep this true number lower to grow your financial freedom in other areas. Whenever we were buying our rentals, cash readily available was VERY low because we were hustling to construct that passive income.

Low expenses are the jet fuel to custom creating your daily life. EVERYTHING gets easier when your expenditures are low. You will need less income. You can test new jobs. You can work less. You can spend additional money on really fun or important things. You save more. You can make investments more in stocks and shares, a continuing business, or yourself.