3 steps to Financial Freedom

One definition of financial freedom is being able to do what you want with your money without having to worry about your bank account. When you have financial freedom, you can take that amazing trip to Tahiti without worrying about missing work. It means being able to buy the house your family wants and still have money left over for other things.

Some people think that financial freedom means being able to retire whenever you want, which is important, but you don't have to wait until then to be financially free. Depending on your situation, having financial freedom could mean being able to do what you love and make money from it. It could mean not needing a 9-to-5 job so you can spend time with your kids or help your partner build a business they're passionate about. Connecting with your deepest values and having enough money in the bank to support those values without worrying about paying the bills is what it means to be financially free.

Define what it means to you

 

To each, their financial goal might be different, so you have to figure out where your goals are and work towards it. If your goal is to retire at the age 30, good, work towards that, if it’s mid 50’s, it is still good as long as that’s what you want. Just have to remember that everyone’s road is not linear, so you're only in a competition with yourself rather than everyone. 

 

Be financially literate

 

Financial literacy is the ability to understand and use different money skills, such as managing your own money, making a budget, and investing. Financial literacy is the foundation of your relationship with money, and it's something you'll keep learning about for the rest of your life. If you want to make money, education is the key. The earlier you start, the better off you will be.

 

Build passive income

 

2022 is coming to an end and at this point, if you're still relying on your active income, then I have some bad news for you. Build yourself some passive income, it can be as simple as selling an ebook on the internet to investing. Is investing considered a passive income? Yes, with proper research and guidance from platforms like MTX. Dont wait up, do your research about trading, staking and investing. 

 

People often use the words "financial freedom" and "financial independence" interchangeably, but they don't mean the same thing, and it's important to know the difference if you really want to be financially free. The key word in "financial independence" is "independence." It means being able to meet your own financial needs without having to depend on anyone else. When you're financially independent, you have a steady source of income, pay all of your own bills (including debts like student loans or a mortgage), and have some money saved. You might even start to save money. You're not financially free yet, though.

Financial independence is an important first step toward financial freedom, but it's not the end goal. Financial freedom is a long-term goal that will help you build the life you want. "Success is doing what you want, when you want, where you want, with who you want, as much as you want," says Tony Robbins. That, too, is financial independence.