Five tips to find your way back to financial freedom – The Standard

You don't have to be rich to achieve financial freedom (Image: Shutterstock)

Before you can start your journey to financial freedom, you must want to take ownership. You must recognize something is wrong and be willing to take the necessary steps to limp out of that piling debt.

The dream for many of us is to have enough cash stashed away and still afford the type of lifestyle we want. The reality though is many of us are failing at this.

Financial freedom can be described in many ways depending on who the expert is. To round it up, it is practically the ability of having enough money to take risks, spend and do whatever you want without having to worry about your bank balance.

Your money stays put even during a disaster or unexpected emergency. And who wouldnt want that? I know I do. It may sound like a stretch but this is something many people are achieving and you can too with these tips:

You cant work with what you dont have and that is why you need to do an audit of how much money you have.

List down how much debt you have like: borrowings from family and other defaulted payments that one can easily forget. No matter how much the amount totals to, do not be discouraged. The reason you are doing this is to make amends.

Next, list down your income all the way from dividends, profits and your salary. Compare the two and see how much debt youre in and work on finding ways to pay them off.

At times all you need is to hire the services of an expert. It may seem like an unnecessary cost especially if finances are tight but think of it as an investment that will pay off.

A financial advisor will dive deep into your money revealing gray areas that need to be fixed and how to convert your cash to tangible assets or investments the right way without losing money.

He or she will enlighten you on good financial practices and how to make decisions with the money you have. Whether it is to invest more or pay off debt. Their advice will be invaluable and save you tons of time trying to do it yourself.First do an audit of how much you really have (Image: Shutterstock)

You need to work on the mindset that money will never be enough and therefore you must borrow to sustain your needs.

Contrary to what you may think, financial independence is not only possible by those who have tons of money. Middle class people have paved way for themselves to reach financial freedom by making the right choices.

This means cutting down on your spending and living within your means. Save more and spend less to achieve this lifestyle we all envy.

The fastest way to get back to financial freedom is clearing all loans no matter how small or big. You must break free from this never-ending cycle that continues to suck your money down the drain.

Create a pay plan and list those pressing debts that need to be cleared first and those that can wait as you get your finances in order. This way, you will be able to have a good nights sleep and know where you stand financially and how long achieving your freedom will take as you work towards it.

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If what you are already doing is not working then you should consider getting another job or a side hustle. How much you make at the end of the week or month plays a huge role on achieving financial freedom. With the right paying job or profits from a business will make paying debts a whole lot easier.

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Five tips to find your way back to financial freedom - The Standard