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3 Essential Ingredients for Financial Freedom

It looks like a fairy-tale, but the fact is many people have pulled themselves out of poverty and self-pity and inspired millions with their will-power and amazingly inspiring stories. They made it happen and the truth is everybody can. All we need to do is working on ourselves to understand and realize our priorities, staying on the track, and keep believing in ourselves.

As a matter of fact, there are no fixed or particular means and ingredients to achieving financial success and freedom. The factors differ from one person to another. However, what doesn’t change is the course you have to take to reach the same destination.

If we gather everything that we have listened to or read from here and there, from our elders, from people with a rich experience, and from our idols, the crux comes down to the three very basic points, which form the roots of our financial freedom.

1. Breaking the Comfort Zone

They say, if you keep doing what you have always been doing, then you will stay stuck where you have always been. Comfort zone is dearest to all. But in reality, it is nothing but a sweet poison. After all, change is scary to everyone. Nobody wants to take risks and bold decisions like breaking out of the comfort zone. Nonetheless, not trying out something new would mean no learning, no growing, and no moving forward. Same holds true in order to achieve financial freedom.

It might be the case, that somebody could get accustomed to monetary dependency, debts, or lose the confidence to earn. But because that person has spent a long time to live that way, it now may not seem such a bad way of living at all. Debts and dependency on others for money, are not pleasant experiences. They not only hamper our idea of self-worth and self-esteem but even ruin our social image and pull us into depression and anxiety.

  • Changing the mindset and having a willingness to modify our current way of living is the first and very crucial step in order to become financially independent.
  • There is a need to observe what we have been doing wrong till now that has been preventing us from earning. There may be some habits, our lifestyle, any tragedy or circumstances, that might be acting as a hurdle. It is important to recognize them and eradicate them.
  • One should also be ready to embrace a forever learning process in order to begin the new journey of being independent.

2. Making Realistic Goals and Planning Accordingly

There is a quote saying, “if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid”. This makes sense. Doesn’t it!

  • It’s an exciting feeling to dream and finally take the first step towards making money, but don’t get overwhelmed. Don’t take haphazard steps and just jump into it without thinking it through.
  • Know yourself first. Both underestimating and overestimating yourself are bad. Find out what you would love to do all your life, ask yourself and your loved ones and explore your strengths, weaknesses, interests, and skills.
  • Based on the above points, make goals. Be specific. The goals should be realistic, doable, and feasible in nature. Unrealistic goals are only a burden. No matter how dreamy they appear, they always bring nothing but hopelessness and shatter our self-confidence.
  • Proper planning is the backbone of any major or minor goal to succeed. When you have worked and narrowed down your goals of earning money, make a solid plan. If the planning has been done thoroughly, you are already ahead and completed more than half of the journey.
  • Apart from the main plan, also work and keep ready a backup plan. This may mean, working and keeping in mind your passive sources of income, while working at your active income sources in a highly focused way.
  • In grey days, think about the things that motivate you. Go to the basic question of why you started in the first place. This would fuel your actions, fill you with motivation and bring discipline in your life.
  • Also, take your time to decide where to allocate your money, so that you can get more than what you have invested. Consider the various fruitful investment options.

3. Executing and Growing

If you have done the above two steps and made it till here, you are almost there, on the verge of leaving your past life behind and starting a new one.

  • Slow and steady wins the race. Walk your way as you planned.
  • Your first priority should be to have a regular income from an active source. Having a regular income is not enough if you are not eliminating every extra expense without which you can still survive.
  • Apart from cutting down the expenses, focus on saving enough every month.
  • It is equally essential to create a passive source of income while still having a regular incoming of money. This may include part-time jobs, online work, investing somewhere, or anything like that.
  • After successfully spending a few years like that, spend on the passive sources as much as on the active source. This may mean, opening and initiating your own business, buying a land, real estate, gold, and many more such things.
  • However, keep in mind that growth is never restricted to your monetary gains. Rather, it is inclusive of your health, happiness, balanced personal life, family and relationships, and even your social circle. Money is only a small part of the whole circle.
  • Focus on your health. Everything loses its meaning if you are not well enough to reap the pleasures of your own hard work.
  • Spend as much time with your loved ones as possible. They have been with you through thick and thin and deserve your time and love.
  • Satiation is the key to having a happy life. Greed is a bottomless pit. So, decide where to put a full stop and just stay relaxed.

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Message from Sophia!

I would love to hear from you and read your comments on this article. Let me know what you think about this article. Is it helpful to you? Your comments and suggestions will serve as an inspiration and learning platform for me.
Regards, Sophia
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