Mind Over Money

How To Work Towards Financial Freedom

Financial freedom sounds like a wonderful dream that many people find hard or impossible to reach. However, the truth is, you do not need a lot of skill or education to start your journey towards financial freedom. Successful professionals are no more likely than ordinary folks to become financially free, because the rules governing financial freedom are quite different from what we are used to learning at school.

Why would I want Financial Freedom?

The goal of financial freedom is to be able to lead a lifestyle that you choose without having to worry about money. This seems like a big goal for many. The important thing to remember is that financial freedom is all about your time and your life, and not just about money. So if you can earn double what you are earning now by putting in twice the number of hours, that doesn’t seem like a great start to a journey you would look forward to. You should be able to make money without having to work as hard.

1 goes in 2 come out

Financial freedom is never achieved by working harder, only smarter. Of course this also requires hard work but in a different way. What you need to realize is that to be financially free, you will need to invest money to make more money. So, the source of your income is diversified and is moved away from the linear relationship of time and money. What this means is that you do not want to be working twice as hard to make twice as much. You could work the same amount, invest in good opportunities and let these investments make money for you.

Knowledge is power

There is no single investment that can be called best. There are thousands of opportunities available and different options suit different people, based on their appetite, personalities, financial position, etc. However, no matter what type of investment you choose, you need to know in detail about the market. Knowledge is indeed power in almost all types of investments. So if you are looking at real estate, make sure you understand how the market works and what kind of houses attract higher rental incomes. You should also know which places are best suited for this investment. If you are investing in the stock market, you need to carefully understand the different kinds of analysis and also know how to read the balance sheets of companies you want to invest in.

It takes time and effort to work towards financial freedom, but it is certainly worth the efforts. You will no longer need to rely on your next paycheck to meet your expenses and if you work smart, you can make enough so you can buy everything that money buys. Financial freedom is all about creating alternative sources of income so that you do not have to work for the money – let the money work for you and make more money. That, in a nutshell, is how financial freedom works.

 

Comments (12)

  • Personal Finance Buzz…

    Your story was featured in Personal Finance Buzz! Please visit and promote your article….

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  • How To Work Towards Financial Freedom…

    Financial freedom sounds like a wonderful dream that many people find hard or impossible to reach. However, the truth is, you do not need a lot of skill or education to start your journey towards financial freedom….

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  • Working smarter is definitely the way to go here. I have never been one to shy away from hardwork, but hardwork for the sake of hardwork doesn’t seem to make sense…or to try and double your income.

    One may as well put that extra work and dedication into learning more. The phrase that I love is learners are earners. This is something that the youth doesn’t understand as they don’t see how the more they know the more they can earn.

    Just ordered a new book on SEO to make sure that learn more and earn more!

    Reply
    • Great!! You are absolutely right about knowledge. It’s very powerful and especially since it’s really easy to gain if you just try.

      Reply
  • You are so right in that you don’t need to a finance degree to be smart about finances. If you follow the basic principal of spending less than you make, you are halfway there.

    Reply
    • Yea, a little bit of knowledge will go a long way in finances.

      Reply
  • Financial Freedom to means Choice to me. I will choose to work somewhere, choose when and where to take vacation, etc.

    And yeah its worth it!

    Reply
  • Good advice.
    Do share how you added those tip’d reddit and digg buttons, please. Thanks!

    Reply
    • I use the plugin wp-insert. In the plugin you can insert below post.
      This is the code i put in it:

      Click the picture to see the full code. It’s just basically the code I got from those websites for their buttons.
      for the digg button I had to add some code which you can find out about here http://about.digg.com/downloads/button/smart

      This is for the buttons after the post, is that what you were asking?

      Reply
  • BTW, I did indeed just use all three of them! ;-)

    Reply
    • Thank you sir

      Reply
  • This is what I have been focusing on the last couple months is diversifying my income by working smarter. I learned the hard way by having my earned income and business income in the same industry… won’t do that again!

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