The rat 🐀 race towards financial freedom in today's world is preposterous. It's as if the sense of reasoning ceases to exist in the life of many such that a lot of people are determined to do WHATEVER it takes to reach financial freedom. On the streets, everywhere you look you can perceive the stench of the hunger. To be fair, the world does not care on how you get your shit together- not until you step on toes that are bigger than yours. In fact life's not fair. The rush to wealth is understandable. Wealth is sweet after all🙂. There are countless books and ebooks out there talking about how to be financially free and there's a lot of points to unpack in the mountains of solid theoretical as well as practical ways one can achieve financial freedom. In this post, I'm just going to cut it down to two major points that I find encompassing and interesting🤓. I'll try my best to make it short and straight to the point so as not to bore you guys. Before I proceed, I'll like to put a disclaimer out there. This is not financial advice, I'm only talking about what I "think" is the objective truth out there and everything in this post can be criticized with more solid points. Thank you.
What is Financial Freedom?🤔
Financial freedom is technically having enough extra or residual income to cover your cost of living. It's definitely not having billions of dollars in the bank or assets worth billions of dollars across the country but rather having enough money to cover your living expenses for the rest of your life, so that you can spend your precious time in doing what you like rather than working tirelessly to earn money.
To a lot of people who have achieved financial freedom, almost everything money can buy seems free to them, it's just numbers to them. They don't care or dwell on how expensive things have become. Technically becoming "Inflation proof".
What are the keys to financial freedom?
Like I said earlier, there are tons of points. However, I'm going to cut them down to 2 main points
FINANCIAL PLANNING
A lot of people are not meticulous with their spending and I think that's the first problem to deal with... Concentrate on every detail. Know how much you spend and what you spend on. Then comes the interesting part. Investing- A preponderant amount of "crypto investors" just Ape in on coins they see trending on social media and hope they turn millionaires in a couple of months time. No planning whatsoever😂. To be honest, I've been there and done that. Before buying an asset whether crypto or stock. Do your own research, know when to buy AND WHEN TO SELL i.e get out. Another mistake many people make is Marrying an asset when they're not supposed to. The bottom line is. Write down your financial plans for a certain period of time, then be patient enough to execute.
DISCIPLINE
This is self explanatory. However I'm gonna touch it a little bit using Crypto and stock as clear examples. It requires a lot of discipline to stick to a plan that looks bleak. Imagine buying #HIVE at $0.92 last year and seeing it dump to $0.35😢 in this bear market. It's difficult but that should be in your financial plan in the first place.... What would you do when or if things go south? To address the Elephant 🐘 in the room. How can one deal with marrying of assets? It's easier said than done. Remain level headed and stick to the goal. There are millions of financial opportunities out there to pounce on after reaching a previous goal. Don't marry any asset when it's not part of your financial plan in the first place.
#pheeeeeeew. I promised this was gonna be short 😂. I'm gonna stop here. If you have anything to add or subtract, kindly do so in the comment section. I'll be glad to read your points of view. Do have a great day. I'll catch you on the next one. Ciao
