Why Focusing On Investing Isn’t The Best Path To Financial Freedom
Different people come up with different definitions. Well, these are just vague and half-baked answers.
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Though we often spend time discussing the topic and how we can achieve financial freedom, the truth is we are completely clueless about what it actually means. In this blog, we discuss financial freedom and a step-by-step approach to how we can achieve it.
So, what is financial freedom?
Financial freedom is having enough residual income to cover your living expenses. It is not about being rich and having tons of money, but having enough to cover your expenses so that you can spend your precious time doing what you like rather than doing things just to earn money. This can be achieved only when you are prepared for it.
People would much rather talk about a tech company that could turn into the next Amazon instead of discussing the value of cutting expenses and increasing your savings rate. Think about it. If you want to invest, you first need some money to invest with. The main way to acquire that money is to earn some form of income and to SAVE some of the money.
All you need is a little financial planning. Here are the 3 things you need to do to achieve financial freedom 1.
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- How are we going to pay for that?
- The recent lockdown have given "freedom" a whole different meaning; we want to exercise our freedom to step out of our homes and move around freely, to connect with our family and friends, etc.
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Become debt-free: The biggest roadblock to financial freedom is debt. And the worst kind is the credit card debt with interest charged something between 30 to 40 investment and financial freedom.
View More Every extra dollar you use to pay down debt is a day closer to living debt-free.
Refrain from using credit cards and take a debt repayment strategy to pay the existing debts. Do this even before you start investing. Also, though investment and financial freedom is true that all loans are not bad loans — like home and educational loans, which provide certain tax benefits, being debt-free is even a better option than having a good loan.
- Way to Financial Freedom goes through Disciplined Investment
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- The Bottom Line Achieving financial freedom is a goal for many people.
- Действительно закончилось.
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- Earn money on the balance
Whenever you get a good amount of money in lumpsum, for example, a bonus, pay it towards the loan as much as you can afford. You can sketch a financial plan around it. Start investing early with a goal-based approach: You have heard this before and you will hear this again.
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Start investments as early as possible, even if it is in small amounts, and let the power of compounding show its magic. Again having a goal-based approach helps you determine how much money should go towards each investment while you are creating your monthly budget.
This can save you from unnecessary financial stress and save you tons of money.
He wants to plan well and retire by 45 and switch professions. But, before that, he wants to ensure that he has enough financial back up make money web cam pursue a second career at the age of Now, considering the inflation rate, years of expectancy post-retirement and monthly expenses now and thenhe has to calculate his retirement corpus.
And in the next step, he has to calculate how much money he has to save every month to create that corpus in the given timeframe.
Here is how much he will need to invest if he starts now compared to if he waits a few years, assuming a 12 percent average annual returns. Age at which he starts investing