With these simple 7.4 actions you can achieve your financial freedom:
What? Why should I focus on “financial freedom” on the country’s Independence Day?
Because freedom to live your life the way you want to, is your fundamental right in a free India. And doing that requires financial freedom, doesn’t it?
So how do we achieve financial freedom?
1.Freedom from debt:
Toxic debt can make you a slave to your lender and your boss while slowly murdering your dreams and self-esteem. Pay-off your high interest debts like credit card dues and personal loans. Don’t take them again. Instead, create an emergency fund for unexpected and urgent expenses.
The feeling of freedom will be unlike anything else!
2. Free your dreams to see the light of day:
Turn your dreams into reality by converting them into SMART goals with the exact dates and the exact rupee amount required.
3. Freedom from huge and sudden hospital bills:
Get sufficient and right type of health insurance for every member of your family to ensure the best medical care, without sacrificing your financial goals.
4. Security for family:
Get sufficient life insurance with a low-cost term plan and ensure your family’s financial freedom.
5. Freedom for cash flow worries:
Make a budget – of the family’s expenses, for the family and monitored monthly by the family. Axing wasteful spending will free up money for what you all love.
6. Independence in the golden years:
Want to retire early? Or want to work till your last breath? Either way, the choice should be made by you freely, not enforced by financial necessities. So, calculate the amount you will need for a secure retirement – not dependent on anyone – and start investing for it today.
7. Freedom from the old you:
Don’t be stuck in the past world and your past self. Learn, unlearn, relearn to keep yourself updated, gain new skills and make the best of the changing times. Dedicate a specific amount of time and money for the same. Make sure you invest them.
7.4: The journey to financial freedom can be long and at times, tough. There may be challenges, fears, greed, and temptations that can derail your plans.
But you can succeed as a team. Have a team meeting to review your finances with your family and your family financial advisor once a quarter i.e. 4 times a year. This will ensure that your journey to financial freedom stays on track and you achieve your goals successfully!