40 Steps to Financial Freedom You Need To Remember

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Financial freedom refers to the state of having sufficient personal wealth to live without having to work actively for basic necessities. For many people, financial freedom is the ability to live a comfortable lifestyle without the worry of money, and to have the freedom to choose how they spend their time.

There are many different paths to financial freedom, and what works for one person may not work for another. Some people may achieve financial freedom through saving and investing, while others may do so through entrepreneurship or starting a business. Some people may also achieve financial freedom by earning a high income or by inheriting wealth.

Regardless of how it is achieved, financial freedom can provide a sense of security and independence, and allow you to focus on your passions and goals rather than worrying about financial stress. To achieve financial freedom, it is important to have a solid understanding of personal finance and to develop a plan for managing your money effectively. This may include setting financial goals, creating a budget, saving and investing for the future, and reducing debt.

Your Financial Future

  1. What are your financial goals? You have to plan your future.
  2. Look for a mission in life not a job.
  3. Your spouse is your lifetime financial partner. Choose wisely.
  4. Work for personal growth not just for money.
  5. You get paid on the value you create not what you think you are worth.
  6. Your net worth is the difference between your income and your spending.
  7. You need a budget or self-control.
  8. What is your time and energy worth? Only work jobs that are worth the pay.
  9. Buy things that you value the most, do not buy for appearances to impress other people.
  10. Do you enjoy the way you earn a living? If not you are in the wrong job.

Low Stress Finances

  1. Your standard of living should reflect your earnings power not your desires.
  2. Save enough money for Murphy’s law.
  3. Use credit and debt to buy assets not liabilities.
  4. The Power of ‘F@*k You Money’. Always be able to quit and seek other opportunities.
  5. Save 10% of your gross income.
  6. Put your money to work.
  7. Money flows from those who can’t manage it to those who can.
  8. Do not put money in things you don’t fully understand.
  9. The fastest way to go broke is to try to get rich quick.
  10. Insurance is financial defense.

Building Wealth

  1. Pay yourself before anyone else.
  2. The 100% return most employees are missing: 401K matches.
  3. The hidden expense of taxes. Optimize for tax liability.
  4. High income is not the same as wealth.
  5. Looking rich is not the same as being rich.
  6. What creates wealth? Creating value for others or partnering with those who do.
  7. The stock market is a wealth builder.
  8. Home ownership can be a wealth builder.
  9. Always consider the risk and the reward in any endeavor.
  10. Invest in your knowledge and skills through education in whatever form that takes for your goals.
  11. Know your net worth.

Financial Freedom

  1. Fire your boss if you hate your job. There are other jobs and ways to make money.
  2. You can’t ‘take it with you’ but you can enjoy freedom now when you have enough money.
  3. Build a business versus having a job.
  4. Plan for retirement as early as possible.
  5. There are other ways to make money besides a job.
  6. When cash flowing assets are greater than bills you are free.
  7. If you didn’t have a job what would you do? Whatever you wanted.
  8. Use capital to buy your time back.
  9. The greatest luxury item is financial freedom.
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