How to Achieve Financial Freedom
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What is Financial Freedom?
Financial freedom means being in control of your money. It doesn’t mean being rich. And it is easily achievable.
It means having a stable income source, so that you can live the life you truly desire without any limits.
You won’t stress about paying bills, groceries or unexpected costs. Plus, you will not be burdened with debt.
All you need to achieve this are a solid plan, a diverse investment portfolio and great advice from professionals.
Planning your financial goals and investments will ensure that you can achieve financial freedom while still young.
Key steps of Financial Freedom
Planning:
To stop worrying about money, you must first ensure that you receive enough cash to cover your expenses. Find out how much you need.
Financial Education:
You don’t have to know complex financial products. But you need to know the basics. Our academy can help you get started.
Passive Investment:
You can’t depend on a salary for financial freedom. Let your capital work for you. Consult an advisor to learn about passive investment options that will yield regular cash.
50/30/20 Budget Rule
A Harvard professor and a Senator of the United States, Elizabeth Warren advises a simple rule to achieve financial freedom: 50/30/20 budget rule.
The idea is that you spend your net income in three categories: 50% for basic needs, 30% for things you want, and 20% for savings or paying your debt.
The crucial step is managing the 20% effectively. If you know how to invest properly, you can increase your overall net income. This will gradually increase the amount you can spare for Needs and Wants, without limiting your lifestyle.
How to Retire Early
With financial freedom, you don’t live from paycheck to paycheck.
You will also not have to worry about a full-time job anymore.
This means you can start planning an early retirement to spend more time with your family and your hobbies while you are young.
Invest your savings wisely, based on your risk tolerance. Diversify your income sources to minimize the risks to your capital.
With a well-executed plan, you can enjoy the freedom to pursue your passions and live life on your own terms.
Consult experts for free to get started
Financial freedom refers to a state where you have enough financial resources and security to make choices and live life on your own terms.
It means having control over your money, being free from excessive debt, and having enough savings and investments to support your desired lifestyle without constant financial stress.
The time it takes to achieve financial freedom varies from person to person. It depends on factors such as your current financial situation, income, expenses, savings rate, and investment returns.
Generally, achieving financial freedom is a gradual process that requires consistent effort and discipline over a number of years.
With focused planning and smart financial decisions, it's possible to make significant progress towards financial freedom within a decade or even sooner.
While a higher income can certainly accelerate your path to financial freedom, it's not the sole determinant.
What matters more is how you manage and allocate your income. It's possible to achieve financial freedom regardless of your income level by adopting frugal habits, reducing expenses, saving diligently, and making smart investments. Building wealth is about managing your finances effectively, regardless of your income bracket.
While taking risks can often lead to higher returns, it's possible to achieve financial freedom through a combination of cautious financial decisions and calculated risks. Building a diversified investment portfolio, saving for retirement, and paying off high-interest debt are generally considered low-risk strategies.
However, it's important to educate yourself about investment options, assess your risk tolerance, and seek professional advice to make informed decisions.
Remember, striking the right balance between risk and reward is crucial in the pursuit of financial freedom.
Financial freedom is not solely about having a large sum of money. While having wealth can certainly provide more options and flexibility, financial freedom is more about the relationship between your income, expenses, and financial goals.
It's about managing your money wisely, living within your means, and having a solid financial plan.
Financial freedom involves achieving a balance between income, expenses, savings, and investments to create a sustainable and secure financial future.
It's about feeling empowered and in control of your finances, regardless of the specific amount of wealth you have accumulated.
Experts suggest investing at least 20% of your net income for financial freedom.
You can consult our team for the best solution, but you can start with as low as €200 and upwards per month.
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