The term financial freedom is often echoed by many people as a financial goal in productive times. Quoting from Forbes, financial freedom can be interpreted as the freedom to control personal finances. That is, a person can enjoy life according to personal desires without having to think about financial conditions. Financial freedom is characterized when passive income has exceeded the expenses needed in life so that you no longer have the obligation to work hard. Not infrequently, people who are financially free choose to retire at the age of 30, 40, or 50 years. Financial freedom does not always mean having a lot of money. This freedom can be obtained when someone is not “imprisoned” with financial conditions. You can read this financial freedom books right now.
Someone who has financial freedom can be characterized by not having a lot of debt, living properly, having enough, so that there are no limitations to getting financial goals. Here in “The Common Path to Uncommon Success” you will learn that everyone has the opportunity to achieve financial freedom, including those of you who are considered workers with mediocre income.
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Pros And Cons Financial Freedom Books
- Great Experience of reading financial book
- Great Value book
- Written by Marquetta Breslin
1. Immediately settle the debt
Having debt is not always a bad thing. Sometimes, debt can also help business growth. The thing that needs to be avoided is to get used to debt for needs that are not valuable assets, consumables, and consumptive. For example, using a credit card to simply shop for tertiary needs, such as car installments and electronics. The reason is debt that is not worth an asset will prevent someone from getting financial freedom. The obligation to pay installments can reduce the opportunity to set aside money for savings and investments. For that, understand the financial condition in detail and make sure not to put a peg bigger than a pole. You can also make a list of the amount of income and spending limits to avoid getting into debt. If you already have debt, pay off the debt first. However, if there are conditions that require you to make a loan, choose a loan that offers the lowest interest and pay it off immediately when you have the money.
2. Don’t hesitate to see opportunities
The next step to achieving financial freedom is to take the opportunity to change jobs when you get a better offer. The increasing need and the desire to increase old-age funds can be the main goal when changing jobs. Despite the negative stigma and nicknames of fleas, changing jobs can quickly improve experiences and expand networks. The environment and work in different places can also open up opportunities for further development, thereby increasing the selling point of the work destination. In addition, you can apply for negotiations to get more salary and compensation when you take on a new position. In fact, you can get the opportunity to get a higher salary of up to 50 percent if you decide to change jobs.
3. Don’t improve your lifestyle when your income increases
Not infrequently, some people spend a lot of money because they are consumed by prestige, advertisements, and a sense of not wanting to lose to the lifestyle of their friends. For example, you already have a car that is sufficient to support daily mobility. Then, you see your friend has a new car of the type above yours. You also feel like you don’t want to lose and are tempted to buy a new car even though you don’t really need it. In order to achieve financial freedom, avoid being tempted by such things.