Financial freedom is in other words financial independence. Some financial scholars have the school of thought that financial independence is different from financial freedom. Hivers, I will be excited to share what one will stand to gain and attain from any or both and not technical interpretations of any.
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Financial freedom by my definition is a situation where one has enough cash or investment to meet his/her basic needs and wants.
To achieve this, there certain lifestyles or financial habits that one needs to cultivate for the purpose of achieving financial freedom and some of those habits I am excited to discuss in my own view.
Developing more sources of financial income is the first on my item table, to achieve financial freedom, it not sufficient one to depend on only one source of finance. Relying on one source of finance has not helped any that are successfully and financially independent today. In our world of digital technology, it is easier to add up more or alternative source of income earning to generate more fund for living and increase in savings.
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Budgeting is another item on my table. Budgeting is key and in my view is core if financial freedom must be attained. Lack of budgeting will amount to arbitrary spending without savings. One of the easiest ways to be financially free is to save a specific amount of one's salary monthly without failing.
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Financial goals is another item on my financial freedom table. Having financial goals is one thing and sticking to your financial goals is another thing. It goes beyond having financial goals to succeed except one sticks to the goals religiously. Sticking to financial goals has one best benefit which knowing how to budget any extra money that comes into your hands an save it instead of spending it.
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Growing money is another path way to financial freedom. in our prevalent financial economic globalization, it is not enough to save money rather one needs to go beyond saving. Talking of growing saved money, what comes to mind is investment. Although, there are risk in investment but only risk takers break new ground.
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Frugality has never ever helped any one to succeed financially independent, as such we need to decisively live below our income to be able to save some percentage of our income earning after tax. Frugal spending makes it difficult to control our expenses. High standard of living to me is an enemy of growing rich and attaining financial freedom.
Finally, hivers, we must consciously identify our needs, wants and budget for them before spending money even though we make room for emergency.