Financial freedom is not only about increasing our wealth, it is also about how we manage our finances and developing a right perspective towards it. This is the totality of how we use our finances not only for our own benefit but also for the benefit of others.
Growing up, my family conditioned me to be a good student to have a decent job in the future because for them that is the only way to secure my future financially. At the very young age, I thought that working for other people especially in the government is the most ideal thing I could achieve in my career. Then reality hit me when I was struggling applying for work in the government. It was depressing, thinking that I was a good student with an above average GPA. I passed in my license exam with a good grade also. So I was expecting to be offered a job, receive a salary each month plus my benefits thinking that this will secure my future and achieve financial freedom when I retire. But that didn’t happen only because they were looking for a more experienced person than me and the only way to get experience is to work in private companies.
My expectations and the timeline I set for myself needed a revision, so there was a change of plan. Working in a private sector and knowing people there helped me to widen my horizon and changed my perspective towards my financial goal. I realized that security is not found in working for the government alone or even having a stable job in a private company. Financial security can be achieved by right management of our finances.
I experienced being broke, like I was always in debt because I need money to survive until my next paycheck. There were also some unexpected fees or payments. Like every month I was praying that there will be no emergency that will happen because seriously, I have no single penny saved!
Then I thought that I shouldn’t stay this way forever, I have to take actions.
I am a millennial, we are millennial.
We are living in a generation of technological advancements and working for extra money and educating myself to manage my finances better is just a single step away.
That is why I created the website Idealistic Millennial
I believe that every millennial especially those who are new in the world of work can achieve financial security not in the time we are about to retire but earlier than that.
We are the generation that gives new definition to financial security.
We are the generation that will prove that business are not only for the riches.
We are the generation that will break the wall of financial opportunities between the rich and the poor.
But we can only achieve that if we take actions, if we help each other and if we make opportunities of our own and that is through FINANCIAL EDUCATION.
First let’s talk about Financial Management.
I summed it up into 4 basic principles and these are:
Planning wisely
Say no to debt
Grow your Assets
Knowledge is power
This is the most detailed part of our actions because you have to control and track every single cent that you spend. Personally I suck with this, I hate details but for the sake of analyzing better where my money goes I’m trying my best. This is also where you have to list down the possible amount of money that you will spend maybe in every week, in every month or in every paycheck. Plan also for some unexpected things that might happen. Set your goals here like how much money you need to spend and to save. The most important part here is to stick with your plan which requires self-control and discipline.
I think this will be easy to do if you follow your plan accordingly. Staying into debt will unable you to save money for future use. Staying debt-free means you know your priorities and you’re willing to make adjustments in your lifestyle to achieve this goal. This will also avoid you to be stuck in a situation where your reputation maybe put to risk. Remember that financial management is also building a good financial reputation.
Change in financial habits is a change of mindset. I became motivated in achieving financial freedom when I read Robert Kiyosaki’s Rich Dad Poor Dad so I was greatly influenced by him. Good thing about here is our generation has an easy access to this information. We can easily communicate to the people who are masters in this field. But sometimes due to the massive information it’s hard for us to choose who to believe and which system to be followed. So it’s important that along this information you must take action to identify what work best for you. It will be hard in the beginning but the solution here is to start acting.
Today, saving may not be a good advice anymore. You have to take risk and invest your hard-earned money to grow your assets. This is how you will generate income aside from the salary that you receive. You don’t need to be afraid because equipping yourself with the right mindset and listening to the right mentors will minimize the risk in investing. What’s important here is "learn to play the game wisely and enjoy the bigger benefits".
Millennials, these are just the basics of financial management. We have so many things to learn and I also have many things to share with you. Always remember that this journey will not be easy but with hard work, right attitude, knowledge and faith all things are possible.
I hope that you’ll be with me in this exciting and fun adventure of achieving financial freedom not only for our benefit but also for the benefit of others.
