I was recently re-watching the music video for Jay Z's the Story of O.J., and I actually learned quite a bit about financial freedom thanks to paying attention to the words rather than the imagery.
First of all, I do not have any financial accounting or advising qualifications, and I am not a licensed financial advisor. I just happened to come across some good advice and wanted to share.
So, how does a person gain financial freedom? It begins with following a foundation of guidelines, and I have six guidelines that seem to work for me. Here they are
⦁ Start Small - make a money jar, open an online savings account. Just start saving the most you can within your means right now.
Even if it's just $5 a week, that's still $260 in a year, and that can be used to further your investments over time.
⦁ Start looking at the long-term - instead of getting something you want right now, that might end up worthless as soon as its bought, try looking at things which gain value over time; stocks, cryptocurrency, real estate stock, etc.
Don't be scared off by these markets that seem like they're only for the super-rich. You can actually easily start investing in stocks using apps like Stash, Robinhood, or Acorns. And when it comes to cryptocurrency, there's nothing like Coinbase to start investing there.
⦁ Don't get discouraged because buildup is slow - there most likely won't be an immediate return on your investments, but there will be a better forecast long-term.
The key to changing your financial situation is patience. Like fishing, you have to wait for returns to come to you, because oftentimes you won't find money just walking up to you. It's work, but it's also work that can make a difference in your life.
⦁ Keep looking for new opportunities - even if it's just picking up a few extra shifts here and there to put extra money in your investments, in a year that money alone can be a lifesaver in an emergency.
I'm NOT saying to work yourself to the bone. Another important thing in all this is to balance your effort with your wellbeing. Keep yourself healthy, don't overwork yourself just to make more money. Remember Scrooge McDuck's words: "Work smarter, not harder. I made my millions by being smarter and tougher than anyone else, and I made it square!"
⦁ Keep learning - when it comes to things like stocks and bonds, keep learning more about what you're getting into. It's often just this factor alone that keeps you ahead of the game.
Knowledge is power, and self-empowerment comes out of making progress in your investments!
⦁ Keep on it - Rome wasn't built in a day, and financial freedom takes a while to achieve. But if you keep at it, eventually you can work your way out of the hole you're in.
Even the Romans had problems; remember Pompeii?
So, whether you're just making ends meet, or beginning to see a return on your investments, just realize that there is no greater skill than the ability to wisely manage your money in a way that keeps your future secure.