A very crucial step to gaining financial freedom is to learn to acquire more assets than liabilities especially when we are only just trying to grow our finances from the scratch. The middle class are the largest percentage of the society and it is easy for people’s finances to go downwards rather than upwards, the reason behind this happening is the fact that, it is more convenient to purchase assets than liabilities and certain things that the middle-classed people consider to be assets are actually liabilities in real sense.
Tolerating just any job.
I believe strongly that not everyone can become entrepreneurs, there are people who will still need to maintain their daily job because that is what they love doing. The mistake however, is the choice to remain in an unfulfilling job, when you know that the job you are doing is not offering any type of excitement and fulfillment but you choose to remain there with the hope that you will make better financial improvement someday. Staying in a bad job with a bad boss is not an asset as it will keep you limited from achieving other goals and dreams.
Your home is not an asset.
Owning a home of your own is really good and very important but you need to understand that this house will constantly require maintenance and instead of the house bringing you money it will always take money away from you. A home regardless of how beautiful and classy it is, is a big liability and not an asset. As a matter of fact, the more classed it looks, the more of a liability it will be. I am definitely not trying to say that owning a home is a problem because it is a necessity but I am trying to say that be sure to have assets that will cover the expenses to run the home.
Spending first before investing.
The middle classed individuals are usually the ones who are known to use basic luxurious things the most, they think about investment only after they have satisfied their initial craving and that is something the wealthy ones have a control over. The wealthy always see a need to make investment first, then every other form of spending or luxury can always come later.
Book smart or street smart.
The middle classed individuals are usually very obsessed with the need to gain formal education so bad that they forget the need to have themselves developed in their own skill. Leaving school will make us realize that life is more about the skill we are able to offer the world and not what the classroom offers to us. Instead of constantly acquiring student loans why not take a course on the skill you are good at. Again, I am not saying education is bad, I am only saying that smart education is better.
I sincerely appreciate your comments and upvotes, I really hope that life offers us bliss all the time.