Financial Freedom Practical Steps

It is a common dream for someone to someday be financially free. Money is not the most important thing in the world but directly or indirectly has an effect on things on earth, as the author Bo Sanchez puts it. Money on itself is not evil, but the love of money is. We are all assigned stewards of money and we should study on how to use it wisely

There are many steps in gaining financial freedom though I will discuss to you only four of them. First step is to give. It was written in the bible that we should give 10% of our livings produce to God and to his ministry. This is an act of faith. We should learn to give so we can also receive. When we give for Gods service we should be prepared for the numerous blessings that will come our way. Give and you shall receive.

Second step is to free ourselves from bad debt. We should avoid bad debt like bad virus. Bad debt is debt that does not put money in our pockets. Good debt works the other way around, it brings money to our pocket. A debt used to buy a sports car is bad debt while a loan used to buy a 30 unit apartment is good debt since cash in coming in your pocket in the form of rental. Avoid bad debts.

Try to sell something at the side while maintaining your current work. Selling is like owning a mini-business; youre like a mini-CEO of your company. Crafters and hobbyists are small business people that turned their hobbies to money making opportunities. Nowadays we could see homemade soaps, detergents, toys being sold on craft fairs. Selling will teach you fundamental financial skills that you may not have the chance to learn as an employee.

Fourth step is to invest your money in various growth funds which earns certain interest annually. You should also learn to think about your own long term plans. How do you plan to retire? Do you have money in case you retire at around 60? Save and invest for your retirement so you could have a worry-free retirement life.