3 Steps to Financial Freedom – Cash Flow Management
No matter who we are or what our personal goals for the future entail, one thing is certain- we all want to be free from financial worry. “Financial Freedom” doesn’t necessarily mean we all want to be billionaires, drive fancy cars, or see the world. Some people simply want to live in a house they own free and clear, with money in the bank and very few bills to pay each month. Regardless of your personal definition of financial success, there are some measures you can take to create wealth where there once was nothing, so that you can live your best life and enjoy a worry-free financial future in years to come.
Three Steps: Financial Freedom
1. Lower your expenses.
This may seem like a no-brainer, but it can be hard to curb your monthly expenses when you feel as though you truly need everything you buy. By thoroughly examining your recent purchases and being honest about what you could have lived without, you can focus on the true needs and eliminate the unnecessary spending without sacrificing the things you really love. Financial freedom starts with financial responsibility.
2. Avoid taking on new debt (and begin taking steps to eliminating the ‘bad’ debt you have).
It’s so easy to convince yourself to open a new store card or credit card when they’re offering 18 months’ interest free, or to buy an expensive new laptop when you can finance it for 18 months same as cash, but as anyone who has ever taken on massive amounts of debt can tell you, there is no such thing as free when you’re in over your head. Instead of applying for a new line of credit when you see something you want to buy, walk away and take the time (at least 48 hours) to really think about it. If you’ve already fallen into the debt trap, don’t panic- it can be as simple as cutting out lunch at a restaurant once per week to be able to apply an extra 50 bucks to an existing loan that needs to be paid off. You’ll be out of the woods before you know it!
3. Consider additional sources of income.
If you are employed full-time at a 40-hour-a-week job, you may not have considered taking on additional work to supplement your income. After all, when would you find the time to work a second job? Thanks to work-from-home opportunities that have been created by technology, you can utilize your specific set of talents to find freelance work that pays well and works around your schedule. Blogging, assisting students with tutoring online, or designing websites for small businesses are all possibilities for boosting your earning potential and bringing in extra money. Don’t feel like you have a marketable talent that can be monetized? Try reselling items on eBay. You may be sitting on a pile of found cash!
If you are serious about taking control of your future, our financial advisors are here to help you! Our Sydney-based advisors can create a wealth creation plan that is tailor-made for your individual needs, and get you on the road to financial freedom!
Call today and let us know what’s on your mind.
Disclaimer: The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Synchron Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Mirador Wealth Management, Synchron, nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information. Authorised Representatives of Synchron AFS Licence No. 243313