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5 Steps to Take Control of Your Money and Achieve Financial Freedom


Money is like your mind; it can be your best friend or your worst enemy.

There are two phrases about money that I carry with me every day:

1) Money flows from the people who value it the least to the people who value it the most.

2) Rich people know where their money flows, poor people do not.

I always struggled with money. I either was working 4 jobs and was comfortable, or only have 1 and was struggling. Either way, I never had any money saved.

That was until I took control of my mind and finances using these 5 simple steps that I would like to share with you.

5. Figure Out What Financial Bad Habits Were Instilled In You at a Young Age

 

Knowing your financial history will lead to a stronger financial future.

Stop and think about how people you looked up to in your life handled money.

Me personally, my father was very generous and always carelessly spent. Although his generosity is amazing to this day, I did pick up the carelessly spending habit. This was the biggest factor in why I never had money - I spent it all on taking friends out.

Now for you, it could be a scarcity mindset, your parents always had a cushion for you, whatever it is. Find the mistakes you've been running off of from a young age, and eliminate them.

4. Plan Out Your Financial Goals

 

If you've been a subscriber for a while, you'll know that I am all about planning out your future. This is especially true with money.

Having 1 month, 6 month, 1 year, 5 year, and 10 year financial goals are very sobering, grounding, and inspiring.

When I first began setting financial goals, it really opened my eyes to how much I needed to work, how much I needed to save, and what I needed to stop doing to get there, and stay there.

3. Be Radically Transparent with Your Finances to Trusted Individuals

 

This habit helped me a lot, mainly because I don't want to let down the people I love and care about.

I began talking about my financial goals to my parents and financially stable friends. My parents gave me the emotional support to pursue my dreams, and my successful friends gave me the knowledge and know-how.

It also feels good to share with people how you are financially growing.

2. Follow the 50-30-20 Rule

 

This is a simple, fool-proof rule to financial freedom as long as you are disciplined enough to carry it out consistently.

With every paycheck after expenses, apply 50% to spending, 30% to savings, and 20% to investing. This way, you can enjoy your life, slowly begin to build a steady savings, and also begin to make your money make you money.

1. Learn the Lingo of Business and Finances

 

This is a big one. Words like 'Trust Funds' or 'Time Shares' always sounded like rich people things that I never really cared about or felt like I could attain.

That is, until I began to teach myself what those terms and others mean.

Just learning basic financial terms and definitions will open up doors in your mind of ways to invest and make more money.

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Don't get me wrong, the road to controlled finances can be long and challenging. But in the end, it is always worth it.

Imagine not having to worry about where your next rent will come from, or not having to be frugal when buying food.

These are the little comforts that exponentially increase your quality of life.

Have an excellent, prosperous day!

Dan
Author / Ice Man / NOT a Financial Adviser
Overstocked US

 

P.S. One sure fire way to keep you motivated to carry through these financial habit is a good night's sleep; ensure this with our Sleep Buddy!


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