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10 Steps To Financial Freedom

10 Steps To Financial Freedom

Financial Freedom

In this money-conscious world, many people are eager to acquire financial freedom. Even though that is the case, very few people do ever get to attain it. Most people just don’t know how to get there.

The road to financial freedom is extensive. There are many things you need to do when looking to attain it. This article, even though it is not exhaustive, will provide a 10-step guide to help you travel through your unique journey to financial freedom.

1. Understanding your net worth

Is Amazon Dipping Its Toes in the Crypto Pond?

Do you know how much you are worth? You need to understand your financial state by knowing what you got and what you owe. You should subtract your assets from liabilities to rate your net worth. Liabilities could include debt and expenses while assets could include cash and investments.

Understanding your net worth will help you know where you stand on your journey to financial freedom.

2. Tracking your money

Now that you know what you own and owe, do you know how you spend your money? Keeping track of your money will help you assess and manage your finances.

There are several financial management applications that can help you budget, plan, and track your money usage, and it’s absolutely crucial. While it is tasking work, keeping track of your money will help you optimize your finances and increase the odds that you can successfully achieve financial freedom.

3. Paying yourself first

You should never use your paycheck to pay off your bills and debt first. Sure, you should lay away some amount to cover these payments and help reduce your financial load, but you should also seek to increase your savings. Put yourself first by laying away about 10% of your income for starters while targeting a higher level of savings in the long term.

4. Doing it with others

There are many people around you who could help out with your financial goals without your knowledge. You need to develop working habits with your family and friends to help you get the best out of your strategies.

People around you could provide support and motivation, and may even take up efforts such as working within a budget. Look around to gain valuable aid in your journey to attaining financial freedom.

5. Investing instead of consuming 

Cryptocurrencies were once a small corner of the market, reserved only for the brave, and which many people didn’t quite understand. Now, cryptos have begun to permeate many different corners of the world and are soaring in the markets, albeit retaining their well-known volatile nature. From huge companies and billionaires like Elon Musk and Tesla, to payment platforms like Visa and PayPal, cryptos are rapidly being accepted into the mainstream culture. In fact, crypto has influenced the world so much that digital currencies are a real consideration for countries like the US, who are looking into creating a digital dollar. There’s no telling how soon the digital dollar could come out, but all signs point to big tech getting involved, with rumours circling about Amazon turning towards cryptocurrency. Let’s take a look at why some think Amazon may be entering the crypto market. Amazon’s possible crypto tango Currently, Amazon does not accept cryptocurrency as payment, but Amazon Web Services (AWS) does have a blockchain technology infrastructure product on offer. However, a job posting was recently discovered online, which showed that Amazon is looking for a “Digital Currency and Blockchain Product Lead.” The job posting states that Amazon is on the hunt for an “experienced product leader to develop Amazon’s digital currency and blockchain strategy and product roadmap.” Naturally, this has created a lot of speculation around Amazon’s future plans in the crypto space. Soon after that, Amazon shares rose by 1% and Bitcoin prices surged over the $40,000 mark. Amazon explained the job posting by saying, “We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.” In 2013, Amazon first showed their interest in digital currencies when they launched Amazon Coins, which was a virtual currency that customers could use to make purchases in apps and games on Kindle. Amazon Coins are worth about 1 cent each and are still being used today. Then in 2017, Amazon purchased three cryptocurrency web addresses with no further explanation. Unsurprisingly, speculation around Amazon’s next move in the crypto space is rife and City A.M., a UK financial publication, reported that Amazon was working on releasing its own crypto coin in 2022, and would be accepting Bitcoin for payments by the end of 2021. However, Amazon has denied this report, with a representative saying, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.” The company has maintained that they are in the exploration phase still, saying “We remain focused on exploring what this could look like for customers shopping on Amazon.” Amazon is a giant tech company that is known to explore many avenues, so even though the company is not yet accepting cryptos, the future remains a question mark. Crypto shift As companies like Tesla move towards the acceptance of cryptocurrencies in the near future, it’s a clear indication of the shift towards crypto amongst big companies. With research being made into a digital dollar and further advancements in the world, it’s unlikely that Amazon is going to be left behind in the crypto and digital currency space, especially considering the company has over 70 openings for blockchain specialists available. However, is Amazon going to accept crypto payments? Will they develop their own coin? Nobody can say for sure yet, but the job posting shows clear signs of Amazon’s interest in crypto, so it’s worth keeping your eyes peeled, as this could be a giant leap for the digital realm.

You should always live within a budget that’s set according to your disposable income. You need to assess your expenses and try to minimize the costs as much as you can. Always ask yourself what everything you buy will cost your financial freedom, and watch how you cut down on unnecessary spending.  You can even start small with a glass jar at home to help you see just how much you might have wasted.

6. Investing in yourself

You should invest in yourself through saving and invest in your skills. Always look to sharpen and expand your skillset to help you gain additional sources of income. There are many avenues available to help you acquire and train new skills such as web channels.  Investing in yourself will help you gain the skills to help thrust you to financial freedom.

7. Getting multiple sources of income

Once you’ve invested in yourself, you will be better able to seek additional income. Consider your current source of income and look into additional options that can be scheduled around your work to help raise your level of earnings. There are opportunities for side hustles on the internet that could be of help.

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8. Learning and improving

There are new ways of operation developing across the board. You need to stay informed of the latest trends to understand the financial aspect of the world as it is. You can also explore different transformations across the financial field throughout the years to know what to expect. You will be sharper with your money and better able to manage your way into financial freedom.

9. Waiting for results

Financial freedom strategies will not work within a day, week, or month. You need to be patient and plan for the long term in your vision.  You should work on different aspects slowly but consistently to ensure success in the long term. Make a habit to decide for your future self, and maintain your work to achieve financial freedom.

10.Becoming a mentor

10.Becoming a mentor

By this time, you will have acquired enough knowledge to become financially comfortable. You will be better able to control your resources and revenues, improve your credit and live free of debt. You may even know how to handle tough tasks such as getting successful grants.

You could consider learning and stay at the top of the game by becoming a mentor. You can share your experiences through websites, blogs, speaker forums, or books to help others chart their way to similar financial success.

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