Financial freedom is a goal that many of us strive for, and this new year 2023 is the perfect time to start. Financial freedom is everyone’s dream. But, most people don’t know what to do to achieve it. If you do not have a plan, then it will remain only just a dream.
What is Financial Freedom?
Financial Freedom as defined by ET Money (2022), is having enough income to cover your living expenses. It does not revolve around being wealthy, but about having enough to cover your expenses so that you can spend your valuable time doing what you want rather than doing things just to make money.
This means to say that to have financial freedom is to have a consistent source of income and the capability to control your finances. It allows you to track and meet your financial objectives. Likewise, this also indicates that you have money for emergencies and live the lifestyle you want.
Helpful ways to reach financial freedom this 2023
It’s time to set yourself a goal for 2023. Do you want to pay off all of your debt? Start saving up for retirement? Increase your net worth? Whatever your goal might be, there are things you should do to reach it. So, without further ado, here are the six things you should do to reach financial freedom this year.
Create a Budget and Set Financial Goals
You might think that this is too common or cliche but it is still on top of the list. It is still the most effective way to track your income and expenses, as well as create a plan for how you want to use your money. By setting goals, you can create a timeline and plan for how you will reach your desired financial goals. After all, the first thing you do to reach something is to plan, if you do not have a plan then you are just planning to fail.
Boost your Income
Boosting your income is another way to do it. This could be done by taking on a second job or starting a side hustle. Aside from your job, you can also choose to work online. There are several different online jobs available, including freelance writing and technical support. However, to create an income, you will need to invest a significant amount of time into finding jobs.
Another way to boost your income is to ask for a raise from your current employer. If you work for a large company, asking for a raise shouldn’t be a problem.
Start a Small Business
Here’s another way to boost your income. If you want to have full control of your work life, becoming a business owner might be the option for you. This will help you generate a steady flow of income. You can sell anything, may it be handcrafted, reselling stuff from a supplier and more. You can use different e-commerce websites to upload and sell your products there.
Invest in yourself
Investing in yourself means taking courses, attending workshops, and investing in self-education. Since the internet has made acquiring an education much easier. There are online degree programs available from a wide variety of schools. This could help gain more knowledge and skill that you can use in looking for higher-paying jobs or starting your own business.
Invest in stocks or real estate
Stocks and real estate never go out of style. You can start saving your money and investing it in the stock market. Over time, your investment portfolio should grow. When you retire, you will be able to live off of your investments.
Most importantly, you should practice self-discipline and remain focused on your goals. With realistic and achievable goals, you can create a plan and stick to it. You have to follow your plan strictly and with persistence. After all, everything will be possible if you put your plan into action.
In addition to these strategies, it is also important to create a safety net by having an emergency fund and proper insurance in place.
By following these helpful ways, you can start the journey towards financial freedom this 2023.
Vidalia Small Business
If you want to have financial freedom then you should be strategic in making financial decisions. You must know what you want to do with your money. One smart way to use your money is to use it as capital on starting a business. If you think that your money is not enough for working capital, Vidalia can help you with it.
Vidalia will help your great business ideas and the drive to succeed into reality. We offer funds to get your business off the ground. We can help by providing you with all sorts of small business loans–unsecured and collateral loans that will fit your needs. Start reaching financial freedom now, apply here.