+3 votes
308 views
in Personal Finance by (410 points)
Being a student starting a journey to secure financial career, what is your best advice, habits and tips to achieve financial freedom as early as possible?

3 Answers

+2 votes
by (950 points)

Great Question let me answer as per my knowledge and experience

  • Fabricate a backup stash 

There will be crises. You can rely on them regardless of whether you can't foresee what frame they will take. So you need to be certain that you don't have all of your money restricted in manners that make it difficult to get at. For genuine serenity, fabricate a money hold at your bank or credit association that you can draw on assuming things go sideways working, you're confronted with a dental crisis or whatever life tosses your direction. In a perfect world, you can arrange enough to cover a half year worth of costs, obviously, you need to begin some place. A month's worth is superior to nothing. 

  • Cut away costs 

A large portion of us have customary costs that we can take out or diminish just by dialing back long enough to consider it. A spot to begin is to make a financial plan — made simpler by spending plan programming that permits you to follow your spending and your objectives. We suggest our accomplice PowerWallet, however there are numerous other options. Then, at that point, you are in a situation to consider where you can reduce your expenses. Do you truly require that extravagant link bundle, would you say you are in any event, utilizing your rec center enrollment any longer, and is it conceivable to eliminate a propensity, say smoking or triple lattes? 

The key is to be fairly efficient with regards to this assignment. When a framework is set up, it will be a ton more straightforward to monitor spending. 

  • Pay down obligation 

Money that costs you money should be handled sincerely and system. Assuming you have a Visa or other equilibrium that conveys an exceptionally exorbitant loan cost, pay it down as forcefully as possible, while staying aware of least installments on other obligation. In case the rates on your different cards and other obligation are generally something similar, you can attempt another methodology that certain individuals see as extremely propelling: They "snowball" obligation by taking care of the least equilibrium first (while continually staying aware of least installments on other obligation) and afterward taking the sum that had been utilized for that currently shut record and applying it to settle the following most reduced equilibrium obligation, etc. 

  • Invest a part of your reserve funds for development 

Invest a part of your reserve funds with the goal that it can outperform rising costs. All things considered, don't attempt to pick stocks or time the market. For the greater part of us simple humans, that is indiscretion. All things being equal, track down a minimal expense common asset, similar to the Vanguard Index Fund, which spreads your money across an expansive area of organizations to follow the market overall. By doing it along these lines, you will not make yourself insane attempting to oversee individual stocks or face a preposterous challenge on any one resource. You can choose assets for the level of hazard (and expected benefit) you are happy with taking and afterward change your danger descending as you draw nearer to retirement. 

  • When spending, wonder why 

Prior to plunking down a fat pile of money or swiping that card, stop briefly and think. Is it true that you are getting something you want or an instrument that assists you with accomplishing your objectives, or would you say you are purchasing a superficial point of interest that fills little need however to rival the companions or neighbors? What amount do you want it? What amount will you appreciate it? What amount does it work on your personal satisfaction? This line of addressing will assist you with opposing or defer going through money that you could rather save or invest for your more drawn out term objectives.

+1 vote
by Leader (22.5k points)

To become financially free is to more save then to earn more, because whatever you earn might lose if you do not save some, spend economically. More are less you have to follow these steps to become Rich and attain financial freedom.

  1. Always dare to think and plan on a big vision
  2. For funds divide your investment into as much small amounts as your friends can easily give to you.
  3. Whatever you earn, save at least 10% of it and then reinvest in money making assets.
  4. Stay away from debts because it erode your hard earned money passively.
  5. Try to create rental incomes or recurring revenue streams.
  6. Avoid unnecessary expense occuring assets like cars, luxury items.
0 votes
by (300 points)
We've all been in a situation one way or another where you could count every cent in your pocket or empty out old bags hoping to find spare change just to afford transportation or even a meal.

Being in that situation you don't even tend to think of having a literal financial goal but rather just to get out of that void of constantly being broke and living paycheck to paycheck it's a very desperate state of mind because of moments like these you tend to compromise things you love from going traveling hanging out with friends or even treating yourself every now and then plainly just because you can't afford it and what do you get from the situation a whole lot of stress and not a whole lot of cash usually this goes on and on while you're in high school or college maybe even a fresh grad and usually we hold on until end of senior year in university to finally start making plans for a better financial future but unfortunately waiting too long might not benefit your future wallet so start as early as you can so that you can have the time to develop your skills and utilize them start a small business or begin investing in small things and you'll be shocked that by the end of senior year while everyone is looking for hard work to get a monthly salary you've already established a savings investment and even an emergency account with commitment and hard work you can make it focusing too hard on the money will only stress you out so focus on the work in hand success will follow then money follows success and finally the byproduct of money is financial freedom.

I want to share with you five easy basic steps to achieve financial freedom if you are just beginning your journey or still in it hi and welcome to business reactor where we will be showing you the latest tips and tricks in the financial space as well as business and entrepreneurship if you want success in your life and business then you came to the right place, I will help you in getting ready for success for more latest success tips from my answers, click on that notification bell button let's get right into it.

# 1 Positive cash flow.

 to get you going is your cash flow management good if you've taken an accounting class you're most likely aware what cash flow is but in college they mistakenly teach that only in business school which honestly they should be teaching that to everyone since it actually applies to our personal financial life we deal with the same problem managing the inflow and outflow of cash just like a business in keeping a business healthy you have to make sure that there is more money coming in than going out or at least equal to what it receives like a return on investment debt or expenses don't matter because as long as it generates more cash than losses it's a good business it's the same with your personal finance it doesn't matter how much money you owe whether it be mortgage or loans or a hospital bill that you still have to pay as long as your cash flow is positive and you can afford it and then some number two keep your priorities in check one of the main reasons why a lot of people are struggling financially is because of this mistake they may be cash flow positive but then they take in a responsibility that they financially can't afford not just loans or car debt but like getting into an expensive relationship and dating someone who's very high maintenance where you splurge on your partner with expensive designer handbags or even starting a family when it ain't the right time now i'm not saying any of these actions are a bad idea in itself but let's say your cash flow is balanced you start a family raise a kid your expenses increase you get a second job or get a promotion and your income rises as well okay still good you're still in the safe zone as you age however your expenses rise as well and at some point it will exceed your income you then might become cash flow negative and for the rest of your life you'll have to be working hard in order to convert your negative cash flow or let's say paycheck to paycheck life which is widely known as generational poverty it's like a point where you no longer have the means to even build capital in hopes of removing yourself from that state financial independence is difficult with people nowadays but not due to the fact that they don't work hard don't get me wrong we all work hard but it's that they place themselves in such a situation where they don't keep their priorities in check and have no other option but to spend and end up living paycheck to paycheck remember your car insurance is way more important than that gucci handbag number three start building your portfolio of investments once upon a time there was a man named archod he lived around 4 000 years ago in ancient mesopotamia he hated being poor so much so to remove himself from the situation of poverty he worked hard to put food on the table but when he received his wages he budgeted and only put little food on the table then proceeded to lend the rest of his wages to a local blacksmith who then paid back the loan with interest rather than spending that interest to live a better life he loaned it once again to another blacksmith increasing his wealth further and in just a few short years ended up as the richest man in babylon never worked a day in his life after that if we were to translate this model to nowadays man there are so many many ways we can do this exact method since there are other instruments that you can use to grow wealth like the s p 500 for example it's an index that measures the performance of the top 500 us companies historically it had an average rate of return of around 10 percent not bad meaning if you put aside and invest just a thousand dollars every month into the s p 500 when you're 20. by the time you're 50 you will have almost 2 million dollars not to mention that's just with a thousand picture this if you increase that number every year to two thousand or three thousand or even five thousand a month as your income grows you will end up with tens of millions of dollars that's how you keep your cash flow always positive like we mentioned earlier but again please remember that we are not in any way financial experts we just love to share what we know since it may be useful to you but be reminded to always do your own research before diving into any kind of financial strategy or investment after hearing all that i hope you're finding the video interesting so far if you do don't forget to leave a like and comment down below your thoughts we'd love to hear them number four liquid is key no we don't mean water getting too excited and throwing all your money into stocks is not always fun in games if you would put in a thousand dollars into the s p 500 in june 2007 and decide to withdraw it a year later because you quote unquote had an emergency how much do you think you made on that thousand dollars sad to say but around negative 50 percent you'd have to wait another five years 2013 just to break even with your money which is why you really need to make sure with what you're doing in the stock market since it jumps up and down every day when a crisis turns for the worst the stock market might need a few years to recover that's why if you are serious about the stock market you should be in it for the long run to reap what you've sowed but to really feel that sweet financial independence you need to be liquid if something goes wrong don't get too worried if things go for the worse or a recession is around the corner no problemo you got yourself covered because you have enough cash stacked for six months worth of expenses basically meaning you are adaptable to any situation keep a level head and make sure you have enough savings and again be liquid number five closing off this video our fifth advice which is no overthinking aloud i know i know these strategies all sound absolutely amazing but i'm sure this question still lingers in your mind yeah that's all great but where do i get or generate all the income to do all that i might need a miracle well miracles are a great option but another great option is to plan your spendings you cannot build a six-month cash cushion in a single month of course let's be real here definitely you are not going to build a million dollar investment portfolio in just a couple of months patience and motivation is key the real goal here is to put yourself in a position where you no longer have to base every decision on life on how much things cost but instead work on things that matter to you the most since with financial problems being secondary hopefully you can breathe a little bit better and that's it for today if you're new to this channel don't forget to subscribe and turn on your notifications for up-to-date videos on new trends and tips in the financial space as well as business and entrepreneurship also do leave a comment below if you have any thoughts and give a press on that like button thanks for watching and i'll catch you in the next video
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