2668: 7 Steps to Take to Live with Financial Freedom by Neiko Johnson with Money Mini Blog

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[00:01:10] This is Optimal Finance Daily, Episode 2668.

[00:01:14] Seven steps to take to live with financial freedom by Nico Johnson with moneymini-blog.com

[00:01:21] And I'm your host and personal finance enthusiast Diana Mariam.

[00:01:25] Now let's get right to today's post as we optimize your life.

[00:01:29] 7 Steps to Take to Live with Financial Freedom by Nico Johnson with moneymini-blog.com

[00:01:40] Living paycheck to paycheck has become a common reality for many people.

[00:01:44] Further, it happens in every single income bracket. That is to say you shouldn't beat yourself

[00:01:49] up over your financial situation. However, you should be focused on finding ways to take control

[00:01:55] of your finances. When you travel towards success, you must go through the road of pain first.

[00:02:01] Use the following seven steps to finally find a breakthrough to reach financial freedom and master

[00:02:07] your money. Number one, find your purpose and create a plan. Before you can reach financial

[00:02:14] freedom, you must fully understand what it means to you and your family. There are many reasons

[00:02:19] to want to be successful and everyone wants to be successful. However, not everyone knows how

[00:02:24] to be successful. The how is the key part of reaching financial freedom? As we began our debt-free

[00:02:31] journey, we wanted to change our family tree. Historically speaking, most people carry debt and have

[00:02:36] no issues with it. Our goal of being debt-free is directly related to wanting to retire early

[00:02:42] with dignity. Ultimately, living with debt will not allow us to reach our goals.

[00:02:48] Number two, live on a written budget. If you are currently living paycheck to paycheck,

[00:02:54] then budgeting may be your problem. A budget gives you a plan on how to spend your money. Most

[00:02:59] importantly, it puts you in control and gives you the ability to tell your money how to behave.

[00:03:04] Certainly, there are many ways to budget. I recommend that you find the best budgeting method

[00:03:09] that works for your finances. We're all different and may require a different approach to budgeting.

[00:03:14] However, you must budget. Most importantly, the average person finds extra money they didn't know

[00:03:20] they had when they created a budget. Number three, get out of debt. Above all, paying off debt can

[00:03:27] be difficult and frustrating at times. Further, if you don't have a plan, you may continue to be

[00:03:32] confused and lose motivation. Getting out of debt requires short-term sacrifice for a long-term gain.

[00:03:39] Your life will change as you cut expenses to speed up your debt-free journey.

[00:03:44] During our journey, we decided to not take any trips, limit eating out and stop buying gifts for

[00:03:49] each other. Ultimately, that allowed us to save thousands of dollars and attack our debt.

[00:03:54] Another great option for getting out of debt is starting a side hustle. Our decision to start our

[00:03:59] blog allowed us to increase our income and use that money for debt. Number four, save money.

[00:04:07] Wisdom is knowledge applied. Now that we have addressed getting out of debt,

[00:04:11] the next step would be to save money to reach financial freedom. Being financially free simply

[00:04:16] means you control your finances. Saving money is a key part of personal finance. Having a clutch

[00:04:23] fund, also known as an emergency fund, is one of the most critical parts of your savings.

[00:04:28] Everyone will experience something that requires money, but being able to pay for it in cash

[00:04:33] rather than using credit is the best decision. Number five, live unless the new make.

[00:04:40] Cutting your lifestyle will lead you to having more money. Therefore, just because your income

[00:04:44] increases doesn't mean your expenses have to. Having a plan and living on a budget aligns with

[00:04:50] the type of lifestyle you have. Now don't get me wrong, we all like nice things. However,

[00:04:55] you must be able to afford the things you want in life without going further in debt.

[00:05:00] We have decided to never have debt again. If we can't pay for it in cash, then we can't afford it.

[00:05:06] This lifestyle change has helped us have more control over our finances.

[00:05:10] Number six, invest in your future. The millionaires and billionaires in the world understand

[00:05:16] that having a budget is important for them to stay organized with their finances. Certainly,

[00:05:21] with their businesses, they want to make sure that they know where all their money is going.

[00:05:26] Investing in yourself is the best thing you can do so that you utilize your money the right way

[00:05:30] and not waste your time. You work way too hard for your money to not have a plan for your future.

[00:05:36] For example, there are a few things you could invest in for your future, like mutual funds,

[00:05:41] real estate, life insurance, kids college, etc. These key areas are important as they allow you to

[00:05:47] have a plan moving forward. At the end of the day, this is what financial freedom looks like.

[00:05:53] Number seven, be generous to others. Being able to give to others shows how you're not selfish and

[00:05:59] greedy. Selfishness can lead to having a false belief that keeping everything to yourself will

[00:06:04] make you happy. To clarify, giving is the solution for selfishness. However, you must first have

[00:06:10] your finances in order before you can give. It's a joy to give to others as it shows the character

[00:06:15] quality of those who win with money. As a result, givers become content because they know buying

[00:06:21] stuff for themselves won't make them happy. Final words, live with financial freedom.

[00:06:28] Now that you know how to live with financial freedom, give it a try. Once you get started,

[00:06:32] I promise it gets easier. Everyone in the world wants to be successful and live with financial

[00:06:37] freedom. However, you must be intentional and have a plan.

[00:06:45] You just listen to the post titled Seven Steps to Take to Live with Financial Freedom by Niko

[00:06:50] Johnson with moneyminiblog.com. And I'll be right back with my commentary. If you've been using

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[00:08:06] for your extended 30-day free trial. If you've been listening for a while,

[00:08:12] you're well aware that improving your finances involves tracking your expenses, budgeting,

[00:08:16] spending less than you earn, saving and investing. It sounds so simple to say, right?

[00:08:21] If you want to have more money, then simply stop spending it. But how do you actually do that?

[00:08:27] I think it comes down to shifting your desires and mindset. And that's an intentional thing

[00:08:34] that I find I need to work on every day. It might be hard to believe when you have a spending

[00:08:40] problem that getting at a debt, saving and investing will provide the same satisfaction as buying

[00:08:46] new shiny things or spending money with abandoned. But that has certainly been my experience,

[00:08:52] and I think the key is to build more of a desire for freedom than you have for whatever is

[00:08:57] depleting your money today. I had a friend back in New York City who was a fitness fanatic

[00:09:02] and also a ninja when it came to saving and investing. Whether she was talking about healthy eating

[00:09:08] and exercise or money decisions, she would always use this phrase, find a greater want.

[00:09:15] I would think of this when my alarm would go off at 6am and I wanted to sleep in rather than

[00:09:20] go to the gym. I would remind myself that as much as I wanted to stay in my warm bed,

[00:09:26] I wanted the benefits of exercise much more. I was able to find the greater want when I was making

[00:09:33] a decision in that moment and it made it much easier to get out of bed. And that's another edition

[00:09:39] of Optimal Finance Daily in the Books. Have a great start to your week and I'll be back tomorrow

[00:09:44] where Optimal Life awaits.