Achieving financial freedom is not impossible. But you have been warned, it is never an easy route.
It requires a lot of self-discipline in order to be utterly successful in achieving financial freedom.
That’s the reason for this article! Here are some very effective ways to achieve financial freedom in the shortest time.
1. Clear your debts in stages
Most of us don’t consider debt as a problem. It is a problem, but it is not the end of the world.
There is no quick way to resolve your debts issues. There are only the slow and painful ways to do so.
But apart from all of that, you need to start immediately. Starting from somewhere is always much better than not starting at all!
- Understand the total amount of your debt
- Set a duration (6, 12, 24 months) to clear your debts
- Devote a specific amount for repayment every month
- Stick to your repayment regardless of the situation
- Avoid overspending and getting things you are not affordable for
2. Doing smart investments
You can’t make money without investments of any forms. In this case, solving your debt is one thing and generating additional revenue is another.
Investment is critical because your main goal is to create more income streams apart from your day job. Investment is the single most effective way of achieving financial freedom.
Just like anything else, having the right investment plans involves a lot of hardwork and understanding of the market.
Typically, I would recommend investing in various portfolios such as real estate, stocks, bonds and even high-risk investments.
Never put all your eggs in one basket. Diversify them to reduce your risks. Always remember that some have to super low in risks which a handful must be high risks to ensure bigger returns.
Types of smart investments:
- Real estate
- Corporate investment
- High-risk investments
When it comes to smart investments, it is critical to understand that there is no ‘one size fits all.’ You need to lay out the best plan that fits your own financial needs.
Investments such as real estate and bonds are very much focused on long-term investments (which are by far, the most stable investment you can find). It followed by stocks and corporate investments which are often mid-range and ending up with high-risk investments.
Disclaimer: High-risk investments must your short term profit plan. For example, consider it a full year or even six months to clear off as much debt as possible. Two of the best high-risk investments for short term investments are FexFund (for Bitcoin and US Dollars) and Ethtrade (for Bitcoin, Ethereum and US Dollars).
Achieving financial freedom is 100% doable
Yes, make no mistake from this!
Everyone can achieve financial freedom if we are mindful with our earnings and spendings. Are you doing what it takes to achieve financial freedom?