5 STEPS TO FINANCIAL FREEDOM IN 2019

There are several ways to get your financial freedom. In Nigeria, there are several ways available to get truly free and most of these opportunities have not been tapped into by the individuals who constantly seek for jobs. In this post I will share with you five steps you did not know all along will give you the very freedom you deserve.

According to MoneyTalkNews you could spend the rest of the time

1. When spending, ask yourself why

2. Invest a portion of your savings for growth. ...

3. Pay down debt

4. Carve away expenses

5. Build an emergency fund.

Let’s dive in

1. When spending, ask yourself why?

There are several things that call for your money especially as 2019 winds up. There are presents to buy, Christmas shopping to go to and several wants. Pause. Before spending that extra money on something you might not really need, you should ensure that you begin with why?

In Simon Sinek’s ‘Start with why’ he stressed the importance of knowing the reason you are taking the step, you are about to take. This consciousness to ask for reason will help you curb especially impulse buying and greatly increase your funds

2. Invest a Portion of your savings

It is not news that money loses values. Invest a portion of your savings so that it can outpace rising prices. That said, don’t try to pick stocks or time the market.

3. Pay down debt

Sometimes people get into debts, especially while starting off in a career and life generally. Even established businesses take out loans, it is obvious that it is cheaper to build a business on loans and through other debt financing means than equity. It is important to pay them off.

 If you choose to be financially free, try pay down some of your debt. Make a plan today with whom it is you owe, as George S. Clason writes, and stick to that plan to reduce and someday completely pay off debt.

4. Carve away expenses

You should cut some of your costs. You don’t need that extra piece of clothing or that shoe. You need not buy what you are not ready to use.

5. Build an emergency fund

Things do go wrong and this is no fault of yours. To mitigate this affecting your financial freedom, always keep out funds that will be used in case something goes wrong, and they sometimes do.