The dream of everyone is to achieve a state where they are financially free. A state where there’s enough cash to afford whatever you desire and family as well. It can be liken to a state where you’re the Boss of yourself money no longer constrain you from pursuing your carrier or building project. i.e no need of saving a particular amount of money for a period of time before you can do whatever you want. But unfortunately many go broke or bankrupt before any financial emergency some due to cost of living whiles others might be as a result of their extravagant spending of money which if not dealt with will keep them financially impotent but with this 12 keys if practice you’re on your way to financial freedom.
- Set realistic goals
It is one thing to have a goal and another thing to set realistic goals. Don’t just goals that will almost be impossible to achieve, be specific let it have a deadline and age limit of a particular amount ask yourself what. What do I want? How much must I have to achieve it? After that, develop a way of monitoring your progress quarterly or annual.
- Build a monthly budget lifestyle.
This is a lifestyle you must stick to in order to achieve your goals. Have strict monthly household budget to settle your bills and most importantly a specific amount you must be saving every month.
- Create an Emergency/savings account
This goes a long way in fulfilling your goals. The emergency account is what you tap into when an unexpected financial problem surface.
- Look for business opportunity to invest.
Search for businesses that are in need of investors like MTN, Dangote plc and banks however you need to give it sometime however you need to give sometime so it can accumulate to something substantial.before you invest in any business theirs need for you to do proper investigation about the company like how long have they been in existence. What’s their position in the stock market?
- Always check your credit score
These help you monitor how you use or withdraw money.
- Be Committed to Financial Education
Always keep up with what is going on in your country stock market, be committed to read news and studying books that talks about financial freedom.
- Take care of your possession.
Taking proper care of your properties helps you reduce your cost of living, you wont have to always buy new items or equipment. Come to think of it the cost of maintenance can never be compared with the cost of new
- Be Discipline.
Discipline in finance remains the ultimate key out of bankruptcy. You must be able to identify between your wants and need. Being able to identify this helps you to know how to manage money.
- Stay Healty
An adage says health is wealth if you refuse to take proper care of yourself by eating good food, having enough sleep and exercise you’re prone to be sick which will definitely affect your financial goal because you will constantly fall sick and all your savings will be spent on sickness
- Settle all your Bills
Bills like loan can frustrate you if not settled because to every default there’s always an increase in rate which will stunt your savings.
- Seek for Advice
Someone who is knowledgeable and experienced in whatever business you’re about to venture into. So as to reduce risks and be on a safer side
- Purchase good product at affordable price
Buying your things from right dealers reduce the risk of purchasing fake and there’s always warranty one to four years on most products. You get your product at the company price and not at an outrageous price.