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Financial Freedom at your fingertips with some simple tips

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Hello there! You’ve probably heard of the term “financial freedom” and wondered how to achieve it. It may seem daunting, but with a few simple steps, you can start building a strong foundation for your financial future. This is especially important for young, salaried individuals who are just starting out. Here are some tips to help you get started:

Distinguish between needs and wants

The first step is to differentiate between your needs and wants. Take care of your needs but don’t forget to indulge in your wants from time to time. Needs are critical as they are important to lead a normal life. However, wants are the excitement that keep you interested in life.

Set clear goals

Next, set clear goals for yourself. Determine what you want and when you want it. For example, you might aim to pursue further studies at 25, get married at 28, have children at 33, go on a world tour at 35, and so on. It’s important to link a financial target to each of these objectives. Financial targets most often mean a cost to the goal. This way, you have a clear target that you want to achieve. Consult with a financial planner, share your goals with them, create a plan, and then execute it.

Execution is key

Remember, financial freedom is achievable with fiscal discipline, a solid plan, and a good percentage of execution. Planning may be the first step, but discipline is key in execution. Make a plan and stick to it. Even if you can execute 60% of your plans, you’re on the path to success.

Have a Plan B

Lastly, always have a Plan B. Your initial plan may not always work out, so it’s important to have an alternate plan in place. Plan B also needs to have a certain amount of planning. Though it might not be an extensive of your first plan, this is certainly a fall back, so needs to be robust and secure.

In summary, achieving financial freedom is not rocket science. By following these simple steps, you can lay the groundwork for a secure financial future. Start early, set clear goals, execute your plan, and always have a backup. With these tips in mind, you’re well on your way to financial freedom! Are you still thinking where to start?

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