The one trick that will help you achieve financial freedom.
Well it is not actually a trick, is something that you do daily, just need to shift the attention to something useful.
Yes, you guessed it, it is your mindset.
Let’s start by defining Financial Freedom
People usually think financial freedom is being out of debt and have a source of endless money. That definition brings a lot of unnecessary stress, doesn’t it? I used to hyperventilate at the sound of the now overused set of words.
Financial freedom means to be able to face all your debts when they fall due, being subject to credit, being able to plan for the things you want and get them.
I like Chris Hogan’s definition of financial freedom. He writes, in Dave Ramsay’s blog, that Financial freedom means that you get to make life decisions without being overly stressed about the financial impact because you are prepared. You control your finances instead of being controlled by them. Read more here
Earning a lot of money doesn’t mean you have financial freedom. The king of pop, Michael Jackson, comes to mind. He was $400 million in debt at the time of his death in 2009. He received royalties payments but it wasn’t enough to keep him out of debt. He spent money without planning and most of his expenses were to maintain his Neverland ranch. How people decide to live their life is up to them, no judgement, this is for illustration purposes only. For us to realise that money is mindset.
We can easily achieve financial freedom
We all have money but we need to become friends with it, make peace with our past experiences and take care of it, even if it means you looking at your bank account and analysing your expenses very often.
I’m a financial analyst with an accounting background and a Master in Business Administration so when people learn that I’m the owner of Wellfulness, a website dedicated to mindset strategies, they get puzzled.
Because success in any activity is due is 80% mindset and 20% strategy.
Mindset is a habit. When you change your habits around something, you’ll obtain a different result. Change the outcome, change your life. So if you get into the habit of managing your money, then you will have more for what you want. Learn to invest, rather than spend and invest in things that will likely get you a return.
Take care of your money and money will take care of you.
The 20% strategy will be looking into investment opportunities, having a budget in place, shopping smartly, etc.
Do you have a good relationship with money? Take the quiz.
Check out our resources to work on your money mindset >> link