3 Simple steps for millennials to gain financial freedom

(Read time: 3 mins)
Via Tenor

Do you want financial freedom?

Last week we spoke about how you can Discover 3 Powerful hacks to guarantee Career success.

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Are you someone who is sick of struggling financially? The reason why you are studying or completed your studies in order to gain a good job, make money and gain financial freedom?Are you wanting to make money so you have the freedom to travel, buy a home, car etc  and create your best life?Is having enough money to take care of yourself, family and those you care for important to you?

If you answered yes to any of these questions then this article is going to give you 3 simple steps you can follow to create your financial freedom.Financial independence doesn’t just happen, and that is why teaching yourself how is key.

1. Educate yourself.

Education is step 1, why? For most of you having money, making money may be linked to your self-esteem and personal worth. Our environment and how we are raised also plays a big part in how we feel about money.  As a result you may have picked up poor money management habits. You may need to relearn from this. Find People in your life who demonstrate they have good money management habits and learn from them. Here is an article by the FT newspaper which explores this and they also have a whole series dedicated to helping millennials achieve their money goals. Check it out
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We live in a digital age so now there are plenty of apps you can download to help you budget, save, get discounts on everyday things you buy, earn money selling goods and services.Embrace this new technology to help you achieve your goals for creating your financial freedom and goals.

2. Make a plan

Becoming financially independent isn’t a single goal, but a series of subgoals. This is because your financial life has several facets. In order to reach your overall goal of financial independence, you’ll have to establish goals in the various areas of your financial life. Here is a list of questions to help you create your #financialfreedomgoals  

  1. How can you Increase your income? Get a job, sell things online, join websites where you can offer your skills. Get creative in the different ways to generate an income.
  2. Review your bank  accounts then list 3 ways you can control your spending habits.
    This will help you identify where you are spending too much such as making coffee at home everyday instead of going to Starbucks. Every penny counts  and by adopting thrifty spending habits you will save a fortune.
  3. Make a list of your debts and the amounts. Then write how and when you will pay them off. Include your student loan, credit card debt & other loans. 
  4. Commit to saving each month, even if it’s a small amount. A good place to start is 10% of your income.  
  5. What are your long-term financial goals?

Do you want to buy a house or car or travel first class on a world tour, start a business, whatever you desire in your future there will be a $ cost. Write down a breakdown of costs. Use the internet to help you research the cost of this dream. Use this information to help you make choices that will enable this dream to become a reality.


Don’t become one of those people who says “I’ll start saving money when….… Happens”

The problem with telling yourself  “when….. happens” it never happens for most people.

The better position,  Make your when …. Happens, NOW!

By adopting a savers mindset you are setting yourself up for success. Start saving no matter how little it is.  This can be one of the very best strategies to make sure you are always moving forward financially. Plus it gives you a pot of cash when one of life’s emergencies hits you.

Top tip

If you don’t have enough room in your budget to save money now:

Increase your income, lower your expenses, or both.


3. Diversify Your Income Sources

By diversifying how you make money this will help protect you. Both the economy and the job market are constantly changing  you want to give yourself as many opportunities to be prepared to ride out the ups and downs.

For example, if you already have a  job, work on creating a side business. Not only will it provide you with an additional source of income for savings and debt reduction, but it may also form the replacement in case you get fired or you are made redundant or your contract doesn’t get renewed and you find yourself unemployed for a period.

Multiple income sources, in and of themselves, can represent a form of financial independence all by themselves.

Are you ready to take action for your #careergoals?

Don’t forget to join our movement to reach success in your studies and careers #Studygreatness #Careergreatness

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Share with us your experiences.

We are especially looking to hear from those of you who have overcome struggles in your studies or career.

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