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How to be one step closer to financial freedom?

 
 
Reply Mon 4 Aug, 2014 05:59 am
I want to be one step closer to financial freedom, but I still have an auto loan, 3 credit cards and a salary loan to pay monthly. How can I finally achieve financial freedom in this case.
 
jespah
 
  3  
Reply Mon 4 Aug, 2014 06:41 am
@noahwilson88,
What country are you in? Do you have a job? Do you live in a home you own, or with your family, or in an apartment where you pay rent? What are the part-time employment opportunities in your area? There's no way to intelligently answer your question without information like that.
0 Replies
 
BonnieArteaga
 
  2  
Reply Mon 8 Sep, 2014 11:37 pm
@noahwilson88,
There is some misconception about financial freedom like having an abundance of money gives you said freedom. To become financially free you should clear all your loan first. Financial freedom means different things to different people.
cicerone imposter
 
  1  
Reply Tue 9 Sep, 2014 12:26 am
@BonnieArteaga,
True. One's ability to keep debt at a minimum while saving for retirement while of working age. Working age differs for different people.
Most Americans do not save enough for retirement. It's necessary to begin early and invest regularly for retirement. The longer one waits, the more difficult it becomes to retain the standard of living in retirement. Since people live longer, it's necessary to begin earlier than later.
0 Replies
 
knaivete
 
  1  
Reply Tue 9 Sep, 2014 03:15 am
@noahwilson88,
Quote:
I want to be one step closer to financial freedom,


Take the first step.

Quote:
How can I finally achieve financial freedom in this case.


Take the last step.
0 Replies
 
David Wilson
 
  0  
Reply Mon 15 Sep, 2014 09:30 am
@noahwilson88,
You have to clear your debts first than you will achieve financial freedom. You can clear your debt by creating a budget plan and spend your money only on necessary things.
0 Replies
 
Himani-Arora
 
  -1  
Reply Tue 23 Sep, 2014 02:48 am
With time when all your debts are clear your way to financial freedom will come closer.
0 Replies
 
Glennjacobs
 
  0  
Reply Thu 20 Nov, 2014 05:29 am
If you want to be one step closer to financial freedome then you have to make some changes in your daily life. Here are some steps to follw to get closer to financial freedome.
Talk to your spouse
Figure out where you’re at
Track your spending
Adjust your spending
Set your life goals
Develop a strategy
Review your insurance
Slash your taxes
Create an investing policy
Write up a will
Create your final plan
0 Replies
 
RonaldHarris
 
  0  
Reply Thu 20 Nov, 2014 06:24 am
To get one step closer to Financial Freedom you have to follow these steps
Set financial goals
Track every penny you spend
Develop a budget
Review your bills (and ask for discounts)
Optimize your accounts
Start an emergency fund
Get out of debt
Fund your retirement
Automate your finances
0 Replies
 
CrisAdams
 
  1  
Reply Thu 22 Jan, 2015 09:45 am
@noahwilson88,
Have you tried the 50/20/30 rule? Take your take home pay, after taxes. 50% is for fixed monthly cost that do not vary much from month to month like rent, mortgage, car payment, etc.

20% is for important payments or contributions that will help you secure your financial foundation such as paying down credit card debt, saving for retirement, building an emergency fund & also for financial goals like a down payment on a new home.

30% is for flexible spending. These are day-to-day expenses that can vary from month to month, like eating out, groceries, shopping, hobbies, entertainment, or gas.

I hope this helps.
cicerone imposter
 
  1  
Reply Thu 22 Jan, 2015 10:26 am
@CrisAdams,
Those numbers are very good, but must take into consideration many variables that influences income vs cost of living in the area in which one lives.
0 Replies
 
 

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