June 15, 2015

10 Goals To Live By If You Want Financial Freedom

Achieving financial freedom is far from easy. People from all walks of life struggle with this daunting task, but when you set specific financial goals, financial freedom could be within your grasp.

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We found an inspiring article from GoodFinancialCents.com titled, “The Top 10 Good Financial Goals That Everyone Should Have.” It’s an article that everyone should read and it inspired us to make our own list of money goals. Setting goals is especially important for any job seekers out there.

Take control of your financial situation and follow these financial goals:

  1. Spend Less Than You Earn – If you only follow this one single goal, you’ll be off to a good start. Don’t spend more money than you make. If you do, you’ll go into debt. And that’s not a good thing.
  2. Eliminate Debt – Debt is a four letter word. It’s something you should try to avoid at all cost. It’s a black hole where money goes every month. Car loans, student loans, credit cards, home equity loans, and mortgages all tie you down. Pay off any debt as soon as possible. Or better yet, pay with everything in cash. When you don’t owe any money, it’s an incredible feeling.
  3. Plan For Retirement – Are you looking forward to retirement? Why not plan to retire early? If you want to enjoy your golden years, you need to plan for retirement now. Start putting away funds now so you have a healthy retirement fund when you need it. There are many tax friendly retirement fund options available. Open one and fund it regularly.
  4. Establish A Budget – You have to live within your means. Write down what you spend each month and establish a budget. Knowing what you spend, where you spend it, and how much you spend will help you cut down on unnecessary expenditures and help you save for the future. Here are a few tips on how to budget for unemployment.
  5. End Your Obsessions – What’s your guilty pleasure? Do you enjoy a $3 cup of coffee every morning? Are you a sucker for heading to the bar after work on Friday? Is it hard to say no to discounts and sales at a local retail store? The simple pleasures can add up quick. You could save hundreds of dollars a year making your own coffee vs buying one each day. Things add up. Cut back on what you don’t need and save a bit of cash.
  6. Invest In Yourself – After you pay all of the mandatory items on your monthly tick list, pay yourself. Save or invest a certain amount of money each week, month, or year. Invest in yourself to set yourself up for success in the future.
  7. Establish An Emergency Fund – What are you going to do in case of an emergency like a car accident or hospital visit? You need to have a savings account dedicated to the unexpected. According to Time, nearly half of all Americans can’t raise $2,000 in a month. You need an emergency fund on standby at all times. Even better, try to have six months worth of funds in the bank.
  8. Develop Multiple Income Streams – The more sources of income you have the better. Try to establish several streams of income that you can rely on. It could be from Etsy sales, rental income, or your own business. Multiple streams of income are way better than just one. Here are a few ways to earn extra money.
  9. Pay Your Taxes – It seems logical that everyone will pay their taxes. It’s required by law, but people still try to avoid it. Pay your taxes every year. Be sure to take advantage of any tax deductions that you are entitled too. If you’re a contract worker or run your own business, set aside a certain amount of money each month to cover what you will owe in April. Otherwise a big tax bill will jump out and shock you.
  10. Find A Job You Love – It’s not impossible, but the chances are slim that you’ll make tens of thousands of dollars a month and retire at age 35. Most people have to work. Find a job that you love and you’ll enjoy earning money. Explore job options that you’ll enjoy on JobMonkey.

It’s up to you to set up financial goals that will set you on the road to financial freedom. Try to set obtainable goals for your current situation and future situation. Write them down and put them in a place where you see them every day. This way you’ll be reminded of what you want to achieve daily. Consider finding a cool job that will help you be successful. You might want to search for high paying jobs.

Every person’s and every family’s financial situation is unique. Consult with a financial advisor to properly plan your finances. Best of luck.

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