What does true financial freedom actually look like? In my own life, I’ve had massive financial ups and downs, and I’ve learned from those experiences. To me, financial freedom isn’t not just about how much you make, but how much you keep and what you do with it.
HERE ARE 7 TIPS to Creating True Financial Freedom
1. A Man is not a Financial PlanIf you’re waiting for a knight in shining armor to come and rescue you, let’s stop that approach to life right now! You want to marry for love and aligned values in life; not for financial comfort! Never expect your husband or your spouse to handle everything for you…not your finances or your happiness! To create financial independence, you cannot be dependent on anyone else. It doesn’t mean that you don’t have other people in your life, but they’re part of your life because you want them there rather than need them there.
2. Become an Awesome Goal-Setter and Goal-AchieverGet clear on what you want to create. Not just in your finances, but with life in general. Goal-setting and achieving are what will help you in your life. I know from my own experience that it’s hard to hit a moving target but impossible to hit an invisible one. Get clear on what that looks like in your life. You can find a quick video on how to set goals across all eight lanes of your life here.
3. Decide how to create your income stream for financial freedomThere are lots of options for creating your income stream. Any of these are good, but you need a plan here, too:
- Work a 9-5 job
- A 9-5 plus a side hustle
- Build a business from the ground up
- Multiple income streams – active and passive
4. Become financially wise and achieve financial freedomMost women today are financially illiterate. Instead, become confident in the world of finances. It’s not a foreign language that others have learned and you haven’t. You have to learn it too, and there are so many resources you can access for free to teach yourself about the laws around compounding interest and how to get your money to work for you. Here are some book recommendations to get you started:
- David Bach – The Finish Rich series
- T. Harv Eker – Secrets of the Millionaire Mind
- Tony Robbins – Money Master the Game
- Dave Ramsey – Total Money Makeover
5. Prioritize Self-Love and Self-CareTrue self-love and self-care involve doing the hard things. We need to address the things that make us feel uncomfortable in life – things that people usually prefer to avoid, including preparing for disasters. This includes things like:
- Getting your will written
- Setting up a trust to take care of yourself and your family
- Finding a life insurance policy (one for you, one for your spouse)
- The passwords for the online bank accounts
- The key to the safety deposit box
- Where the money is and how to get it (e.g. stocks, crypto, property)
- Your expenses – where does your money go
- Debts, loans and other repayments