The 5-Minute Read that Will Make You a Financial Genius

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The 5-Minute Read that Will Make You a Financial Genius

Planning your financial freedom is the smart way to go. We all want to live a life of comfort devoid of debt.

What is financial freedom?

Financial freedom is the state of being able to provide a comfortable life for yourself and your family without necessarily relying on your savings or investments. The road to achieving financial freedom is to plan strategically.

There are various ways of achieving financial freedom such as spending less than you earn, creating a budget for the month, reading books, and investing in the right ventures amongst many others. If you never learn about money, there is no way you can make a long-lasting change or avoid some petty mistakes. If you are looking for a guide to your financial freedom,  these are some tips to follow.

What to do if you want to gain financial freedom

1 . Read books on personal finance.

If you want to turn your personal finances around,  you need to read books. It is said that knowledge is power. Reading helps you think of new ways of making or saving money. You pick the ones that align with your goals and practice them. Books like Robert Kiyosaki’s rich dad, poor dad is a great reads, as well as the richest man in Babylon, the total money makeover, and several others are great books that set you on the road to financial freedom.

2 . Track your spending

If you really need to gain the financial freedom you need to track your money. Creating a budget and monitoring it is not easy. But if you want to be in control of your money, you need to know where your money goes.

3 . Know your income

When planning your expenditure,  your expenses should not outweigh the income you earn. When you realize your expenses are more than your income,  you need to put a scale of preference to your needs so you can save.

4 . Network

When you go out for events you need to socialize with others in your area of expertise and make valuable contacts that can give you the right connection.  You may never know which new relationship will lead you to your dream job, partnership or career.

5 . Be smart in borrowing

While many borrows to spend, your borrowing should be restricted to important needs like your education, rent or even re-investing in your business.

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