Perfect Ways to Achieve Financial Freedom – A must Read | BasedOnNews

Perfect Ways to Achieve Financial Freedom – The outbreak of the COVID-19 pandemic which has negatively affected global economy has overwhelmingly exposed the fact that most Nigerians lack financial intelligence and stability. It has therefore enforced the need for new ideas to be better equipped for the future.

We’re already six months gone into what has become a global pandemic as declared by the World Health Organization (WHO) on March 11th, 2020. Having witnessed the austere nature of the pandemic, it is noteworthy to consider the life lessons that come with it, such lessons as pertaining to financial stability are important.

Seeing that financial freedom does not happen overnight, rather it stems from planned deliberate efforts such as self-discipline and good mong habits. We have come up with 4 strategies to help your on your journey to achieving financial freedom.

Perfect Ways to Achieve Financial Freedom

1] Creativity: You need to discover new and exciting ways to earn more income. The importance of having multiple streams of income cannot be overemphasized. It is also a good way to increase your financial security. You could consider learning new skills but focus on high income skills that would stay relevant in the long run. Skills such as Copy writing, Digital Marketing etc are highly recommended.

Read Also; Experience one must have gained during this Covid-19 pandemic and how to work towards it

2] Conservative: Be prudent and frugal with your expenses, and be sure not to spend more than what you earn. Having a budget which you follow strictly is advised as it would keep your expenses in check.

You might feel the need to enjoy a treat sometimes but don’t out spend yourself doing so. What business do you have with a vacation in the Bahamas when you earn less than N100,000 per month?

3] Consistency: Having a source of income is not enough, no matter how many. For you to be financially stable, you need to form the habit of consistently saving and investing some part of your income. As far as savings go, you need to have at least 3 months’ worth of living expenses, stashed away in liquid assets – Emergency funding, to cushion the impact of job loss, unplanned medical expenses, and other emergencies. Investing is important because it is the only assured way to grow your money but you don’t need to jump into anything in the name of investing. Seek expert advice where necessary.

4] Careful: You need to be prepared not to listen to every financial advice. Mr A comes with an investment advice today and you follow blindly. Next day Mr B comes with his and you go with it as well. You would soon lose all your money. Don’t be too quick to get into every investment program rather make personal research and seek an expert’s advice before dabbling into such.

So, will you be making any changes to your money management style?

What did you wish you learnt about money pre-COVID-19?

Would you be making any improvements post-COVID-19?

And if this article was helpful, be sure to leave a comment below.

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