10 steps to achive financial freedom and to master time management: And why there is no true freedom without true discipline

By Hash Atom

Everyone desires and pursues freedom in its different forms. Financial freedom is one aspect of life that many people aspire to achieve. The meaning and concept of financial freedom varies from one person to the next. However, one thing that most people agree on, is that when you achieve it, you are at a point where your perspective of money changes. This is the point where your money is proportionately distributed between your financial investments, savings account and a portion you keep on hand for day-to-day expenditures.
Everyone wants that kind of freedom, where you can retire without worrying about what the future holds. The freedom to change your career path and pursue something you’ve been passionate about, without basing your decisions on how much you will earn. Financial freedom gives you an opportunity to open your life to vast opportunities that come your way, explore them without dire ramifications.
Financial freedom means you can buy everything you want, pay for experiences you desire and travel wherever you want to go. This also means you can pay for your children’s education to the highest level attainable, or better yet, be able to afford a second home if it’s on your list of things you want to achieve.
The relationship between financial freedom and time management is so direct, that they rise and fall together. You cannot have one without the other. By implementing time management into your routine, it’s easier to realize your financial goals, which translates to more money. You have more freedom with more money than when you don’t.

• Language: English
• Publisher: Lulu.com
• Release date: May 9, 2021
• ISBN: 9781667106472

Book preview

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Table of Contents

Table of Contents

Introduction

Chapter 1: Preparing for the Future

Assessing Your Finances

Financial Discipline

Chapter 2: Goal Setting

Importance of Setting Goals

How to Set Goals

Chapter 3: Budgeting and Financial Planning

Importance of Budgeting

Easy Budgeting Guide

Chapter 4: Savings and Investment

Building an Investment Culture

Time Value of Money

It’s Never Too Late

Chapter 5: Understanding Credit Scores

Factors that Determine Your Credit Score

How to Improve Your Rating

Chapter 6: Living Below Your Means

Implementing Austerity Measures

Chapter 7: Financial Literacy

Guide to Prudent Money Management

Chapter 8: Debt Management

Your Debt Mindset

Making Debt Work for You

Chapter 9: Diversify Your Income

Creative Ways to Diversify Your Income

Possible Diversification Challenges

Managing Multiple Revenue Streams

Chapter 10: Invest in Your Future

Proactive Financial Management

Invest in Your Health

Future-Proofing Your Money

Conclusion

References

Introduction

Adulting is a scary process for many people. It comes with a lot of harsh realities about life, yet it is unavoidable. At some point, every one of us has to grow up and start making the important decisions independently. As life pans out, you might get caught up in the hustle, moving from one task to the other, going back home to deal with other obligations and so on. With everything that goes on around you, the idea of financial planning might be a distant notion.

A lot of people get through life one day at a time, only planning for their immediate needs. You can find yourself in such a situation for any manner of reasons. Perhaps your current financial circumstances won’t allow you the luxury of planning months or years in advance, or maybe you are the kind of person who lives in the moment.

Financial planning goes hand in hand with another important aspect that many people struggle with—time management. The challenge that confronts most of us all the time is how to prioritize activities, schedule time, and allocate the limited financial resources we have to different activities. Without an organized plan, you can spend more time and money on redundant tasks that might not have a positive impact on your life.

Everyone desires and pursues freedom in its different forms. Financial freedom is one aspect of life that many people aspire to achieve. The meaning and concept of financial freedom varies from one person to the next. However, one thing that most people agree on, is that when you achieve it, you are at a point where your perspective of money changes. This is the point where your money is proportionately distributed between your financial investments, savings account and a portion you keep on hand for day-to-day expenditures.

Everyone wants that kind of freedom, where you can retire without worrying about what the future holds. The freedom to change your career path and pursue something you’ve been passionate about, without basing your decisions on how much you will earn. Financial freedom gives you an opportunity to open your life to vast opportunities that come your way, explore them without dire ramifications.

Financial freedom means you can buy everything you want, pay for experiences you desire and travel wherever you want to go. This also means you can pay for your children’s education to the highest level attainable, or better yet, be able to afford a second home if it’s on your list of things you want to achieve.

The relationship between financial freedom and time management is so direct, that they rise and fall together. You cannot have one without the other. By implementing time management into your routine, it’s easier to realize your financial goals, which translates to more money. You have more freedom with more money than when you don’t.

One of the reasons why many people struggle with their finances is lack of self-discipline and self-control. An honest review of some of the poor financial decisions you’ve made in life can be quite revealing. It usually comes down to the inability to delay gratification, or the pursuit of short-term benefits over long-term benefits. This is why many people are stuck in a vicious cycle of loans and credit card debt. Most of your earnings go to frivolous expenditure, leaving very little, if any at all, to your savings.

It’s quite unfortunate that our generation is not so big on savings. The scourge of consumerism is catching on so fast, and if we keep this up, financial independence might be nothing but a mirage for most of us. The situation gets even murkier when you consider the fact that many people don’t even spend on things they need, but stuff they need to show off. So many unnecessary purchases can be attributed to the fear of missing out (FOMO), which in recent times, was exacerbated by pressure and influence from social media.

All is not lost though. With the kind of opportunities for prosperity and wealth creation available today, we are probably one of the most affluent generations. Access to information, and more importantly the internet, has made it easier for many people to achieve financial freedom. Reading through this book, you will realize that there are endless possibilities to set your finances straight as long as you make the right choice.

Away from self-discipline, you must also realize that time is an important resource that we will not always have aplenty. Your success will depend on how you use your time. The stakes are always higher as you grow older, and there are more entities that lay claim to your time. Like other resources, if you don’t manage your time properly, other people will manage it, making you a means to an end for their plans.

To achieve financial freedom, you also have to change your mindset. Some of the things you grew up learning about money and wealth might be the reason why you are unable to succeed. We treat the wealthy with contempt, yet behind the scenes, we wish we had the financial will to spend as they do. Changing your attitude towards money can help you reshape your thought process and see money as an important part of your journey to success.

There’s a feeling of happiness that comes in when you associate financial independence with happiness. The idea of having some money in the bank should bring you joy. Even if you only put $50 in that account, that’s $50 that wouldn’t have been there in the first place. Keep this up and you will soon realize how powerful this small change can be in your life. Make saving a regular habit and get used to it.

The only thing standing between you and financial freedom is yourself. There will be a lot of self-discipline involved along the way, especially when it comes to debt management or drawing up and committing to your budget. The bottom line is that with the right procedures and commitment in place, you can achieve financial freedom. The only question is, how badly do you want it?

Chapter 1: Preparing for the Future

Many people struggle with financial distress for different reasons. It’s not the best place to be, being unable to meet financial obligations, like bills, or realizing that however much you try, you constantly owe a lot of money each month. In such scenarios, it is easy to complain about the money you are losing, yet the biggest challenge for most people is their inability to manage the little that they have.

The mindset with which you approach your financial situation can make a big difference. Ever wondered how some people are always happy and seem content with their lives, yet you probably know how much they earn, and wonder how they make it from one month to the next? The difference