Tag Archives: Money Talks

MONEY TALKS|What is the First Step Towards Creating Financial Freedom?

What is the first step towards creating financial freedom?

The first step is to make a serious commitment towards achieving it. Without that commitment, you will never reach your destination.

The next step is to get to grips with any debts you have. Creating a budget will help you strategise the road ahead and get you on your way to clearing off debts, by using the difference between your earnings and your spending, after you’ve built up some savings.

The next step is to figure out something you’re good at. Perhaps you make amazing cup cakes, or maybe you are a brilliant graphics designer who is able to create logos and other marketing materials. Maybe you are a photographer or a blogger. Almost any strong trait you have leads directly to some sort of profit-making venture that you can do in your spare time.

Before you start trying to decide which of your talents could make you money, use the following points to help you.

Flexibility: Choose a business which will allow you to call the shots when it comes to your time. Particularly if you have a full time job, doing something you can fit into your schedule easily means that you avoid being tied down to working a set number of hours each week at a second job.

Money Maker: Look for income sources that have as much possibility of generating income.

Sustainability: Aim for your extra income source to have the ability to continuously generate cash even when you’re not working at it. The idea is to build something which will eventually function without you.

Enjoyable: Generating additional sources of income is a lot of work and like most things in life- challenging every now and again. So you might as well enjoy what you’re doing.

Inexpensive: Choosing an income generating idea that require massive investment is not very wise if your’e trying to save money and clear debts! Choose something that requires little or no start up and you wont feel the affects so harshly if something goes wrong.

Once you’ve got something figured out, commit some regular time to it- everyday.  Seriously, without commitment, none of this will work. Dedicate an hour each and every day to bake cakes, edit photographs, or enhance whatever your chosen income generating avenue is. Then market your skills online. There are tons of online avenues to promote yourself- Facebook, Twitter, Instagram, blogging, or even starting a website. If you can create a product to sell- great! All you have to do is find places to sell your product. Once you iron out the kinks of whatever your side-line business is, you’ll be able to start receiving an extra source of income which will gradually become steadier.  Then, use that income stream for something financially positive. Don’t just spend it thoughtlessly! Instead, invest that money in more high interest savings, such as stocks, or use it to pay some of your debt. The real goal here is financial freedom. By making yourself less dependent and liberating yourself from the constraints from your primary job, you’re giving yourself independence and the flexibility to make choices that you never had before! Your dream car, holidays to exotic destinations, a deposit on a mortgage- all these possibilities become real as soon as you make the decision to make it happen!