How To Get Financial Freedom

It is almost impossible to get rich from your salary, but in ten years you can get your freedom. Here are three things you can do as soon as you start earning money.

Photo by Alexander Mils on Unsplash

Even when you are hired for a high salary and manage to put some money aside at the end of each month, you will find, perhaps with disappointment, soon enough that you have no chance of ever getting rich from your monthly income. This is a critical moment when there is a temptation to rather “enjoy life” and spend everything for immediate well-being. To overcome the moment, the secret is to propose an alternative goal: not wealth, but rather financial freedom. This goal is much more convenient, but it still requires considerable effort.

Do something else “besides” the main job

No matter how demanding and well-paid the main job is, you have to keep in mind that no one will ever guarantee it to you indefinitely, as you can’t even be sure that you will always find something just as good. If you have a skill or a talent that can bring you a modest income, continue to practice them, even in a “breakdown” regime. It can be trade, services, small manufacturing, or seasonal crops in the weeds of grandparents — anything can bring an additional income even of the order of a few hundred lei per month.

The advantages are many. First of all, in case of a severe crisis in the industry in which you operate, you will be able to rely for a while not only on savings but also on some current income. Secondly, such a safety net makes it easier for you to discuss your salary and career path, even if only through the extra confidence they bring you in negotiations. Last but not least, you can use the money exclusively for additional savings, without having the same acute feeling that you give up something like when you save on your salary.

Become a homeowner, no matter how small

Even if your family is growing and you are tempted to buy or rent a home as large as possible, do not commit to a long-term financial effort until you have at least one studio or country house owned. If you already have it, do not sell it, but rather collect the income…