Gaining Financial Freedom:Four Tips For Men

Are you struggling to achieve financial freedom? Does it seem like a herculean task when it comes to your finances? Do you sometimes wonder if you are on some kind of spell that is affecting your finances? The root problem may not be that you are under a financial spell that is making you go broke every now and again. The problem here is your mindset and next to that is financial mismanagement. You may be asking: How do I achieve financial freedom? How can I be in charge of my finances? How can I control money and not the other way round? You will not achieve financial freedom as a man if you are still having a poverty mentality. To think that money is not important is the beginning of harboring a poverty mentality. You must come to the point where you see money as a necessary part of your existence. The lack of it will negatively impact your life. If you have just enough money, you are still under a poor man’s mentality. Until you get to the point where you have not just enough to live by but more that will solve your financial problems and still have more than enough by the side.

T. Harv Eker, in his book, Secrets of the Millionaire Mind shared four principles to achieving financial freedom which I will be sharing in this article.

Income

You can’t continue to live in the same income status quo and expect to attain financial freedom. You must increase your income potential. Gone are the days where you only depend on one stream of income. You need multiple streams of income to mortgage the rising cost of living, take care of your wife or girlfriend and even your children if you have any. When you various means where you generate income, you are inching close to financial freedom. At the bottom of this is the need to acquire relevant skills that will translate into more income.

2. Savings

Spending every income you make is the quickest route to remaining under financial yoke. You need to save some portion of your earnings. It is recommended that 50% of your income flow should be put under savings. This savings will come in handy when you want to execute important projects.

3. Investments

One way to make your money work for you is to invest it. However, investments should be done prudently. A good investment is not the type that promises a quick and too good to believe returns within a short time frame. A good investment is not the type that will double or triple your money in a few hours or days. If you are introduced to such, kindly run away. Investments sometimes can be like planting a perennial crop that will take a stretch of time before there can be return on investments.

4. Simplification

Simplifying your spending will mean prioritizing what you want to spend your money on. Here, there is no room for impulsive buying. You need to spend meticulously so that every spending is accounted for. There should be no room for extravagant living. Most times, it is a man who is struggling financially that is aiming to be at par with the rich by buying so that he can feel among. This is a financial suicide. There is no crime in growing at your own pace without comparing yourself with others.

Conclusion

Gaining financial freedom will include increasing your income, saving, investing and simplifying your spending. This must be approached with a kind of diehard determination so that it is either you attain financial freedom or like they say: die trying.