Money is constantly moving globally and it seems that getting money is easier today than it was some time ago. And why is that?
With all the banking facilities and credit lines available for literally everyone, from students to those who have already retired, every one of us can secure a needed amount of money in a jiffy.
But is stepping into a debt spiral really a right thing to do? Although resorting to a loan is not necessarily the wrong thing to do, can’t we think of any other way to get money?
With so much currency circulating everywhere around us, those who know where to look and where to invest will find themselves in a position where they can live their lives debt-free and with more than enough money to live comfortably. Eventually, those will be the very same people who will know how to plan for their retirement in advance and manage their wealth.
In the battle for financial freedom, taking a proactive stance when it comes to managing your family budget is more important than ever. Also, adopting and nurturing actionable finance mindset is a necessity.
So, What Should I Exactly Do?
Skipping straight to the point, changing one’s mindset from consumerist to entrepreneurial one is as tough as spending habits of an individual deeply rooted in his mindset.
Working regular 9 to 5’s and accounting only for the basic salary to cover all the life’s expenses just won’t suffice. After all, your family needs you.
There comes the time in life when you’ll need to spend money on the next big thing (buying a home for example). That’s when basic salary won’t deliver all the money you need. That’s usually when people resort to bank loans and credit lines, and that’s when they lose control of their finances in the long run.
So, if you are one of those people, the first thing you’ll need to do is to take control of your finances once again and to relieve your budget of debt.
Instead of counting money every month to pay off a portion of your debt, you should seriously look into possibilities of refinancing your debt. Settling for a debt agreement is a better option, as well.
It may come as a burden to your budget (and it depends on how much money you actually owe to the bank), but this is something that you’ll simply need to do in order to get your finances back on track.
What Else? Becoming Financially Independent
Being debt-free and regaining financial freedom is one big step forward, it means that you are on the right path but it doesn’t mean that you’ve become 100% financially independent.
As long as your salary is the only source of income you can rely on, you won’t move far away from getting by month-by-month. Therefore, finding new ways to lay your hands on money and finding new sources of income is something that you’ll need to work on.
Changing Your Mindset
There are really countless possibilities on how to do that and where to find the next gig. You can search for a short term gig online or turn a hobby into a bill-paying thing. Take some time for yourself in the morning. Wash your face, take a sip of that strong coffee and give yourself time to learn something new. Making coins, crafting jewelry or start working on homemade soaps that are both healthy and will add money to your family budget!
The most important thing is to teach yourself how to think about it on an everyday basis. Changing mindset is something that’s hard to do, but if you find yourself always thinking about how you can profit from a certain situation – you’re on the right path.
Educating yourself by reading proper literature, listening to success stories and learning about investing from people who are already in the business should be a good start.
Find what works for you and just build upon that core. And never stop doing it!