Oncken Insurance Agency, P.C. Blog
Financial freedom is everyone’s dream by the time they retire or even before it. Before you can get to a time that you are financially free, you must first resolve to be debt-free. To get there, you need to have enough assets first as well as income-generating activities that should bring you constant revenue. However, this usually goes against your values and definition of happiness. Nonetheless, here is a list of ways that can help you eventually live a life of financial freedom.
Buy a Forever Home
The average person may own around 4 or 5 houses in his entire lifetime. My suggestion is to have only one house that you will consider to be yours forever. While three out of 10 people would have the urge to find another house every five years on the average, don’t be like them. These people do not consider the over $100,000 that you spend on real estate commissions as well as lawyer fees throughout the time that you are moving. This does not even include moving expenses yet.
If you don’t stop doing this, you will carry with you mortgage debt in your retirement years. If you keep yourself from moving from one place to another, you will get to become financially free in your 40’s.
Live Closer to Work
Spending an extra one or two hours on the road each day is going to work will not only take away precious time with your family but will also cost you a lot in terms of gas or transportation fare. This will also take its toll on your vehicle. The solution is therefore to find a place where you may only have to walk a short distance to work. If not, then find a way to spend less than $200 on gas each month.
Start a Profitable Business on the Side
Some freelance writers could bill out as much as $1,600 in just one weekend. You can always blog your thoughts away more than post them on social media so that you can have an extra source of income. If not, then you can get yourself a business which is as simple as a financial planning service. You can do this by setting up a website and then taking advantage of free advertising and marketing. Whatever happens, extra income is always a surefire step towards financial independence.
Get a High Savings Rate for Your Savings
It is never how much you make. It is always how much you keep. Financial independence will always depend on how much you are keeping. Find a good way to earn more money by saving your extra cash in a bank that has higher interest rates. Treat your retirement as an expense so that you can always provide for it. Always save one-third of whatever you make. Also, go for high savings rates more than high investment returns.
Some Final Words
Financial independence is not as hard as you think. However, you have to change a lot of bad financial habits and build a lot of good ones before you can think that it is easy. However, one thing is sure, if you keep giving yourself a lot of excuses, the day that you will become financially independent will never come. If you want to protect yourself from untoward accidents and in order to protect your savings, then get yourself life insurance. This can help you deal with any serious problem that should impact your finances.
At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (281) 256-8310 or Click Here to request a free quote.