Last Updated on 11/10/2021 by Steve Wanjie
How to Achieve Financial Freedom?
Oh yes, how will you arrive at financial stability, my friend?
This is what you going to learn today:
How to achieve financial freedom.
This article is meant for young men and women. You are about to start making money. And you might be thinking of financial freedom.
Going to school can’t make you rich.
But education is the key to success. You need to get some education to navigate through life easily, and with knowledge acquired from school.
That is the reason billions of people who went to school languish in poverty. That is the reason people with college degrees are employees of school dropouts.
Imagine a school dropout deciding how much you get paid despite your Doctorate certificate.
Does that sound right?
No, it doesn’t. It should be the other way round.
I’m not saying going to school isn’t important. No. I believe education is the key to success.
But education on its own cannot make you financially successful.
You need an education.
“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.”Malcolm X
To find the financial success you need way more than education THOUGH.
My take is that you actually don’t need beyond high school education to become a financial success.
Going to school and getting some education is important.
So, going to school isn’t a waste of time. School education gives you the basic foundation to thrive in life.
A high school education opens the doors to infinite possibilities for you. It is upon you to make a choice.
Which way do you go after high school?
You were born to be free of poverty.
You were born to live an abundant life.
It is in your DNA to thrive financially.
You are supposed to find your financial freedom sooner than later.
How to achieve financial freedom is a question billions of people struggle with.
Well, here are some answers but not all the answers are given.
Thank you for being here.
This is how to achieve financial freedom
Table of Contents:
- Have a burning Ambition
- Have a marketable skill
- Find and stick to a niche
- Have a razor-sharp Focus
- Develop money management skills
- Acquire money investment skills
- Stop Working for money
- Develop organizational skills
- Live within your means
- Create a ONE-year emergency fund
1. How to Achieve Financial Freedom – Have a burning ambition
You need to want it so bad that you are willing to do anything to achieve it. Ambition is the key factor that drives achievers to succeed.
There is nothing greater than ambition. Without ambition, you will never become a financial success. Billionaires have the ambition to excel in the financial world.
This is the reason they are never satisfied with what they have already made, they want more. They want to make more money than everybody else.
What is ambition?
Ambition is a strong desire to do or achieve something. Ambition is the desire and determination to achieve success.
Average people are contented with what they have. Super achievers are not contented with what they have now. They want to achieve more.
Way more than an average achiever can never begin to imagine. The difference is that average earners have no ambition.
As long as they can pay the bills, drive, take children to school, and have a home, they are fine. There is no ambition to make more.
How can you acquire ambition? How can you become ambitious?
How can I acquire ambition is a good question. Ambition can be acquired and those who seek it do get it. Ambition is what drives you to achieve your goals.
5 Ways to acquire ambition:
a) How to achieve financial freedom
- The environment you live in matters a lot
This means you need to surround yourself with ambitious surroundings. Ambitious people, and groups. Read magazines, books, newspaper columns, and watch videos on ambition.
Be in an environment that is positive at all times. If your environment is ambitious enough your ambition grows. Your desire and determination to successfully grow.
- Follow ambitious people on social media
Join ambitious groups on social platforms. Read biographies of rich people. Set yourself up for success by living in a positive mindset.
b) Think big, set big goals, then go work
Ambitious people have goals.
Thus you need to set up goals. Your goals have to be big and bold. You need to think big to achieve great things in life.
What is your ambition?
My ambition is to own a jet before I’m 40 years old and travel the world. What is your ambition? My ambition is to become the president of my country.
Then set up your goals.
Goals, when achieved will make your dreams come true.
You can write goals on your own. You could choose to consult a professional to help draw goals.
Goals help create a progressive process.
Processes help achieve goals in a systematic and measurable way.
c) Keep your ambition to yourself
To avoid discouragements never discuss your plans with anybody. Unless you are consulting a professional, keep it from other people.
Dreams are killed by naysayers. Let people see the results of your ambition but not your goals and plans.
Most people will be negative about your ambition.
So don’t give them the privilege to know what you are up to.
This way your dreams are safe.
d) Listen to motivational videos at least 2 times a week
To keep your motivation up your need to hear motivational material regularly.
Go to YouTube and search for motivational speakers.
You will find them because they are many.
e) Don’t stop reading relevant books
Reading books keeps your brain sharp.
You acquire relevant knowledge. You keep up with new developments in your industry.
Reading is a necessity if your desire is to excel in your chosen field.
What does ambition do for you?
- Ambition does the following things for you:
- The will to overcome obstacles and challenges
- The focus needed to start and complete a project
- The desire to self-improve
- The determination to keep going
- The will to overcome and beat failure
Therefore, ambition is the mother of success.
It is a proven fact in life;
a) Ambitious people find financial freedom
a) Non- ambitious people live average or poor lifestyles
Poverty in most cases is a result of a lack of ambition.
Do ambitious people fail?
Yes, ambitious people fail too.
But each time they fail, they learn from their mistakes and try them again.
Eventually, they get it right.
Tip Number One:
Ambition – you need to become ambitious to find financial freedom.
2. Have a marketable skilled trade
The foundation of financial success is dependent on skill.
A skill can be learned or it could be in-born.
It doesn’t matter how you acquired a skill, the bottom line is, skills make you money in the marketplace.
Specialized skills are in demand. When it is in demand, it makes money.
Therefore, the second tool for financial independence is a skill.
How will you get people to give you their money willingly?
You need to sell to them something that they desperately need.
And that something is a SKILL.
A skill could be in form of a product or service.
What is a skill?
- A skill is equal to expertise.
When knowledge is combined with the technical ability to accomplish a task within a given timeline, that is a skill application.
- A skill is the ability to do something well.
With the expected result, and within set time limits. He or she is an expert. He or she has the skill to handle certain tasks exceedingly well. The ability to perform a task as expected.
Examples of skills:
- Job skills
- Leadership skills
- Organizational skills
- Life skills
- Skilled trade
What is a skilled trade?
A skilled trade is an occupation that requires a special skill, knowledge, or ability. Skilled trades can be acquired in specialized colleges, technical schools, or on the job training.
Examples of skilled trades:
- Skilled industrial trades
- Skilled construction trades
- Skilled services trades
You get the training.
Get employed for at least five years to gain experience.
Then because you are ambitious you start a small business.
Your goal is to grow it till it becomes a big reputable company.
Why do people fail to acquire skills?
People are lazy.
You want to make money, but you don’t want to put in an effort, to learn a skilled trade.
Because you are in a hurry to make money.
Then in the process you find yourself unable to find the time to train. In the end, you find yourself financially disadvantaged because you failed to acquire a skilled trade.
Advice – get a skilled trade certificate first:
Before thinking to start making money, go for skilled trade training.
That is your passport to financial independence because you will be selling a skill, not your blood.
You need your skilled trade certificate to register a business and to acquire necessary local authority business permits.
3. Find your NICHE right
What is a niche?
A niche is a specialization area within a wider sector.
Example – Marketing industry
You could choose real estate marketing as your niche in the marketing industry. But again real estate marketing is wide too.
These are some of the niches in real estate marketing;
- Distressed properties
- Short sales
- Vacations homes
- First time home buyers
- Luxury homes
Now, you need to choose one niche and become an expert in it. You could niche down to “vacation home sales” as your preferred niche.
This way you will become a specialized vacation home marketer. With time due to gained experience, the market will recognize you as the go-to guy in that niche.
Thus, a niche is a small market segment in a given industry. It is easy to become an authority in a niche than in the whole industry.
A niche gives you a little kingdom in which you could really excel. Competition is less in a niche than it is in the whole sector.
You need to figure out your niche from the beginning. Once you have your niche the game becomes easier because all your efforts will be directed there.
Even lawyers have niches. Every industry has its niches. It is your duty to choose the most appropriate niche for your person. Where your character fits in perfectly.
4. Have a razor-sharp Focus
Ambition without focus is hopeless and unhelpful. Failure to focus on your chosen path brings no success.
All the most successful people focus on one skill one niche until they succeed.
It’s only after they master the niche that they think about diversification.
Many people fail because they keep shifting from one niche to the next.
They never stay for long in one niche. It is said that “a rolling stone gathers no moss.” And that is true.
Just because you failed in your current niche doesn’t mean you can’t succeed in it. Remember, it’s only after trial and error that success comes around.
You fail many times but you don’t quit. Failure is the predecessor of success. Focus on your chosen niche without wavering. In the end, you succeed.
5. Develop money management skills
If you have the intention to find financial freedom, you have to get a money management education.
How do you manage money?
You need to know. And you can only know by taking training classes. You need to acquire money management skills.
And the sooner the better.
Otherwise, what is the need of making money if you can’t manage it? You will end up losing it all anyway.
What is the importance of money management?
- To accumulate savings for financial security
- To take up investment opportunities as they arise
- To stop working for money
- Make money work for you
- Make more money
- Improve your net worth
- Find financial independence
- Give you peace of mind
- Live life in your own terms
Live life in your own terms
6. Stop Working for money
Many people never found financial stability because they work for money. If you are working for someone you are working for money.
You could be self-employed but still working for money. When you work for money you become a money slave. Unless you report for work, money wouldn’t come your way. And that is sad.
About 95% of the world’s population work for money.
When COVID19 came, the world was financially in distress because most of the people work for money.
Working for money makes you poor.
And that is the reason the world is poor. You can’t be financially free if you are working for money.
7. Make money work for you – via money investment
Now that you are accumulating money in savings accounts, what will you do with this money?
The answer is to invest.
Investments skills are acquired through learning. Read investment books, journals, and magazines.
Follow shrewd investors such as Warrant Buffet. Find out they find success in investing their money. Consult investment experts.
Learn how to invest your money. When you invest your money it starts working for you. Invested money earns returns. Returns are profits made by your money.
When you invest your money in a Money Market Fund for a 10% annual interest, you are making your money work for you. If you had invested $10,000 in January, you would expect to earn $1,000 in profits by end of December.
Starting a business is another good way of investing your money.
Your money should never stay idle in a bank savings account. The money should be out there making more money for you.
The more money you invest, the more money you earn.
To attain financial stability you need to get money working for you.
8. Develop organizational skills
To lead a successful life you need to have excellent organizational skills. Organize your finances well and grow wealthy.
You don’t get rich by not knowing how to organize your financial affairs. Creating and utilizing a budget is an organizational skill.
There are people who write budgets but never implement their budgets. That’s a pure lack of money organization skills.
The bottom line:
If you don’t possess superior financial organizational skills you wouldn’t gain much from your money
9. Live within your means
It doesn’t matter how much money you make. What matters is your lifestyle and money application to sustain that lifestyle.
If you spend more than you make, you gone be poor. You need to live within or below your means. The only way to reach financial freedom is to earn money that meets your needs and leaves a surplus.
A sustained surplus leads to financial stability in your life. You can do better than living within your means, by growing your surplus income.
10. Create a ONE-year emergency fund
After all, is said and done, you need at least a one-year emergency fund. Ask yourself, if things were to go wrong for a whole year, how it would change my financial status?
You don’t want to have all and then something like COVID19 comes around. And then find yourself struggling for money once again.
Create a fund that sustains your lifestyle for at least one year. No resulting in your investments because of calamities such as coronavirus.
This way savings have an intentional meaning.
It is money kept aside to safeguard your money investments and income streams from hazards of nature and other unseen challenges.
Otherwise, there is no use having money lying idle in a bank account.
How to Achieve Financial Freedom?
To arrive at a place where you have attained complete financial stability is a process. You live life under your terms once you have made a huge financial surplus such that you can afford to give some away comfortably.
Financial freedom is attainable.
All the tips discuss above though not exhaustive will surely help achieve your financial goals.
How to achieve financial freedom stops here.
Thanks for your time
Starting over: how to rebuild your finances after experiencing financial abuse
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Steve Wanjie is a digital marketing specialist, SEO Expert, expert article writer, blogger, sex educationist, and businessman. He is the founder of Dijito Marketing and Laikipo.com. He works and lives in Nairobi Kenya.