5 concrete steps to pave your way to financial freedom
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According to Debt.org, every US household with a credit card has approximately $8,398 in debt. Statistics like these encourage people to fight for financial freedom. Imagine never having to hand over your money to a financial institution as interest. Jake Tayler Jacobs, the founder of business advisory firm The ABS FIRM, believes it takes careful financial planning to get out of debt, generate more streams of income and be financially free. Jacobs is the author of several books that aim to help people understand their economic potential and achieve financial freedom.
Know where your money is going
The first concrete step you can take to free up your finances is to examine precisely where your money is going. Find out what your expenses are and if they are a necessity. Jacobs says, “In the modern age of subscription services, we are unable to stay afloat because the boat that is our income has leaked, we are letting our money flow in the form of subscriptions to television and unused gym memberships. ”
Think like a banker
The bank has a purpose, and it sticks to it. To really enjoy your finances, you need to see them objectively. Think like a banker and always have capital from which you can create more capital. Jacobs advises, “The best thing you can do for your finances is to end your reliance on banks. Stop borrowing and start accumulating.
Understand your financial legacy
Every decision you make about your money today will affect your financial future. Spending beyond your means will deprive you in the future and make expansion and financial freedom impossible. “When you act in the present, always think ahead, make sure you’re paving the way for a profitable future rather than creating a debt stalemate,” says Jacobs.
Learn from your money mistakes
Use your past failures as navigation tools; let them guide you to a more profitable future. Learning from the mistakes we’ve made with our money in the past can help avoid future financial pitfalls. Jacobs states that “there is no shame in financial failure; failing at something shows you at least tried. No failure will ever leave you empty-handed; you will always be the wiser.
Turn your goal into profit
Everyone has the ability to create money and become financially secure. It all starts with having a goal. Once you’ve defined how you’re going to make money and keep it, it becomes easier to stick with it. Jacobs explains, “With a good idea and a good formula, you will reach your monthly income goal. Know your purpose and the benefits will come to you.