some people would love to travel all over the world some people would love to

own and live in their dream houses and others may want to be able to pursue

their dreams or maybe even have that dream wedding they've always wanted and

so much more the list is endless while they do say money won't bring you

happiness it sure does play a big role almost

everything you choose to do requires you to part with some box I'm not trying to

say money is everything but it really is important and like Kanye West puts it

money isn't everything but not having it is but we're not here to give you a

second hand advice from rappers today we share with you 10 steps you can take to

achieve complete financial freedom imagine a life where you don't have to

worry about money the decisions you make won't be based on what you have in the

bank account you won't take that job you don't like because it pays off better

you won't have to check the price tags on organic foods just to confirm you can

afford them you can opt to take uber black whenever you wish - sounds like a

wonderful life right well it's quite possible to get there but you have to

understand you won't reach there overnight just like everything else in

order to see results you will need to put in the effort be really disciplined

and follow the steps we're about to share take some notes this just might

change your life before we start hit that subscribe

button in the Bell notification now let's begin number one set life goals

the very first step is to create a list of life goals

don't just scribble down a couple of things you want to achieve but take some

time to really soul search and identify what you really want out of life once

done with the list attach timelines to them and if possible a cost be very

specific accurate and realistic when doing this it's okay to be overly

ambitious but we both know it's not possible to buy a million dollar home

within six months well unless you win the lottery and with the one out of a

hundred thousand chance this is almost impossible stick to what's possible and

achievable we recommend putting this list somewhere where you'll see it every

day like on your fridge for instance number two create a budget

it's important to know exactly what you consume everyday and how much it costs

this is the only way to truly understand where your money goes writing a

household budget and sticking to it relentlessly will end up saving you a

lot of money it's a great routine that reinforces your goals and bolsters the

temptation to splurge on unnecessary things trust me

number three emergency fund start by creating an emergency fund the ultimate

rule of an emergency fund is saving up six months in recurrent expenses and

stashing it somewhere just in case anything out of the ordinary happens by

out of the ordinary we don't mean vacations that fancy watch you've always

wanted or any miscellaneous purchase that money should only be used for

actual needs which would otherwise deter or slow down your life these include

emergencies such as your car breaking down water heater system failing or

unexpected hospital bills only the most important needs why create an emergency

fund everything that can go wrong will at some point go wrong Murphy's Law so

instead of borrowing money or using your credit card which will make you get

further into debt use your save funds this is the first step anyone who wants

to achieve financial freedom should take number four plan to pay off debt about

80% of Americans are in debt and this number is steadily increasing at an

alarming rate debt isn't entirely bad in fact it has its benefits for one you can

build up a good credit score by borrowing money and returning it in time

what's wrong with debt is the fact that people overuse it 65 percent of

Americans have maxed out their credit cards at one point in their lives there

are two rules that should be abided by when it comes to debt only borrow money

for purchases that will appreciate for example a house a piece of land and any

other asset that fits into that criteria the other rule is to only borrow money

when you have a plan to pay it back as businesses do

in short what we're trying to say is don't use your credit card to purchase

that Birkin bag you've just seen on a window while debt may be good in some

cases it can dent your account tremendously when you're paying off a

couple of hundreds of dollars a month for car loans student loans and any

other loans this restricts your ability to save money or even invest therefore

it's imperative to create a plan to clear off your debt and

stick by it you'll end up saving thousands of dollars in interest if you

manage to pay it faster than the repayment time these savings can be

added up to your account or used in some investment with great returns

essentially creating more financial freedom so what's the best way to pay

off loans faster there are a couple ways to do this

you can start by categorizing each loan based on the interest rate and pay off

those with the highest first there's also the snowball method which takes

into account human behavior this requires you to pay off the smaller

loans first which will then give you the momentum and Psyche to tackle the others

number five retirement fund to attain financial freedom you have to make

short-term sacrifices for the long-term gain one of the greatest sacrifices is

having a retirement fund having a 401k is one of those things you know you

really need but haven't paid that much attention to and if you already have one

you aren't contributing the maximum you can having this fund is crucial for

security in the future by saving a little each month you're guaranteeing

yourself a dignified retirement and who wouldn't want that

also if you manage to store up enough you can achieve early retirement

comfortably stop wasting time and take the steps today number 6 start investing

today this is the only way your money can multiply once you've created a

structure of managing your income and the above steps go ahead and create an

investing plan compound interest will grow your money exponentially over time

however please note that you will need to be patient as results will only be

seen over long periods of time so where do you start don't try to be a stock

picker or think you're the next Warren Buffett instead open an online brokerage

account which allows one to learn how to invest and create a portfolio after

doing your research you can create weekly or monthly deposits to this

account number seven create automated savings one of the wisest things you

could ever do for your finances is to set up automated withdrawals once you

have an outlined budget loan payment structure savings model retirement fund

monthly contributions then you can activate automated deductions monthly

the money should be pulled out the same day your paycheck comes in so you can

avoid temptation completely have you ever been in a

situation where you just don't know what happened to your money you received your

paycheck but right after a couple of days your account is empty and you're

clueless to where it went then maybe it's about time you created

automated deductions talk to your bank and find out how you can connect these

automated debt payments today number eight

watch your credit score the credit score is the determinant of so many things it

determines the rate at which you will receive a loan for your car or when

refinancing your home and so much more what most people don't take into account

is that it determines other seemingly unrelated things such as life insurance

premiums and car insurance most institutions reason that someone with a

low credit score is likely to be reckless in other aspects in life such

as drinking and driving you can potentially lose a lot of money

in the long run for having a bad credit score therefore keep an eye on your

credit report regularly to ensure there are no black marks that could tarnish

your good name number 9 continuous learning knowledge is the key

to becoming financially free regularly review all changes in the tax

regulations to ensure all deductions and adjustments are maximized stay up to

date with financial news to identify any developments within the stock markets

and be quick in adjusting your portfolio accordingly

other than being financially literate also take time to improve your knowledge

within your career if taking that extra course will increase your chances of

getting a better paying job go for it you'll also be in a better place to

retain your job when the company is doing retrenchments today there are

hundreds of certified online courses that will train you for a small fee

while some are completely free number 10 maintenance take good care of everything

you own this includes your car home lawn mowers and even clothes

the longer they last the less you need to repair or replace them you will end

up saving hundreds of dollars yearly on unnecessary maintenance costs if it's

your car take it out for regular servicing and use your gadgets

responsibly this also applies to your body take good care of your health

eat well and exercise to avoid time and money wasted in hospitals also your

general health also determines your insurance premiums being obese and

having a red - multiple ailments can cause your

insurance cost to skyrocket also avoid habits that would put your

health at jeopardy this includes habits like alcoholism smoking and abuse of any

illegal substance some companies have instilled restrictions on the allowed

number of sick days anyone who exceeds the limit incurs a

notable deduction in their paycheck you have no choice but to take better care

of yourself and your thanks don't expose yourself to health dangers as the price

will be a hefty drawback in your journey to financial freedom while this won't

automatically guarantee you'll achieve your financial goals it will help you

develop habits that will get you on the right path I know we said we'd give you

ten steps but it doesn't hurt to learn one more right number eleven hire a

financial advisor once you've followed all the above steps

and practice them for a substantial amount of time you'll have amassed a

decent amount of money the money might be there but you don't know what to do

with it this can lead to impulse purchases and misuse of funds that could

easily take you back to where you started the next step to take when you

have chunks of money that you don't know what to do with is to get an expert to

educate you and help you through the decision making process not just any

expert choose one with experience and a reputable image you don't want to create

new problems that didn't exist if you can't find someone you can always choose

to educate yourself and handle your money accordingly the internet is your

unlimited source of information you can also enroll for short courses in money

management which are reasonably priced and extremely informative that's it for

today we hope you've learned something it's not hard to achieve financial

freedom but with discipline and proper planning nothing is impossible we wish

you all the best as you take on this journey leave a like if you enjoyed this

video and save this video for future reference so in summary one set life

goals to create a budget 3 set up an emergency fund or plan to pay off debt 5

set up a retirement fund 6 start investing 7 create automated saving 8

watch your credit score 9 never stop learning 10 take good care of everything

you own and finally 11 hire a financial advisor thank you so much for watching

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