As our relationship with money evolves, we become curious about identifying signs of financial freedom within us. We seek meaning from all manner of places. If this search is left unattended, we could find ourselves in an endless loop of distress.
For simplicity, financial freedom has different meanings to different people. The fact is that personal finance is not academic. It is personal. Here is where we draw the line because people are either at a different lifecycle stage or financial cycle stage.
1. Acceptance, Responsibility & a Positive Money Mind-set
Negative resistance is a major stumbling block to any area of personal development. The earlier you accept your status, assume full responsibility and think positively about money! The sooner the train to financial freedom sets off. Develop a positive money mindset and dissolve limiting beliefs like money brings evil. When you are in control, money obeys. Acceptance becomes a leading factor in identifying the signs of financial freedom.
2. Planning Must Show Up in Your Signs of Financial Freedom
You achieve goals by planning and executing the plan – this is a sound money habit. If you find yourself fixated on drawing plans of how to manage your finances – you are on the right path. Signs of financial freedom show up with heightened money consciousness. A good plan should have a SMART approach. And you know your plan is SMART if a goal is involved. Therefore, be specific about your goals. For example, be Specific with the amount you want, the lifestyle you want, and by what time or age to achieve it. Goal-setting is a deliberate practice that brings you definite results.
Customise your goals to mirror your SMART ideas.
3. Cultivate a culture of savings
A culture of saving embeds in the seat of habits; it does not show up overnight to stay forever – it requires nurturing. Habit formation depends on attributes like being decisive, disciplined and determined. However, before you start, ensure you know why you are saving. Those who lack the motivation often end up abandoning the idea.
You could think of motivations like; establishing a children’s higher education fund, a retirement or an emergency fund.
Focus point: developing a habit is more important than the actual amount saved.
4. Protect your assets and wealth
The Greatest income-generating ASSET is YOURSELF – how well have you taken care of this asset? Have you prepared for uncertainties? Sometimes we mistake our acquisitions as more important than ourselves. Without you, there would be no acquisition, period. We even go to the extent of guarding these acquisitions more than we regard ourselves! You see, material possessions can be re-acquired – how about you? should you find yourself asking ‘what if‘ questions, relax and know that you are starting to show signs of financial freedom. However, you ought to respond appropriately. You can avoid purchasing a valuable item twice by insuring it – you will get compensated for it. What if it’s the most valuable asset in question – you? Life Insurance is the solution for the most valuable asset – you. Ensure that you have sufficient coverage. Life insurance is diverse, you can insure your life, income, and against accidents – ps, don’t forget about health insurance.
5. Practice Giving
To some people giving might sound self-defeating! But, it is not – It is a refreshing experience. The freedom with giving comes when we learn to say thank you. A person that gives freely attracts freely – sounds like the law of attraction, right? Giving creates space for more freshness and supply – I call it ventilating wealth.
When you impact lives positively, people wish for your wellness and prosperity. It does not matter how much you earn for you to start giving. Just make it a habit! Giving is not always about material things – start today by saying thank you for the ability to breathe, move, speak, hear and anything you get. You can also give a service you are good to someone.
Take away...
Although the subject may seem theoretical, it’s achievable when approached with the necessary discipline. A starting point is examining -where you are, what put you there and the required work. Swinging into action is what sets the ball rolling. Now you know better, go on and start implementing. When it comes to managing your finances, freedom means living within your means and having the ability to use YES or NO as complete sentences without a hint of guilt.
