Financial Freedom: 7 Steps To Zero Money Worries

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Are you hoping to achieve financial freedom one day but not quite sure what that would look or feel like?

Here at Personal Finance Junkie we believe everyone should pursue financial freedom and I’m going to tell you why.

Think about the last time you were hit with an unexpected expense.

Were you able to pay it off without a second thought or did you damn near have a heart attack trying to figure out who hates you and why?

If you paid it off with no drama then congratulations you got a small taste of what financial freedom offers.

Financial freedom allows you to live your life free from stress about money related decisions.

Related: Download my free FINANCIAL FREEDOM CHECKLIST to discover the RIGHT steps to take to reach financial freedom.

❧ SEND ME THE CHECKLIST NOW!!!

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While being able to pay a small, unexpected bill without having a major meltdown is a legit financial milestone in my book, the personal finance junkie in me wants MORE for you.

Imagine being able to make any decision at all without worrying about money.

That is what financial freedom will do for you.

Continue reading to discover how to reach financial freedom.

What Does Financial Freedom Mean?

Financial freedom looks different for different people. Only you can truly define what financial freedom will look like and mean in your life.

For many people financial freedom will include some or all of the following:

The ability to pay bills and handle emergencies without stress or worry

The freedom to change careers or pursue a passion

Being able to go on family vacations

Being able to donate more time and/or money to important causes

Paying for your child’s college education

Shopping anywhere you want (not just discount stores and clearance racks)

The ability to eat a healthier, organic diet

The freedom to retire early

No matter what financial freedom looks like in your life, the bottom line is once you achieve it you will have more options than you would otherwise.

Maybe you never thought you could be free financially, but I am here to tell you that you can with a little focus and effort.

Here’s how to get started.

How To Achieve Financial Freedom

#1. Know what you are working with.

The first step to financial freedom is getting honest with yourself about your financial situation. Sometimes we avoid things because facing them seems unbearable in the moment.

While that strategy works to avoid stress temporarily, it does nothing to help you in the long run. Refusing to acknowledge your mess won’t make it disappear and if I can confront six-figure student loan debt then I’m sure you can face your financial mess as well.

Make a list of all of your debts. Include the total amount owed, the interest rate, and minimum monthly payment for each debt. You can download my free “show me the money spreadsheet” to help you with this task.

#2. Educate yourself on basic money management principles.

There is one and only one golden rule in personal finances and that rule is SPEND LESS THAN YOU EARN. If you can manage to accomplish that task every month then you will be ok!

The second part of that rules says to invest your savings but I will address that later.

We want to get you to a place where you are setting some money aside each month no matter how small the amount…just start keeping some of what you earn.

Also, if you are short on time and can only read one book about managing money I recommend Dave Ramsey’s Total Money Makeover to get started.

#3. Clean up the mess.

In step one you had to face the reality of your financial situation. Once you know exactly where you stand financially your next steps will become more clear. Do you have debt that needs to be cleaned up?

Before you can start building sizable wealth, you need to clean up any financial messes standing in your way.

I talk about my debt repayment method of choice (the debt snowball) in my book Financial Fitness: 21 Easy Exercises To Get Your Personal Finances In Shape Fast.

There are many debt repayment strategies out there. Choose the one that’s right for you and destroy that debt!

#4. Set savings goals.

Again, the key to reaching financial freedom is to spend less than you earn on a consistent basis.

Gamify your personal finances by setting monthly, quarterly and yearly goals that cause you to “beat” your previous savings record regularly.

The goal is to increase the amount of money you save every year.

#5. Educate yourself on wise investment options.

Read about different investment options and find the one that works for you. Some people swear by investing in real estate to build wealth, others stick strictly to the stock market.

Whatever option you chose to grow your wealth make sure you continue to learn everything there is to know about that vehicle.

#6. Actively manage your finances.

Setting aside time to review your finances every month is extremely important. Set personal finance goals and regularly review your progress towards those goals.

Don’t give up on your journey.

Don’t bury your head in the sand and pretend like your financial issues don’t exist. Only YOU can whip your finances in to shape!

#7. Reach financial freedom.

If you do the six steps that I mentioned on a regular basis you WILL reach financial freedom eventually. There are also things you can do to speed up the process (i.e. earn extra money with a side-hustle).

Learn More About Financial Freedom

Everyone should aim to achieve financial freedom. Knowing exactly what that looks and feels like is difficult because it is different for every person. You must decide what financial freedom means to you.

You must also make the decision to pursue it wholeheartedly or not. My financial freedom checklist may help you on your journey.

Achieving financial freedom will take dedication, perseverance, and good old fashioned grit. At times the journey may be lonely as others around you might not understand your drive. Just keep calm, and HUSTLE on.

Once you reach financial freedom you can live the life you always dreamed of and best of all HELP OTHERS learn how to do the same.

What does financial freedom mean to you? Leave your comments below.