How to Create the Right Mindset for Financial Freedom

[Holicent]

Here are some tips to help you create the right mindset for financial freedom:

Don't compare yourself to anyone else. To be successful, you need to focus on creating your own path, not following someone else's. Even if they're more successful than you, it's not worth comparing yourself to them! They may have had an easier path than you did, but it's not guaranteed that their success was because of their efforts. It could be because of luck, or because they had access to more resources than you do. So don't waste your time trying to figure out how others did it — just focus on being better than where you started.

Live below your means. Don't spend money on things that don't matter as much as paying off debts and saving for retirement. If you can't afford it, then don't buy it! The most important thing is getting out of debt and building up your emergency fund so that you don't have to worry about money problems in retirement. Once that's taken care of, then start investing in low-cost index funds or ETFs (exchange traded funds) so that over time your investments will earn a higher rate of return without having much risk associated with them.

 

[Mika]

In order to become financially free, you need emergency funds, retirement funds, and assets and equity. You can do these things only when you have started saving money and investing money. When you have emergency funds, you do not have to worry about money during emergency situations. When you have built retirement funds, you do not have to worry about paying your bills when you can no longer work due to health or old age. If you have assets, for example, a house, you can create income from your house by renting. Therefore, having an asset will help you generate income. If you have assets in stocks, mutual funds, ETFs, etc, you will be able to generate an income, which is completely passive. In order to become financially free, you need to build multiple income sources and some of these sources must be completely passive and you don't have to work to generate income.

 

[Shaf]

Mindset is one of the most powerful things you need to master if you want to be financially independent. It's one of the reasons a lot of financial advisers and experts focus on being in control. Grant Cardone is one such person. His 10x way of doing everything is a powerful edge that people have used to gain mastery over their finances and other life aspects.

One way to convince your minds about your financial dreams is to dream of it, every second of your day. If you are so focused on making more money, or eliminating debts, you will find that it eventually becomes easier to do exactly that. Take out time to plan it all. Visualise it and let it become your obsession.

You also need to change how you perceive money and the hustle fir it. Most of us are taught that hustling for money is not good so we aim to be average. Being average will not make you free financially.