This is a continuation from my previous post on ways to financial freedom in your 20s. If you haven’t had a change to read it yet click here. It discussed the first five simple steps you can start taking in your 20s to have control over your finances. The goal is to start building a large savings nets and creating a passive stream of income.
6. Get involved in many things outside of work. Start developing hobbies and interests outside of work are great ways to financial freedom. I started doing that and I have met a whole different group of friends that have a different perspective on life. Since it’s more common to change careers these days quite possibly your next career could be one of your hobbies. Or maybe someone from you new group of friends will lead you to your next job. Which is related to…
7. Surround yourself with people you want to become. I met a lot of people through the Running Room, yoga and volunteering. What was great is that most, if not all, these people were older than me and have achieve success in at least one area in life I wanted to accomplish. I learned so much from them just by listening and they would often give out free advice. Having peers my age is great, but it’s wise to open yourself to peers of all ages. Older people are wiser because they know what’s really important to focus on in life.
8. Drown yourself with financial freedom material. I’m constantly reading other websites and book having to do with financial freedom, success and person development. I’m continuously looking for new ideas and advice. A great resource to start with is Success magazine. I believe you become what you read. And Success magazine costs roughly $5 a month without a subscription and comes with a free audio CD.
9. Pick and choose your social events. I’ve read a lot of books and blogs about people being extremely frugal for the first 20 years of their adult lives just so they can retire early. I think that’s great but I want a more balanced and realistic life. You can still work towards financial freedom without giving up your social life. What I do is pick and choose my social outings. I only go out to celebrate birthdays of close friends or I’ll choose nights when I know I’ll see a bunch of people at one time rather than making a whole bunch of plans. I don’t waste money on eating out a lot. Instead I’ll go out less frequently to nicer restaurants. Or I’ll host girls’ night at my house and serve a bunch of appetizers and a couple bottles of wine.
10. Keep planning and dreaming. If you goal is to achieve financial freedom never think it’s unachievable even if you’re sitting in a mountain of debt right now. Write out your dreams and goals while thinking of small changes you’re going to do to help get yourself there. If you’re in a relationship it really helps to be with someone that shares the same goals. I’m lucky to have a partner that’s just as enthusiastic as I am about achieving financial freedom and living out our passions. We’re constantly talking and planning it out ways to improve ourselves. Having that support from a partner, friend or family member helps me to stay on track and keeps me from getting frustrated from setbacks.
I’m lucky that I’ve always been good with money but I did have to payback my student loan when I finished school. There was a time I earned $9 an hour and I couldn’t imagine making the money more money and owning my own place with a decent amount of savings. Using any of these steps mentioned will lead to ways to financial freedom. Although "freedom" seems still a ways to go, it comes closer and closer each year as I make good decisions by taking smart steps to financial freedom.