The Fastest Way to Achieve Financial Freedom

The Fastest Way to Achieve FINANCIAL FREEDOM: A Visual Roadmap TAX What is Financial Freedom? Financial freedom is the state of having enough cash, savings, and investments to support your desired lifestyle. Fast Facts and Statistics 53% of Americans feel anxious just thinking about their finances - FINRA, 2019 • 8 in 10 Americans use a budget to manage their finances - DEBT.COM, 2019 • Housing (33%) and transportation (16%) account for almost half of the total spending in the U.S. - BLS, 2018 • Only 41% of people spend less than they earn. - NFCS, 2018 • In a survey, 69% of respondents said they had less than $1,000 in their bank account. - GOBankingRates, 2019 • 31% of Americans say living from paycheck to paycheck is what stops them from saving - GOBankingRates, 2019 6 Steps on the Path to Financial Freedom 1. LEARN TO EARN Almost any skill you learn can help you make a living, whether it's landing a stable job with good pay or starting a business. The more skills you learn, the higher your value becomes. 66 To earn more, you must learn more. - Brian Tracy 99 2. EARN TO SAVE Now that you consistently receive paychecks, it's time to budget your earnings and create a savings plan. This is what can help you reach your goals in the future or cushion you from any emergency expenses. 66 Do not save what is left after spending; instead, spend what is left after saving. - Warren Buffet 99 3. SAVE TO INVEST At this stage, you want to continue growing the money you've set aside in the bank. The best way to do this is via smart investments. Successful investing is about managing risk, not avoiding it. - Benjamin Graham 4. INVEST TO REPLACE The goal is to replace your income with the money you're making with your investments, so you don't have to keep working forever. This is when you begin to have a taste of financial independence. Never depend on a single income. Make investments to create a sound second source. - Warren Buffet 5. REPLACE TO PROTECT The work isn't quite over--now it's time to protect your hard-earned money. Diversify your assets and invest in insurance. 66 Don't [just] focus on making money. Focus on protecting what you have. - Paul Tudor Jones 6. PROTECT TO CONTRIBUTE Now that you're financially sound, you can focus on giving back to your community and help make the world a better place. Join causes that you're passionate about or help the less fortunate, and feel more fulfilled. From what we get, we can make a living; what we give, however, makes a life. - Winston Churchill Quick Tips to Achieve Financial Freedom Faster START WITH YOUR WHY. If you have a clear vision of what you want your future to look like (e.g., buying a house, traveling the world), you will remain motivated and inspired to achieve your financial goals. O OOOO DON'T BUY A BRAND NEW CAR. Cars depreciate the moment they step out of the dealership. Used cars do the same job, and they cost way less. PAY WITH CASH. While digitized payments have their pros, paying with cash could help you manage your expenses more. It keeps you limited to a specific budget and allows for a more tangible relationship with your money. 4 TRACK YOUR TAX SPENDING. You'll be surprised at just how much you're shelling out once you see all your expenses listed down in front of you. CREATE ADDITIONAL INCOME. Don't be content with one job if it doesn't support your lifestyle. You can also adjust your lifestyle to meet where you're at. 111I T Infographic by: HACKING MONEY www.hackingmoney.com Sources: Debt.com | FINRA | GOBankingRates | NFCS | Oberlo.com | Hacking Money: How You Can Crack The Wealth Codes To Create Abundance by Mark E. Yegge NOLLVondd LOÀN APPLICA WHY?