![]() Debts from banks and loan companies accumulate interest. Paying off all your debts before investing. Life is often filled with unexpected events (costly car repairs, medical expenses, etc.) and you want to be financially prepared when these happen-instead of going into debt because you don’t have emergency funds. Keeping a strict budget- It’s okay to sometimes spend on non-essentials but limiting the amount you spend allows you to set aside more money for emergencies. If you get a pay raise at work, don’t use it as an excuse to increase your discretionary spending. Living within your means- Prioritize your needs before your wants. If you want to avoid the temptation, don’t apply for a credit card at all. Paying your credit card balances in full- if you can’t afford an item or a service without a credit card and it’s not an emergency, don’t buy it. What you can do is try to pay off your debts as soon as you can and avoid getting into more unnecessary debt. This is understandable and for many people, even inevitable. However, let’s say that you absolutely need a loan for you to buy a house or a car for your family. If you don’t have any debts, try to keep it that way. You’ll naturally only make ends meet in the beginning, but as you climb up the ladder and progress in your career, your economic premium will increase-enabling you to build a habit of saving. The goal then is to earn enough to be able to get into a habit of saving. It could also be your side gigs–plying the trade you learn at your job for more economic benefits. Like all people experiencing the first years of financial independence, you will need to trade time for money as your beginning participation in the economy. In the beginning, your income will be largely limited to your paycheck. ![]() And the road to financial freedom can be achieved at any age following these steps. Age doesn’t define financial freedom–your savings and income do. Instead, you’ll be spending your days focusing on what you really love to do.Ĭontrary to what many may think, this mindset isn’t reserved for older Filipinos entering their golden years. Stay the course, no matter what anyone else is doing.Who doesn’t love the idea of financial freedom? Imagine this: never having to work a regular 9-to-6 job to earn a paycheck and provide for yourself and your family. That's why-as this video shows-persistence is the key. ![]() Of course, you never know when the good times will return, or how long they'll last. Like the saying goes, "The night is always darkest before the dawn." When markets feel chaotic and we're only hearing bad news, it's easy to miss this fact: The markets' lowest points are the moments that hold the most opportunity for investors. In these moments, our instincts can tell us to flee to the presumed safety of cash, even though it might not be the best decision for our long-term plans. It's a normal and expected part of the cycle.Īnd when the markets are down, we might feel anxious-or worse. But, as we were reminded last year, the markets will turn at some point. When the markets are doing great, it feels great. That's tricky because sometimes the best thing to do is the opposite of what our instincts are telling us. Investing is emotional because we're human, and our feelings can pull us in all kinds of directions in response to what the markets are doing. ![]()
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