1. Accumulating wealth from zero.
Many of who achieved their financial freedom built their wealth on their own, and by knowing that gave you a greater financial motivation. In fact in 2022, among 10,000 millionaires, 79 percent got rich through consistent saving, investing, avoiding debt and smart spending.
2. The disadvantage of job loyalty.
Individuals who are seeking to build wealth from their own salary, should always look for opportunity to increase his or her salary, by for instance taking a new position at a different company as the best way to get a substantial income raise.
For instance, switch jobs in the span of your job career to get a higher percent raise each time, if possible. Increases in salary should be beyond the rate of inflation. Employers will do whatever in their best interest, and employees should do the same.
3. Choose spouse carefully.
Many people got married in their early ages- to mid-20s. Unfortunately, a big point of relationship tension for the majority of them is money-related, for example opposite spending habits or an unwillingness to have money conversations. It is important to find someone who share the same financial values.
Getting on the same page about finances with a partner might not be a priority for most people, but it is a foundation to stable relationship and healthy financial situation. Most importantly, to have a supportive spouse who just as enthusiastic as you about investing and living a frugal lifestyle, can lead to a success.
4. The important of healthy life
Although most people hustling to make them achieve financial freedom faster, but it also means having less time to take care of your health. And no amount of money is worth neglecting your physical and mental health.
To grow your wealth, you do need to be producing and working. But also, you must prioritize things like sleep, exercise and a proper diet that give you the opportunity to refuel for the next day. By putting your health first, as a result, you feel happier and much more energetic, productive and creative.
5. Growing up poor doesn’t mean you can’t build wealth.
Some may come from a very low-income family, but they learn the value of saving and investing, and know that debt would ruin their financial stability. They learned that even if without a high salary, they can still achieve financial freedom.
6. A degree doesn’t always guarantee wealth.
While your degree can help ease your way to achieve financial freedom, however it’s what you do after you graduate that makes the real difference.
Some millionaires didn’t have a degree, but they saved up an emergency fund and invested at least 10 percent of their income. Over the years, that helped them create a comfortable retirement lifestyle.
7. Your passion is not the only source of income.
Although many rich celebrities achieved their financial success by following their passions. But that doesn’t work for everyone.
It’s easier for most of us to earn an income through both our strengths and our passions. But, sometimes our passions tend to be more creative, and it might be harder to earn a high salary in a creative field.
You may have your hobby as photography, but you can choose a career in software development because it is generate higher income. The salary difference between those two career paths is drastically different, which can an able you to achieve financial freedom.