4 steps to take if you want to achieve financial freedom, according to people who made it happen
Based on their stories, here are four steps anyone can take to achieve financial freedom.Financial freedom means different things to different people but is typically defined as having enough savings to cover living expenses for the rest of your life. Insider has spoken to individuals and couples all over the U.S. who have saved enough money to be able to quit or scale back on their day jobs and design the lives they truly want to live.
Coming to terms with how much you spend is essential but it's also"the scariest step," said Schlagbaum, who was able to2. Boost your savings rate This step may require some lifestyle changes. To lower your major expenses, for example, maybe you sell your car and use public transportation to get around. Or, maybe you move into a smaller apartment that's cheaper.
Ultimately, there's a cap on how much you can save. But if you increase your income and keep your lifestyle the same, you'll have more money to save and invest for the future, which will help you hit your financial goals sooner. At the beginning of their journey to financial independence,"we were not in a position to dramatically increase our income because of our career choices," said the Lupos, who both started their careers as social workers."So lowering our cost of living was the lever we could pull."
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