Financial freedom is definitely something that you should aim for before you reach 30. Why? Because when you are financially free you will be able to go your own way. You will not have to rely on anyone else for your income and you will be in total control of your life.
That’s what financial freedom means. It is why I became an entrepreneur at an early age. Below are ten steps that will help you achieve financial freedom before 30.
What is the Meaning of Financial Freedom?
Financial freedom is the ability to choose how to spend your time instead of being limited by your income. The most common way people think of “freedom” is that it’s a kind of independence, but that’s only one part of what financial freedom means.
Financial freedom also means being able to vote with your money instead of being forced to vote with your paycheck.
Financial freedom is not necessarily about being wealthy or rich. Living in a country with a high unemployment rate, for example, doesn’t necessarily mean you’re financially free: for most people if they can’t find a job, that means their financial situation is probably pretty bad.
But there are ways to use money that don’t involve having more of it: living frugally and saving some, for example. And there are many other choices you can make such as using your money to buy things you don’t need (I know I used to do this) and being a smart investor.
It’s not necessarily easy to be financially free before you get to 30. You need to be consistent and work at this every day. Follow my 10 tips below to achieve your financial independence and you will give yourself the best chance of success.
Financial freedom is not only about money. It is a matter of being free to pursue the things you really want in life. It is about being able to make a living doing the work you like, spending time with your family and friends, and so on.
Top Ten Steps To Achieve Financial Freedom Before 30
1. Create a Plan that Fits Your Needs
Financial freedom is not going to happen for you without a solid plan. You need to decide what you want from your life and plan how you are going to get it. I recommend that you consider these things when you are creating your plan for financial freedom:
- What fraction of your money are you prepared to save?
- What are your financial goals?
- What is your current lifestyle like?
- Who will be supporting you financially?
- Are you comfortable with change?
- What risks and rewards do you get by investing money?
- How much debt are yopu prepared to carry?
- Are you comfortable with taking risks?
- Do you have any emergency savings?
- Accept that your new plan will require regular updating or adjustments
When you know how to plan financial freedom you will be on your way. Take some time out and think about what you want in your life in the short term and the long term. You need to set goals and then create plans to achieve your goals. Remember that financial freedom means that you will fully support yourself financially so make this the focus of your plans.
I recommend that you use the SMART goal setting process to create inspiring goals. Your goals need to inspire you so that you are motivated to take action every day. Establish a new daily routine which includes working on the actions that you need to complete to achieve your financial freedom goals.
2. Save up for the things you want
If you want to be financially free then you need to avoid debt. Using credit cards for impulse buys that you don’t really need is not going to help. It is best to save up to purchase the things that you really want. You will appreciate them a lot more if you do this.
3. Spend Money Wisely
Most people do not spend their money wisely. They have credit cards that enable them to purchase anything that they want at any time. If you are doing this now then you need to stop. It is just getting you further and further into debt.
Change your approach to living within your means. Rather than spending money on things that you do not really need, make investments for the short-term and long-term. Real estate investing is a good option.
You don’t have to be too rich to live a financially fulfilling life; all it takes is some good common sense and a bit of consistent effort. Spend your money wisely and you will be in a position to achieve financial freedom before 30.
4. Invest in Yourself
Start by investing in your personal development. Your future depends on it. We all have strengths and weaknesses and you need to identify these and work on ways to achieve your financial independence.
Start by investing in yourself, and then invest in your future. Address your weaknesses such as overspending and not investing a percentage of your money. There are many good resources available to help you develop yourself to become a better you.
5. Live a healthy lifestyle
This is eating a balanced diet, exercising regularly, and not putting your health at risk. Without good health you will not be able to create and follow your financial freedom plans in the best way. If you have not exercised in a while then start slowly and gradually build on this.
Start every day right. Perform some gentle exercises in the morning such as stretching or even breathing exercises. This will get your heart pumping and increase your circulation. Find the best healthy diet for you online and stick with it.
6. Get the Income that you Need
Another essential step to achieving financial freedom before 30 is getting the income that you need. How much do you need to earn to achieve your financial independence goals? You need to decide if you will find a good job or start a business to provide you with the income you want. Do both if you have to.
When you make the right decisions regarding your income this will provide you with enough money to live on and help you save for your future. You can also start saving for your down payment on a home when you are earning a good level of income.
7. Make Intelligent Investments
To achieve financial freedom before 30, one essential thing you must do is make intelligent investments. You don’t have to be an expert to figure out how to invest your money. The important thing is that you do it in a way that will benefit you over the long run.
Make sure that you save as much money as possible, and then invest it in something that will provide you with long-term growth. Ensure that you do not put all of your eggs in one basket; diversify your investments to maximize your chances of the best returns.
8. Create a Budget
Creating a budget is a simple thing to do. You can use your budget to ensure that you stay within your means and make the best decisions for your family. Without a budget, it’s hard to know where your money goes and how to spend it in the best way for you and your wallet.
You do not need to buy any sophisticated software to create a budget. Use a spreadsheet such as the free Google Sheets and list all of your expenditure. Analyse every item of expenditure and decide whether it is necessary. If it isn’t then stop spending money on this.
When you have determined the things that are essential for you to spend your money on each month, total these up and subtract them from your monthly income. What you are left with is what you can spend on groceries, gas for your car, investments and so on. A simple budget will put you in control.
9. Get Organized Through Your Budget
Getting organized will help you to better budget and plan your expenses. It will also help you to understand your income and spending better. Once you know your finances, it’s easier to make informed decisions about spending your money.
Take a critical look at everything that you are spending money on at the moment. Ask yourself “do I really need this?” The chances are that you are spending quite a lot of money on things that you do not really need or use anymore.
10. Live in the Moment
Living in the moment is one of the most important things you can do for your financial freedom. This is because when you’re in the moment, you’re focused on what’s happening in front of you. This allows you to live a healthy and happy life by not being weighed down by past experiences or worries.
One of the most effective ways to live in the moment is to learn and practice mindfulness meditation. It is not difficult to learn and there are plenty of free resources online that will show you how to do this properly. Make mindfulness meditation part of your new financial freedom daily routine.
Please let me know what you think about my ten tips for achieving financial independence before you turn 30. This is what I did to achieve financial freedom. If you have your own ideas about this then please leave a comment in the box below.
How can I set Myself up for Financial Freedom in My 30’s?
1. Adopt a Financial Freedom Mindset
What is the first step to financial freedom? It all starts by adopting the right mindset. You need to be totally committed to being financially free. This will not be easy to change your current habits to new empowering ones but it is something that you must do.
2. Be a Smart Investor
Find ways to invest your money to grow rather than have it sitting around doing nothing. Make your money work hard for you. When you do this, you’ll be able to move closer to your financial goals. Look at investing models that will provide you with the best returns such as real estate investing.
3. Reduce your Debt
Before I embarked on my financial freedom journey, I had a lot of credit card debt. Are you in this situation? You cannot be financially independent if you have a ton of credit card debt. Look at ways to reduce your debt and choose the best debt reduction strategy that suits you.
4. Save for the Future
Make sure you have enough saved up so that you can retire comfortably (before you are 30). This won’t be an easy task, but if you take the time to save up, you’ll be able to enjoy a comfortable retirement without having to worry about money later on.
5. Live within Your Means
This may seem like a difficult task, but if you can live within your means and still have enough left over for vacations and other frivolous activities, you’re on the right track.
6. Create an Emergency Account
You never know what is around the corner. Your car may break down or you may need to make some emergency repairs to your home for example. Life is unpredictable and there are many other reasons why you may need to spend a lot of money quickly.
Without an emergency fund you will need to borrow the money to pay for whatever has happened. Most people will do this with a credit card which is fine if you have the discipline to pay this off fast. It is better not to take this chance and create an emergency fund you can call upon.
How do you Unlock Financial Freedom Before 30?
1. Earn Additional Income
If you are not earning the money that you need to meet your financial freedom goals then consider a side hustle to earn extra income. There are plenty of ways that you can do this. You can earn additional income at home using the Internet for example.
When you are able to earn more money, you will be able to unlock your financial freedom earlier. You can make additional investments to increase your returns. Setting up passive income projects is a great way to make more money when you are not working.
2. Make your Money work Hard
Most people spend their time working for money rather than have their money work for them. Investing your money smartly is one of the most important things you can do for your financial future. Not only will this help you build a strong foundation for your financial security, but it will also allow you to make more money over time.
3. Stop Wasting your Money by Living with Gratitude
Be grateful for the things that you have in your life right now. Most people are not grateful for what they have and are always chasing new things. This is what gets them into a lot of debt.
If you do not have the latest car with many fancy gadgets then so what? As long as your car will get you where you want to go safely then be grateful for that. Make a commitment to express your gratitude every day. Write down 3 things that you are grateful for each day.
4. Get Control of your Money
Are you in total control of your money? Do you know exactly how much you are spending? If this is not the case then don’t worry because the majority of people are not in control of their money. I used to be in this situation as well.
Make a commitment to take full control of your money. I recommended that you create a simple budget earlier and this will provide you with the control that you need. It will probably shock you to know how much you are spending each month. There are examples of good budget spreadsheets online so use them.
5. Use money Saving Resources
These days there are plenty of discount offers and coupons available to help you save money. If you need to purchase something then look for the best deal online. Do not assume that Amazon will always have the best deal because this is not necessarily the case.
Change to online shopping where you can as you are likely to save more money doing this. It will also save you time by not having to trudge round different stores so that you can get the best deal. Use comparison websites and other resources to save money.
How to Build Financial Freedom Early in Life
1. Start right now:
When you are young it is easy to think that you have a lot of time to do everything that you want which includes achieving financial freedom. But every day that you procrastinate is preventing you from building the life that you want.
Putting things off for a day can turn to putting it off for weeks, months and even years. Before you know it, you are in your 30s and you are still a slave to money and not financially free.
2. Develop your self-discipline:
It is going to take a good degree of self-discipline to become financially independent before you reach 30. You are going to need to make some tough decisions such as ditching the plastic surgery, buying those high-priced clothes, and spending on over-the-top entertainment..
You need to create new habits that will support your desire to be financially free. If you have been used to spending money without any control for a while then implementing new habits will not be easy.
Ask yourself this question – is it better to suffer the pain of discipline now or to suffer the pain of regret later? I think that you know the right answer here. Develop your self-discipline all of the time. Each time that you act on a new empowering habit you will strengthen it.
3. Take care of yourself emotionally and mentally:
Practice mindfulness each day and take time for yourself every day to relax and rejuvenate.
4. Be proactive:
Don’t let life control you. Be proactive by working towards improving your financial situation through strategic planning or taking action steps like developing a budget or setting goals
My Final Thoughts on how to Achieve Financial Freedom Before 30
Financial freedom is the state of living without worry about money. It’s a state where you can be yourself and be comfortable with your financial status. It can be reached through many different means, but the most important thing is to have a solid plan and adhere to it. The next step is to start living a financial life honestly so you can make the most of your freedom. Are you now sorted? Share your experience after going through this article.
I would like to hear from you concerning the difficulties you have faced to unlock your financial freedom. What challenges have you faced? What successes have you achieved? Please add a comment below.
Thank you very much and have a great day.