Let's Escape from the RAT RACE

FINANCIAL FREEDOM

                

                      

                    Hi everyone, This blog is especially for the Followers of BILLIONAIRESRIVAL page. so we are running in a rat race every day, right? 

SO, WHY THIS IS HAPPENING TO ONLY US?

       let's explore why this happens. are the schools and colleges are not teaching how to handle the MONEY?  well, the answer is YES!. so here, in our society, the schools and colleges are making graduated employees, and we are aware of getting DEGREE and JOB with satisfying SALARY. The Origin of RAT RACES begins here. so I have come with some HABITS for Escaping from RAT RACE and to get FINANCIAL FREEDOM

THE HABITS ARE AS FOLLOWS

               

1. Set Life Goals

              A general desire for "financial freedom" is too vague of a goal. What does it mean to you? Write down how much you should have in your bank account, what the lifestyle entails and at what age this should be achieved. The more specific your goals, the higher the likelihood of achieving them. Then, count backward to your current age and establish financial mileposts at regular intervals. Write it all down neatly, and put the goal sheet at the very beginning of your financial binder.

2. Make a Budget

       Making a monthly household budget, and sticking to it, is the best way to guarantee all bills are paid and savings are on track. It is also a monthly routine that reinforces your goals and bolsters resolve against the temptation to splurge.

3. Pay off Credit Cards in Full

Credit cards and similar high-interest consumer loans are toxic to wealth-building. Make it a point to pay off the full balance each month. student loans, mortgages and similar loans typically have much lower interest rates, making them less of an emergency to pay off.

4. Create Automatic Savings

    Pay yourself first. Enroll in your employer's retirement plan and make full use of any matching contribution benefit. It is also wise to have an automatic withdrawal for an emergency fund that can be tapped for unexpected expenses and an automatic contribution to a brokerage account or similar account. Ideally, the money should be pulled the same day you receive your paycheck so it never even touches your hands, avoiding temptation entirely. However, keep in mind that the recommended amount to save is highly debated; and in some cases, the feasibility of such a fund is also in question.

5. Start Investing Now

              There is no better or tried and true way to grow your money than through investing. The magic of compound interest will help your money grow exponentially over time, but you need a lot of time to achieve meaningful growth. Don't try to be a stock picker or trick yourself into thinking you can be the next warren buffet. There can be only one. Open an online brokerage account that makes it easy for you to learn how to invest, create a manageable portfolio, and make weekly or monthly contributions to it automatically.

6. Get a Financial Advisor

 

      Once you've gotten to a point where you are able to discern if you've amassed a decent amount of wealth, be it liquid investments, or assets that are tangible but aren't as readily available to convert to cash, getting a financial advisor to educate and help you make decisions is highly suggested.

7. Take Care of Your Health

          The principle of proper maintenance also applies to the body. Some companies have limited sick days, making it a notable loss of income once those days are used up. Obesity and ailments make insurance premiums skyrocket, and poor health may force earlier retirement with lower monthly income.

These won't solve all your money problems, but they will help you develop helpful habits that can get you on the path to financial freedom—whatever that means for you.

  That's all, for now, catch you later bye bye

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