Are You Mentally Prepared To Attain Financial Freedom?

By Sanesh Mathew | August 13, 2018

You have to mentally prepare yourself if you want to achieve financial freedom. Here’s how to prepare yourself mentally.

Are You Mentally Prepared To Attain Financial Freedom?

Achieving financial freedom is one of the most important responsibilities that a person holds during their working years. Though it may seem like a difficult task, it is actually easy to achieve financial independence. All it actually requires is a change in your mindset. Here are some changes that you need to make if you want to achieve financial freedom sooner rather than later.

  • No Accidents. Plan.

You aren’t going to attain financial freedom by accident. And don’t waste your precious years waiting for it to just happen out of the blue. You can’t achieve financial freedom randomly. You have to make a fool-proof plan to reach that stage.

Think long-term, say 30 to 40 years ahead. Set different financial goals that you want to achieve over that period of time. Then, make sure that you do everything required to meet all the goals that you have set and within the stipulated time too.

Mentality Shift 1 – Financial freedom does not happen by accident. You need to plan your finances to achieve it.

Additional Reading: Financial Planning Ideas To Make Your Money Grow

  • Survival? No! Prosperity? Yes!

Do not seek financial freedom if you consider it a means of surviving in this world. Rather, think of it in terms of prosperity. Since most of us view money as a means of survival in this world, we are often worried and careful about money matters. However, if you consider money as a means of growing your wealth and take up opportunities that help you do so, you have taken the first step towards financial freedom. Keep doing this and you wouldn’t have to ever worry about running out of money.

Mentality Shift 2 – Money is not a means of survival. It is the foundation to leading a prosperous life.

  • Risky Or Safe?

Do you prefer taking risks or playing it safe when it comes to your money? Most of us will opt to play it safe because we don’t want to risk our hard-earned money. Although it is perfectly okay to play it safe, you won’t be able to achieve financial freedom by doing so. You need to be open to money-making opportunities and take them up too.

You can’t expect to grow a lot of wealth if you keep all your money locked up in a Savings Account. You need to invest, especially in risky avenues such as Equity Funds if you want to grow your money. Of course, there are risks attached, but you have to break out of your comfort zone. Unless you build up a nice little nest egg, you won’t be able to achieve financial freedom.

Mentality Shift 3 – It’s not just about security. You need to take a few risks to become financially independent.

Additional Reading: Investments For Young Professionals

  • To Spend Or Save?

If you cannot save money, then you will never be able to achieve financial freedom in this lifetime. We are all used to a lifestyle where we spend most or all of our income. There are even instances when we spend even more than we can afford and pile up debts (Credit Card debt, loans, etc.). This attitude and approach to life has become a sort of habit and along with it, we have lost the ability to save and accumulate wealth.

Curbing the spendaholic in you and breaking your bad spending habits isn’t going to be easy. It will take time, but it is worth the effort. Studies have shown that one must save at least 20% to 30% of their income to lead a financially comfortable life.

For starters, you can create a budget to cut down on your unnecessary expenses. Ensure that you put away at least 20% of your income as soon as your salary gets credited. Budget for the remaining 80% and try to save some more money in the process.

Mentality Shift 4 – Start saving, stop spending! You won’t be able to achieve financial freedom if you don’t know how to save.

Bonus Read: How To Balance Your Income And Expenditure

  • Just Do It

Procrastinating isn’t going to help you accumulate wealth. Neither is planning and not acting on your plans. You have to put into action everything that you plan. If you plan to save money and create a budget for the same, you need to follow the budget also. Just creating a budget isn’t enough! You get the drift here, right?

Planning your finances is the first step towards financial freedom. Come up with a fool-proof savings and investment plan with timelines and then act on it. You’ll soon attain financial independence.

Mentality Shift 5 – Start doing rather than just wishing for things to fall in place on their own.

Now that you know how to become mentally prepared to achieve financial freedom, start putting it into practise. Good luck!

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Category: Financial Planning Money Management UCN

About Sanesh Mathew

A talkative sleepyhead, Sanesh, enjoys watching horror movies, listening to music, reading all things related to personal finance and wandering aimlessly (walking meditation, he calls it!). He refers to himself as a 'simple human being with a rather chaotic mind'.

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