7 Stages to Financial Freedom and How You Can Get There
Today we will discuss the stages you go through to reach freedom and how you can achieve it with awesome thinking models.
The journey to financial freedom includes seven stages.
1. Clarity
This is the stage where you are clear about your current financial position and where you want to be.
2. Self-sufficiency
This is the stage where you can bear all your expenses by yourself. You are not dependent on anyone for your survival. This also means you earn enough to sustain your expenses.
3. Breathing room
This is the stage where you have saved enough to sustain yourself for a couple of months, even if you lose your source of income right now.
4. Stability
This is the stage where you have paid off all your debts and you also have a saving to sustain you for at least 6 months in advance.
5. Flexibility
This is the stage where you have saved enough money to sustain yourself for two years in advance.
6. Financial independence
This is the stage where your money earns more for you. It’s when you have enough investments and savings that the return you get is enough to sustain your expenses without working. At this point, you work on something because it’s your hobby, and not to earn money.
7. Abundant wealth
This is the stage where you have accumulated so much money that you would not be able to spend all in your lifetime.
But how do you progress through these stages and achieve financial freedom?
Here are some awesome thinking models you can use to head towards financial freedom.
1. Time is more valuable than money.
2. Compounding can help you achieve it earlier
3. Make money with a side business
4. Learn to sell stuff
As it should be your ultimate financial goal, it is never enough to talk about achieving financial freedom. I wish you luck, dear traders.
Hey traders, let me know what subject do you want to dive in in the next post?
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