The term financial freedom or financial independence refers to an individual’s ability to build up sufficient assets to sustain their desired lifestyle indefinitely. Unfortunately, issues such as debt and poor financial management means that a large percentage of the population will never achieve true financial independence.
There is still hope however; by getting the fundamentals right, you too can achieve financial freedom with these 4 tips.
1. Repay your credit cards
With 70% of Americans unable to make their credit card repayments, it is clear to see that credit card debt is a serious threat to your financial independence.
When left unchecked, credit card debt has the potential to grow exponentially. With the extortionate rates charged by banks, ignoring your credit card debt is akin to turning your back on a ticking time bomb.
Rather than paying off the bank, avoid using your credit card where possible to reduce debt exposure. Instead, opt for cash payments and reduce your credit card usage as much as possible. Due to the guilt factor, Continue Reading