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3 Principles I Think is Important for Financial Freedom

We learned that financial freedom is either a myth or granted only to the percentage of people born with advantages in life. I do not believe this is true. I believe understanding financial principles and applying them are the keys to financial freedom. We all are trying to get out of debt and have control over our finances. Educating ourselves is the first step. In this post, I want to share three principles that I think are very important to understand in order to have financial freedom.

Disclaimer: I am in no way a financial expert or certificated professional. I recommend that you see professional advice before making a serious move.

Keeping Expenses Low

Expenses are anything or anyone that we pay. If it requires taking money out, it is an expense. It includes bills, debt, subscriptions, shopping, nail appts, etc. Our goal is to have minimal expenses. We want to have more money in our pockets than coming out. We need to be mindful of what we decide to take on as an expense.

Having Multiple Incomes

Don’t put all your eggs in one basket.

This phase holds so much wisdom. Our goal is to have more money in our pockets than coming out. The best way to increase those odds is to have multiple sources of income. Instead of relying on one day job that provides a check bi-weekly, we should be looking for opportunities to increase our sources of income. Doing this as we keep your expenses low will ensure that we have more money to enjoy life.

Plan Strategically

The only way for us to keep our expenses low and find multiple incomes is to plan. We have to take time to plan a course of action that will be successful. Budgeting, saving, passive income, and investment opportunities are all things that should be part of our planning process. Every move we make should be calculated and have the best odds for success.

What are some financial principles that helped you? How do you view financial freedom? What are your thoughts? Let us talk about it! Leave a comment and let me know what is on your mind. If you have any suggestions for topics you want me to cover, let me know. I want to hear from y’all!

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God always has you and will never leave you!

Photo: Christin Hume (unsplash)

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