Money might not be the single most important thing in this world, but gaining your financial freedom is certainly one of the best feelings.
Reaching that point of financial security is a goal that we all share, but the truth is that you could probably be doing more to achieve yours. Use these simple questions below to point you in the right direction, and you should see positive impacts in no time.
#1. Am I Earning Enough?
Life is a lot easier when you have a bigger income, and your career is the primary source of acquiring funds. Therefore, if you’re not being rewarded sufficiently, you must do something about it. There’s nothing wrong with asking your boss for a raise, as long as you do so in the right manner.
Alternatively, look for work elsewhere – just remember to make your resume and applications stand out from the crowd. After all, first impressions count for everything in the world of business. Either way, an increased salary is sure to ease the financial strain.
#2. Could I Be Earning From My Hobbies?
Ultimately, your career should always come first when it comes to making money. However, that doesn’t mean you can’t earn a little money on the side by doing something you love. Every little helps, and earning from a hobby will also reduce your outgoings on living life to the fullest.
This can take many forms, from entering photography contests to playing video games for money. There is no one right method. If you’re earning money while enjoying yourself, without harming your career, then you’ve found a winning solution.
#3. Do I Have Money Sitting Around The Home?
We’re all guilty of a little hoarding and should probably have a little spring clean just to gain some extra space around the home. Finding the motivation to do that can admittedly be a little difficult. That is, until you realize that the average household is home to unwanted goods worth thousands.
Selling old clothes, tools, and furniture can bring in a quick boost of cash. You could literally even make money from old rope. If that’s not an incentive to go through your home and de-clutter this weekend coming, I don’t know what is.
#4. Could I Invest My Money In A Better Manner?
Savings have a crucial role to play in your overall financial situation. However, very few people take advantage of the situation. Instead, the vast majority settle for gaining minimal interest in the bank. Or worse still, they’ll keep funds sitting at home, which is a huge waste.
You don’t have to be a genius to make money from property and other smart investments. Meanwhile, online facilities like USAPropertyInvestor.com mean that it can be done with minimal effort. That surely has to be better than the pathetic 0.01% interest you’re currently getting.
#5. Is My Credit Score As High As It Could Be?
Financial stability isn’t always solely about the cash you have to hand. Getting the best deals, especially on mortgages and big purchases can have a telling impact on your long-term finances. With this in mind, a good credit score can become one of your greatest weapons.
It’s never too late to repair a broken credit score. The process will take some time, but starting now will bring immediate benefits as well as long-term rewards. Apart from opening doors that were previously shut for you, it can impact those who are financially connected to you too.
#6. Could I Be Due Compensation?
Life has a horrible tendency of throwing up curve balls just when you don’t want them. And there’s nothing worse than suffering an injury thanks to somebody else’s negligence. Scrap that. There’s nothing worse than suffering an injury, and then not getting the financial support you deserve.
The repercussions of those incidents are bad enough even without financial factors. If you have been a victim of a situation, compensation could make all the difference to your recovery and adaptation. Read about it at RobinsCloudNewMexico.com/serious-personal-injury/. Some people feel guilty claiming, but you don’t deserve any extra suffering. This security is the least you deserve.
#7. Could I Save Money On Household Bills?
Financial freedom is as reliant on outgoings as it is on income. Given that cutting overheads is a far easier job, you’d be very foolish not to upgrade this aspect of your life. Quite frankly, household bills should be top of your agenda.
Searching around for the best internet and TV packages can bring instant improvements. Meanwhile, cutting your phone tariff to suit your actual usage will help too. Combine these ideas with couponing to save cash on your groceries, and you’ll soon have far more disposable income at the end of each month.
#8. What About Insurance?
Another area where you can make instant savings is your insurance packages. While they are a necessity for your emotional security, there’s a good chance you’ll never use them. Therefore, finding the most cost effective option is vital.
Once again, comparing the options is a great first step to take. Furthermore, you’re paying to cover individual items when they are already included in your home premium. Finally, adding CCTV to your home security may reduce fees while providing you with greater immediate protection too. Not bad, eh?
#9. Would Changing My Daily Habits Reduce Overheads Too?
Getting those big items in place will offer a strong foundation. However, it’s the little daily habits that can truly fire you to a stronger platform. Simple ideas like running a carpool to work, or even cycling in can have a telling impact.
Likewise, jobs like growing your own fruit and veg can have positive influences on your finances as well as other aspects of your life. Essentially, a little effort goes a long way. Don’t underestimate it for a second.
#10. Do I Need Every Bedroom?
Earlier in this post, we discussed the repurposing of old items through selling. But what about your spare room? You could have hundreds of dollars going to waste every month. Taking in a lodger could open up a whole new source of income while they may even chip in with some housework.
Of course, you do need to take care when finding a suitable person. Meanwhile, letting a potential stranger into the home isn’t for everyone either. Nevertheless, if the kids have flown the nest and you have a space going empty, this can be a great way to generate extra funds.
#11. Would A Loan Reduce My Overall Debt?
In today’s climate, most people struggle to avoid debt completely. Even if it’s a case of taking out a mortgage, or buying a few items on credit, most people will owe money at some stage. That’s nothing to worry about, but mounting debts can soon wreck your life completely. This is especially true when interest rates are high.
It’s possible that a consolidation loan could solve your issues, as it may allow you to clear accounts with bigger interest rates. You can find out more information on applying at thesimpledollar.com/best-consolidation-loans/. While it would be advised to avoid rushing in, it’s certainly an option that can open the door to freedom.
#12. Am I Set For The Future?
Having money today is great, but what about tomorrow? Knowing that you are financially secure for later years is the true hallmark of a free individual, and you should always have one eye on that target.
Your investments are important for growing wealth. However, you should hold back some funds to save in a pension or fund for future use. In truth, rising life expectancies means this is now more important than ever. Apart from anything else, setting aside a part of your income will encourage you to employ better budgeting too.
#13. Do I Have To Own Everything?
We live in a world where we’re obsessed with owning assets. However, it doesn’t always make sense to purchase an item. Sometimes, rentals can be the far better financial option. Knowing when to exercise this option is crucial.
Take a new car, for example. The heavy depreciation means that it is often better to lease rather than buy, particularly if you’re likely to upgrade on a regular basis. Apart from the financial benefits, it can save you the hassle of trying to sell the used motor too. Of course, there are times when buying a vehicle is fine. But you shouldn’t rule out leasing just because you have an urge to own.
#14. Am I Ready To Start A Business?
Climbing the career ladder is ultimately the best way to ease any financial stress. However, working your way to promotions isn’t the only solution. In many instances, starting a small business is the perfect way to gain long-term security. Moreover, there’s nothing better than being your own boss.
It may start out as a side project from home. But with the wonders of modern technology and outsourcing, there’s nothing to stop you turning it into your main source of income. Just make sure you’ve taken the time to go over your business plan first. Preparation is everything, particularly if money is your main motivation.
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