Technical: Six ways to achieve financial freedom

Freedom in financial matters means you will never be broken. You can easily make it available whenever you need the capital. And if that is not the case, you should take care of yourself and your family without having to call friends to borrow money from you. This is a bit difficult in a country like Nigeria due to the ongoing downturn in the economy and the lack of a stable business climate. Be that as it may, you have no choice than to be financially independent.

Profit isn’t wealth

Lots of people make this one mistake. They believe the more they gain, the more financially stable they are. Yeah, getting a high pay salary is nice. The fact, though, is that you are still working really hard to make the money, and that you still have to spend it. You don't get anything beyond your immediate salary. What if you lose your job? Seek to do something outside of your career to make a living. Just ask yourself if you lose the job, are you going to be financially stable? If your response is no, then you need to act.

Financial independence requires a disciplined spouse

You will never be autonomous if you have a spouse who spends all of your money on Indian clothes, London bags, iPhones, and the likes. All of your money will go to your spouse's care and you'll have nothing to invest in. We don't suggest you shouldn't spend but spend wisely and get someone who isn't too demanding.

Finance the future

The future is vitally important. You must plan for it, you can also save money so you can manage any unexpected incident. Existence is impossible. That unpredictability makes saving necessary.

Be an investor and not a dealer

A dealer is someone who wants to make a profit. They never get relaxed. If the company does not do well, instead they abdicate it and move into another. But the strategy for an investor is a long term one. They expect a future of great benefit and they are very diligent as they work to position the business to achieve profitability. So, be an investor and not a dealer.

Diversify

Once you diversify, one specific source of income does not offer financial freedom. Don't bring all eggs in a single basket. Distribute it into various baskets and you won't be relying on one source of income long.

Live beneath or within your means

You would never be financially stable if you earn 20,000 as a salary and live in an apartment worth 500,000, and eat food worth 2,000 a day. Financial freedom the rule of thumb is to live within your means. Even if you earn more, spend less and make sure you save