(cont’d from an earlier post) …In order to find financial freedom you have to know your limits. You have to ask yourself on a regular basis:
- How unhappy can I be to exchange time in life for money earned?
- Can I afford to purchase this with cash?
- Can I add $5 more to this monthly payment?
- If I invest in this when can I expect a return on my investment?
1. EARN MORE MONEY
Is that rude to say? Is that too forward? If it is, I am sorry. No wait. I am not sorry. It is the truth. It is exactly what I did; what I realized I had to do. Even though I enjoyed working in journalism and living in a small town doing it I soon realized that $10/hour was going to get us nowhere and get us there fast. I had to figure out how to increase my earning potential. For me that included a couple of things.
The first was I let it be known that I need to make more money. Against the advice of some I even spoke with my then boss about this. I let them know what I did on a daily basis, what I was capable of doing and what he could further tap me for, and when I would have to draw the line. I put it out to my very close friends that I was looking for new opportunities. I even updates my resume! For me personally this step involved praying about my current position and where I wanted to be. I daily made sure to turn over every stone in search for secondary income. After we decided to build a tiny house trailer I took on some extra photography assignments. This of course required me to make sure my work was up to par and my rates were competitive and fair. I began scavenging for scrap metal and making a monthly trip to the scrap yard to earn some extra money. I held sheetrock for my B-I-L on his jobs and offered inexpensive labor as well. I sold off anything we didn’t want/need any longer. And the list goes on. Mind you, I didn’t seek out this extra income just so we could go out to supper on Fridays or see the latest release at the movie theatre. Every last penny of extra income I made went to our savings which then rolled over to checking to pay down debt. It was hard to say goodbye to cash money some weekends but I knew it had to be done and I would sometimes splurge for us to go get a scoop or two at Dairy Queen!
Paying off debt and achieving financial freedom is not a passive decision. It is a very aggressive choice and one that will most certainly change your life during and after the process.
So in review the steps I took to achieve financial freedom were (and still are because I still practice them when applicable):
5. KNOW WHEN TO HOLD ‘EM AND WHEN TO FOLD ‘EM
4. CONFRONT YOUR DEBT
3. PLAN, BUDGET, STICK TO IT
2. KNOW YOUR LIMITS
1. EARN MORE MONEY
I hope that these tips help you. I hope they encourage you. And most of all, I hope you find the tips that work for you and allow you to conquer YOUR mountain and meet up with financial freedom!