There are many posts out there talking about achieving financial freedom. A quick note that I can conclude from reading some of the posts is “To achieve financial freedom, there are 3 points that we should not forget and they are: Plan, Execute and Enjoy“
Point 1: Plan your journey towards financial freedom
One of the most important points is about how you plan to achieve the financial freedom status that you wish for – it’s like you see your goal and you have to plan your journey on how to get there. Planning can be simply answering two questions:
- How much do you need? (Goal)
Achieving financial freedom doesn’t mean that you will be very rich. In fact, what is rich? Being able to eat at restaurants every meals? Being able to fly to other countries for your meal?What you need to specify here is a quantitative number. What are your expenses? What is the projected expenses for the kind of lifestyle you would wish to have?
- How do you plan to get there? (Journey)
Well there are many ways to get to financial freedom. One could say, “Okie, I just need a stable job that pays me $5,000 a month so that I can pay for all my bills, buy a 3-room HDB”. Well that’s financial freedom isn’t it?
Point 2: Execute your plans
Something that the dreamer group (see my previous post here) does: They do plan but does not execute their plans. Nothing gonna change their life. So do not forget to execute your plans. Plans are not derived perfect the first time, so remember to just adjust accordingly.
Point 3: Enjoy your journey
Attaining financial freedom doesn’t mean that you have to give up everything in life. Well you can include a car, living in landed property or get to travel monthly. As long as you plan and execute, I believe the journey to financial freedom can be enjoyable.