Reaching financial freedom is one of those things that we all dream of but far from all of us ever get to experience. And where here to tell you it’s because you’re probably looking at it the wrong way.
You see, most people assume that financial freedom can only be reached by either creating a massive company like Google or Tesla or by rushing up the career ladder to get to the top as soon as possible. And while that is a part of it, and even though making a certain amount of money is crucial to financial freedom, there are many other things that play a part.
If you look at the most successful people in the world, people who have reached a level of financial freedom that most could only dream of, it quickly becomes obvious that they share many of the same traits. It’s not only that they have reached professional success, but the way they live life and approach things are often very similar.
Together with Jimmy Norin, the founder of BullMarketz, we’ve done our very best to summarize this concept in the following post that we call 7 habits to help you reach financial freedom.
Develop Good Work Ethics
The number one thing you have to do is develop good work ethics. Without the ability to work hard both professionally and for private growth, you won’t get to where you want to.
What’s good is that work ethic is a skill that can be taught, optimized, and improved and it’s not something that some people are born with and some not. If you feel like don’t have good work ethics, it might just be that you haven’t found something that sparks your interest enough to get you going yet.
Getting started with this habit can be as easy as setting to-do lists every day and making sure you stick with your goals, both on a daily and a longer-term basis.
Learn How to Live Modest Yet Comfortable
To become financially independent, you’ll have to learn how to live under your means. There is a big misconception that you need massive amounts of wealth to be financially free when many that are financially independent have just learnt how to live good on less.
A great example of this is Warren Buffett that lives in a house that he bought in 1958 for $31,500. And he has no plans on changing that even though he could buy pretty much any pieces of real estate in the entire world.
Have Patience and Diligence
Nothing comes easy in life and which is why patience plays such an important role in any form of success. Yes, some people have been lucky and managed to get successful and rich quickly, but for most, it takes time and dedication.
In addition to developing work ethics as discussed in the first part of this guide, you will need the dedication to continue working hard for a long time before seeing the results you’re dreaming about.
Many leading businessmen and entrepreneurs have worked in multiple businesses and built several companies before they hit the jackpot.
Practice Perseverance and Never Give Up
Besides being patient, you have to be able to keep fighting even when everything is stacked against you. There will always be rough times and struggles but you can’t let that beat you.
Some even claim that the more successful you get, the bigger the struggles get as well. So buckle down, set your goals, and stay focused no matter what gets thrown your way.
This habit also applies to other parts of your life. If you have debt, for example, you need to continue paying that back even though you wish you could use the money for something else. If you get sick, you have to continue fighting and you can’t let that allow you to lose sight of your goal.
Prioritize a Balanced Lifestyle in Every Part of Your Life
Balance and moderation are also incredibly important if you want to become financially independent. This includes everything from a balance in our relationships and work, to our finances and health.
Not only does it create a sturdy foundation that we can build the rest of our life on, but it will keep us from overspending and losing track of your goals.
It’s also connected to your modest life since your balance should keep you from spending on an extravagant vacation even though you can afford it.
Be Self-Aware and Your Own Biggest Critic
This is an important lesson for everyone to learn, regardless of what your goals are. It’s also a skill that takes time to cultivate.
Self Awareness is all about getting to know who you actually are and accepting yourself as that person. The next step is about acknowledging your flaws and either learning how to live with them or working on bettering yourself in those aspects.
In the end, you are the only one that can truly understand you, which means you are the only one that can take responsibility for you as well.
Never Stop Learning and Developing
Lastly, never stop developing, growing, and learning. Life is all about growth and gains, both personal and professional, and if you stop learning you also stop developing.
We’re not talking about going back to school or studying certain “school topics” unless that’s what you want. You see, growth can and should happen everywhere, from the gym and your office to the way you communicate with your family, friends, and others that you encounter in your life.
In fact, just the fact that you’ve read this post is a sign that you understand the importance of never stopping learning and developing.