Perhaps you dream of waking up next to the ocean in a beautiful piece of land of your property, surrounded by nature, without Internet because you never need to work again.
Or maybe you dream of waking up somewhere other than your childhood bedroom, without your parents scolding you to get a job and move because you are 35 years old.
Financial freedom may mean something different to everyone, but it always comes back to this: What drives you to get up and go to work?
We are not talking only about you jobWe’re talking about whatever you’re doing to reach those financial freedom goals you have: improve your credit score so you can buy a home for your family; pay off your debt, so you can ease the anxiety that sits in your chest; Finally take that leap to invest and build your retirement fund.
Whatever your vision of financial freedom, we’ve compiled five steps that can help you achieve it.
1. Add up to 300 points to your credit score
If your vision of financial freedom is owning a home, renting a car, or even opening a credit card in your name, you know that a good credit score is an important part of achieving it.
When it comes to your credit score, it’s important to stay organized and keep an eye on it. After all, it will play an essential role in any big purchase you want to make and it could save you thousands of dollars.
So if you are looking to get your credit score back, or even if you are on the right track and want to increase it, try using a free website called Credit Sesame.
In two minutes, you’ll have access to your credit score, any accounts that are in debt, and a handful of personalized tips to improve your score. You will even be able to catch any errors that stop you (one in five reports has one).
James Cooper of Atlanta used Credit Sesame to increase his credit score by nearly 300 points in six months. *** “They showed me the ins and outs: how to put dots on I’s and cross T’s,” he said.
Do you want to see for yourself? It’s free and it only takes about 90 seconds to sign up.
2. Stop paying your credit card company
If you have credit card debt, you know. The anxiety, the interest rates, the fear that you will never escape … Getting out of that debt could be your version of financial freedom.
And the truth is, your credit card company doesn’t really care. It’s getting rich by scamming yourself with high interest rates. But a website called AmOne wants to help.
If you owe your credit card companies $ 50,000 or less, AmOne will match you with a low-interest loan that you can use to pay off each of your balances.
The benefit? You will have an invoice to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you will get out of debt. what Too much faster. Plus: No credit card payment this month.
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A + rating with the Better Business Bureau.
It takes two minutes to see if you qualify for up to $ 50,000 online. You must give AmOne a real phone number to qualify, but don’t worry, they won’t spam you with phone calls.
3. Start Investing and Save for Retirement – Get up to $ 200 in free stock from this company
Investing can seem overwhelming if you’ve never done it before. But to achieve financial freedom, letting your money settle and make pennies may not get you there.
If you feel like you don’t have enough money to start investing, you are not alone. But guess that? You don’t really need that much, and you can even get free shares (worth up to $ 200!) If you know where to look.
Whether you have $ 5, $ 100, or $ 800 to spare, you can start investing with Robinhood.
Yes, you’ve probably heard of Robinhood. Both beginners and investing professionals love it because it does not charge fees and you can buy and sell stocks for free, with no limits. In addition, it is very easy to use.
What is the best? When you download the app and fund your account (it doesn’t take more than a few minutes), Robinhood deposits a portion of the free shares into your account. However, it is random, so the shares could be worth between $ 2.50 and $ 200, a good boost to help you build your investments.
4. Set aside millions for your family’s future
Have you thought about how your family would manage without your income after you left? Most likely, your checking account balance will not last forever. And if your dream of financial freedom includes financial freedom for your children, then you need to prepare for that future in case it comes too soon.
Here’s the thing: You need to keep a good deal of savings in the bank, but if you want to give your family up to $ 1 million, use something called term life insurance.
We suggest a company like Bestow. You may have considered this before, but thought it was only for rich or older people. But we hear people get it for as little as $ 16 a month.
You can take advantage of Bestow until age 54, but the sooner you take care of this, the cheaper it will be.
You don’t even need to leave your home to get a free Bestow quote; it takes minutes. Instead of leaving your family with what’s in your checking account and a lot of worrying, they’ll be able to pay for the life you’ve always wanted for themselves.
5. Become a better saver and grow your money faster, without risk
While investing can be a rewarding way to reach your financial goals, you shouldn’t ignore smart savings either. Find a place to keep your money safely, but make sure you are still making money.
Under your mattress or in a safe you will get nothing. And a typical savings account won’t do you much better. (Ahem, 0.06% is nothing these days).
But a debit card called Aspiration allows you to earn up to 5% cash back and up to 16 times the average interest on the money in your account.
It’s not bad at all!
Enter your email address here for a free Aspiration Spend and Save account. After confirming your email, securely link your bank account so they can start helping you earn extra money. Their money is FDIC insured and they use military grade encryption which is nerdy language because “this is totally safe.”
6. Quit your job and earn up to $ 69 / hour as a small business owner
Maybe your version of financial freedom is working for yourself and earning more income. Have you thought about how you could do it?
Can you open an Excel spreadsheet? Does earning $ 69 per hour seem attractive to you? How about the freedom to work remotely while helping others succeed?
Those are the benefits of working as an accountant, says Ben Robinson, a certified public accountant and business owner who teaches others to become virtual accountants through online courses called Bookkeepers.com.
You don’t have to be an accountant or even very good at math to be successful in this business. In fact, all you need is decent computer skills and a passion for helping business owners tackle real-world problems. The ability to stay moderately organized is also helpful.
You can earn up to $ 69 per hour, according to data from Intuit, the creator of QuickBooks, and you don’t have to scroll. It’s a great opportunity for parents wanting a part-time job, recent college graduates, or anyone who wants to make real money working from home.
Robinson shares what it takes to be a virtual accountant, plus tips for making this career work for you in his free class at Bookkeepers.com. If you stick with the classes, you could start your own business in just a few months.
7. Reduce your expenses and save hundreds
No matter what your dream of financial freedom is, having more money in your pocket will help you achieve it. And there are likely to be bills you pay every month that you could drastically reduce.
For example, when was the last time you checked car insurance prices?
You should buy your options every six months or so as it could save you a lot of money. However, let’s face it. It’s probably not the first thing you think of when you wake up. But it does not have to be like that.
A website called Insure.com makes it easy to compare auto insurance prices. All you have to do is enter your zip code and your age, and it will show you your options.
With Insure.com, people have saved an average of $ 489 a year.
Yes. That could be $ 500 back in your pocket just for taking a few minutes to look at your options.
8. make a budget and stick to it
The only task of creating a budget and sticking to it may be someone’s idea of financial freedom. Know where your money is at all times and feel secure in every dollar you spend.
And even if it’s not part of your dream, having a budget to stick to will help you set yourself up for financial success, no matter what your goals are.
We recommend the 50/30/20 method. It’s simple, but effective, and it has a bit of a cult following too! This is how it shakes:
50% of the income you take home each month covers your fixed expenses: rent, utilities, groceries, minimum debt payments, etc. 30% goes to things you can live without, but don’t want to (like food delivery, a Netflix subscription, and travel). Finally, the last 20% of your monthly income is dedicated to your financial goals.
Kari Faber is a staff writer for The Penny Hoarder.
*** Like Cooper, 60% of Credit Sesame members see an increase in their credit score; 50% see at least a 10 point increase and 20% see at least a 50 point increase after 180 days.
Credit Sesame does not guarantee any of these results, and some may even see a decrease in their credit score. Any improvement in score is the result of many factors, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, proper financial planning, and developing better credit habits.