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Written by Jimmie Burroughs Email this article to a friend
Success at anything is knowing the right steps to take. That is ever so true for finding financial freedom. The steps listed below are proven steps that could lead you to the financial freedom you desire:
1. Include giving into your budget
The Bible says, “It is more blessed to give than to receive.”
“Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give unto you. For with the same measure that you give it shall be given to you again… (Luke 6:38)”.
2. Save $1,000 for emergencies
75% of all families have a financial emergency on the average of at least once every ten years. Be prepared for it when it happens.
3. Pay off debt except for home mortgage
Your home is one of the best investments you will make and your loan amount does not increase even though the dollar value is constantly decreasing; Plan to stay out of debt. Americans as average carry an $11,670.00 debt mostly credit cards. Cut up your credit cards and save yourself up to 18% a year.
4. Save 3-6 months living expenses
Most families experience a layoff sometime in their married life; nevertheless most Americans live from paycheck to paycheck.
5. Invest 10% or save $1,000 a year from age 25 to 65
You can HAVE a $1,000,000 FOR RETIREMENT; SAVE $3000 A YEAR AND HAVE $5,882,380 AT RETIREMENT. This can be done by investing but it must be wise investing (results depend, of course, on investment strength). Read some good books on investing and financial planning. Do some research online. There are also some free investment newsletters that may be helpful, as well as paid ones.
6. Fund your kids or grandkids education
This can be an income tax write off, if set up right.
7. Plan to pay off your home mortgage before retirement. Never finance a new home for more than 15 years. This will save you many thousands of dollars. Set your payments up to pay a half payment every two weeks. This will amount to one extra payment each year and you will barely notice it.
8. Build your financial legacy
Help your family or finance your own charitable foundation.
9. Quit buying things that you don’t need
The difference in the way people who have money spend their money verses those who don’t is that people with money tend to purchase assets, things which appreciate, in contrast to those who don’t have money who spend on worthless items that are discarded, or wind up in a garage sale.
10. Avoid laziness and lack of motivation
Listed below are some things that need to be avoided, if you are to find financial freedom, as found in the Holy Bible.
PROVERBS 24:30-34 & 25:16
King Solomon, the richest and wisest man who ever lived wrote, “I went by the field of the slothful and by the vineyard of the man void of understanding; And, lo, it was all grown over with thorns, and nettles had covered the face thereof, and the stone wall thereof was broken down. Then I saw, and considered it well: I looked upon it, and received instruction. Yet a little sleep, a little slumber, a little folding of the hands to sleep: So shall thy poverty come as one that travelleth; and thy want as an armed man. The sluggard is wiser in his own conceit than seven men that can render a Reason”.
Solomon gives us 6 things about this man that we need to avoid if we want to have financial freedom:
1. He didn’t think smart.
2. He was lazy and did not get things done.
3. He was sloppy and let things go in disrepair around him.
4. He was unconcerned and thought things would be alright.
5. He knew it all and no one could tell him anything.
6. He consequently was impoverished.
Financial freedom is great; I should know because I have it, but I would be remiss if I didn’t also tell you that it is only part of experiencing complete freedom. Financial freedom is the material part of life. There is another kind of freedom called spiritual freedom. It is the freedom that frees man from the penalty of sin and secures his spiritual future. The Bible says that, “The wages of sin is death”, Romans 3:23b. Death is separation; physical death is a separation of the soul and spirit from the body while spiritual death is the separation of the spirit of man from God.
This is a mind boggling thought; Spiritual death means an eternal separation from God, his love, his peace and joy…our love ones and friends for all eternity; a loneness that never ends. Spiritual freedom means the opposite; it means being with God, his love, peace and joy, friends and loved ones for all eternity. Learn how to have spiritual freedom.
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