Is Financial freedom even possible!. In today's time and situation, money is highly appreciated and yet so difficult to obtain.
Financial freedom also known as financial independence is achieved when a person is able to pay all his bills without any hassles, it is a simple idea and concept but only a few people actually really practice it, Monetary instructions such as debts and loans are some of the hindrances in achieving financial freedom. These are a real-life challenge that hinders a person from enjoying his hard-earned money.
For most financial advisers, they follow the 10: 20: 70 system. It is the allocation of an individual's payout to different categories. Ten percent of the money goes to the person's choice of giving back to his society as a thanksgiving for the blessings. Some people give it out as tithes for church while the others give it to existing charities. Twenty percent is saved for future emergencies that can be placed in banks or investment companies. As emergency is something that comes unexpectedly, having a fund prepared may save energy and time in the future. Lastly, seventy percent is for personal expenses such as bills, monthly allowance and individuals needs. Following the system gives an opportunity to keep track of one's experience without spending over the limit. It also promotes discipline that benefits you and your family.
It may be hard in the beginning but as time goes by, financial freedom will be a part of your lifestyle
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