Financial freedom may seem like a unreachable goal but it is possible for anyone.
People can achieve financial freedom if they take ownership and work towards their financial goals.
We asked three finance industry experts, three questions about financial freedom.
The three experts are: Triya Govender, Floatpays head of Marketing, John Manyike head of Financial Education at Old Mutual and Tlalane Ntuli chief marketing officer at Metropolitan.
What does financial freedom mean to you?
Govender: Financial freedom means you have sufficient financial resources to not only get by/live but also thrive and being free from the burden of debt.
Manyike: Financial freedom means having enough financial capacity to cater to your monthly financial responsibilities and afford some of life’s luxuries without having to source other income streams for a boost.
Ntuli: Financial freedom is a journey in which we have choices and the freedom to exercise those choices concerning our finances.
What are the benefits of financial freedom?
Govender: People will have lower levels of financial related stress and improved health that will allow them to free their mind to focus on other important aspects of life. Having financial freedom gives people the opportunity create generational wealth.
Manyike: With financial freedom, people will be allowed to make conscious spending decisions meaning their relationship with money will be healthier. Financial freedom also mean that people will be able to absorb economic shocks because they will be better prepared.
Ntuli: Having financial freedom will allow people to be in control of their finances and to comfortably plan for the future and long term financial goals.
How can people achieve financial freedom?
The three experts offer tips on how people get to their goal of financial freedom.
1. Reduce your debt.
2. Create a plan on how to save money.
3. Learn how to your manage personal finances.
1. Track your finances from something as big as a loan to as little as takeaways.
2. If you are deep in debt, simplify your payments by consolidating your debt and cutting down on unnecessary expenses.
3. Enlist the help of a financial adviser to develop strategies to help you meet your financial goals.
1. Review your financial situation by taking a realistic look at where you are and what you need to get to where you need to be.
2. Draw up a budget to know where your money is going each month.