We all want to get out of this financial mess and live a free and happy life. But that does not happen because of some of our mistakes. Today we will discuss how you can gradually move towards financial freedom. If you use these ideas of ours in your life, it can help you get rid of financial stress.

First, we will discuss what you should do to get financial freedom:-

1. Increase active income: Try to increase your active income all the time, every year we should increase our income by 10% to 15%. For example, if your income in 2024 was 25 thousand taka, then you should try to increase your income to 30-35 thousand taka by 2025.
2. Health Insurance: Many of us do not have any kind of health insurance. But health insurance becomes very, very important to maintain the health of your money and that of your family. No matter how much you save, a major illness can wipe out all your savings. So to get rid of this fear, health insurance is very important in the present time.
3. Life Insurance: Just as health insurance is important to protect your savings, life insurance becomes important, because if you are the only income provider of your family today, then you should definitely take life insurance. God forbid, if something happens to you, who will protect your family? The answer to this is that life insurance, a proper amount of life insurance, will financially support your family in your absence.
4. Start investing as soon as possible: Yes, start investing money as soon as you can. If you are twenty years old or even before that, then start investing even in small amounts. It will help you a lot financially as you grow older. The more time you let the money grow, the more money will grow for you, here a very mathematical thing works which we know as “Power of Compounding”. And try to increase your investment amount every year.
5. Invest 20% of your monthly income: Many people often have questions that our annual income is increasing but our investment is not increasing and our savings are not accumulating, the reason for this is that we are spending too much. It is definitely necessary to invest 20 percent less of your monthly income.
6. Good investment: It is not enough to invest money blindly, where your money is invested is also very important, if you do not invest in the right place, your money will not grow that way. So try to invest correctly.
7. Sufficient cash: Do not invest all your money blindly, because emergencies can come in our lives at any time. If you invest your problem savings, then it may be difficult to cash that money in an emergency situation, so it is necessary to save some sufficient amount of cash.
8. Create an emergency fund: Emergencies can come at any time in life, so create an emergency fund for yourself and your family, the amount of this emergency fund can be six times your monthly income.

What topics to stop

1. Leaving money in a savings account: Most of us make a huge mistake that hinders our financial freedom, leaving extra money in the savings bank is slowly making you poor. Let’s see with an example- suppose you have 100 taka in your bank account, the bank gives you 3% annual interest, next year your money has increased to 103 taka, you think that our money is growing, so where is the problem in leaving money in a savings account, this is the game. Your money has grown at a rate of 3% but the annual inflation rate in India is 5 percent higher. If your money is growing at a rate of 3 percent and inflation is at a rate of 5 percent, then the growth rate of your money is less than inflation, so your money is depreciating in value every year.
2. Stop wasting time: If there is one thing that is the biggest obstacle to our financial freedom, it is wasting time. Many of us waste a lot of time. The unemployment rate in India is increasing day by day. Start earning income from a young age as soon as you can and invest that income in the right place. It is more important than earning income to invest that money in the right place by shaving it.
3. Avoid using expensive mobile phones: Nowadays, there is a very bad trend of using expensive mobile phones, especially among the youth. Stop using expensive mobile phones because it does nothing but damage your money. Try to use a mobile phone under twenty thousand rupees. It is very harmful for the youth to spend money on all these unnecessary things at the time when they are investing.
4. Use of branded clothes: Try to avoid all these expensive branded clothes as much as you can. Because all these things are only for showing off in public, in the end these things do not bring any special benefit and more than that, you have to suffer financially.
5. Stop showing off: We spend a lot of money just to show off in public. By controlling these expenses, we can invest this money properly. Try to use only the necessary things.
6. Use public transport: Try to use public transport as much as possible to travel somewhere. Nowadays, maintaining a car is very expensive, only if you can control this small expense can you move towards complete financial freedom.
7. Control extra expenses: Try to control extra expenses, you may have a good income but do not understand where your money is being spent. A good way to do that is to write your expenses regularly in a notepad and monitor those expenses at the end of the month, reduce the expenses that can be reduced and stop the unreasonable expenses.

Last word: This is not that we are asking you to stop everything completely, we need joy and fun in life, we just want to say that let’s balance life a little and maintain a balance between your monthly income and your expenses. Spending to show off to the public is completely unreasonable.

Disclaimer:

All the information given here is our own personal opinion. We do not ask anyone to blindly follow these methods. You should consider it yourself and then follow these methods. This article of ours is written with the aim of increasing the knowledge of the people of the society about how to get financial freedom.