Financial Freedom 101: 5 Ways to Achieve Your Goals in 2024

Financial freedom is a dream more and more people are chasing as debt becomes more of a scourge and the rising cost of living in many parts of the world becomes an issue. With financial freedom, you'll be able to chase your dreams without fear of failure, always having security and a safety net knowing you aren't beholden to any company or institution to pay bills, and you can begin the journey to that goal in 2024.

Track your expenses

The first step to achieving all of your financial goals is to get a better idea of what your financial situation looks like, and that can only be achieved if you track your expenses. There are likely many smaller expenses you have each week or month, including haircuts, paying subscription fees, and getting lunches or coffee from restaurants that can build up to more than you may think, and including these expenses in your financial tracking is key to find out where you can save money, and how strict of a budget you can make for yourself while still living comfortably and keeping some of the most important things in your life. 

Create a budget carefully

A carefully planned budget is another crucial part of ensuring you're never spending more than you can manage, and this budgeting will quickly result in your finances appearing far healthier in a short amount of time. This budget must be created using the information you got after tracking your expenses for weeks to months since you'll be able to use your salary or total monthly income and compare it with the essentials you have to pay for every month, like rent and food, as well as luxuries like streaming service subscriptions that you currently have. Once you've done the math, you'll know the exact value you should aim to save each month, which will add up quickly over the entire year. 

Begin trading

Trading on your own or with a Forex prop firm is a great way of potentially changing your entire financial situation since it's important to get multiple streams of income wherever possible, have investments that are constantly working for you, and earn passive income for you is a large part of making that work. Prop firms, in particular, are great ways to get your hands on more capital, which you can use to make more sizeable investments, which can quickly turn from a long-term investment to a series of returns so big that they supplement your income on a monthly basis. 

Seek Professional Advice

Don't be afraid to ask for help from financial experts like advisors or planners as they can give you advice that's tailored to your own financial situation and goals. They'll work with you to create a plan that fits your needs and helps you reach your goals. They can also help you make smart decisions about where to put your money, like how to invest it wisely. When you have tough financial choices to make, they can give you the confidence to make the right ones. By getting advice from these experts, you can navigate the world of money more easily and get closer to reaching your financial goals.

Focus on managing your debt

Debt management is perhaps the most important part of financial planning and achieving goals since, no matter how well you're managing your money, a chunk of it will always need to go towards paying whatever debt you've accrued. However, proper debt management can make repayment much easier, as you may be able to save up a lot of money in a short amount of time and pay off your debts with years to spare, resulting in tens of thousands of dollars saved in interest over time.  

Conclusion

Financial literacy is one of the most important skills anyone can have since the road to financial freedom and becoming independent on one own begins with taking the right steps and forming the right habits. These small, incremental changes, along with bigger pushes like branching out on your own and investing in the right stocks at the right time, can change your life as you build enough of a nest egg to live comfortably for the rest of your life.