Can you achieve financial freedom?
Team Veye | 26 Apr 2021
What is financial freedom and how do you achieve it. You must have heard this many a time. You might have also given it a serious thought more than once.
The first step to financial freedom is quite simple and I am sure you already know it. Honestly assessing your financial situation and the income needed to cover your expenses.
Financial freedom, basically, is not about being very rich or having tons of money but having enough residual income to cover your living expenses so that you can spend your precious time doing what you like rather than doing things just to earn money.
People do also become extremely rich if they follow all the principles of the game. You have to know what you are and what you want to become.
Most of the people have regular employment. They have a job and earn money by exchanging their education, skills and time for money. Persons who are self employed could be termed as owning a job.
Then there are people who have some kind of business. They may not be working themselves but have employees working for them and they earn money just because of owning and devising a system.
In the last category, we have people who have totally passive income. They just don’t work but their money is working for them. To reach that stage you have to follow certain disciplines religiously.
You have to set desired / achievable goals. Invest wisely. Follow a system, because lack of investing framework or consistent investing style may become a sure recipe to your abandoning dreams of having financial freedom.
Once you start doing this, the power of compounding works by growing your wealth exponentially. Reinvesting the income can accelerate the profit earning process and help you achieve your financial freedom ultimately.
Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing reports. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.