Everybody dreams of true financial freedom, but only a few people manage to achieve it. The ability to afford the lifestyle you want without having to borrow money, rely on friends and family, or run up high credit debt is achievable through hard work, lots of education, and the right kind of discipline. Entrepreneur Simion Kronenfeld’s journey sets a good example of what those three things can accomplish, as he believes it helped him achieve all his goals. Simion Kronenfeld went from being a dishwasher to a major business owner in a matter of years. Regardless of your existing situation, you are in control of your destiny. We are here to go over some of the things we Kronenfeld advises those who feel lost right now.
Set out SMART Goals
SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Timely. These goals really help you narrow down a high-level goal into something a lot more actionable and achievable. By applying this strategy to goal setting, you not only get a better understanding of what you want in life, but you also focus your efforts and increase the chances of achieving your goal. Kronenfeld advises that by starting from a high-level life goal and narrowing it down to the specifics ensures a higher likelihood of reaching it. Envision your goals. Write them down. Keep them in mind constantly. Times will get tough as you pursue financial freedom. Despite that, you need to keep going and keep pushing. At times, you might have to rely only upon yourself to get the motivation you need. One of the main reasons that people get disheartened and give up on their path is because they lose sight of what they are trying to achieve. If you bear your goals in mind at all times, your path to success will be clearer.
Pay Off Any Debts
You can never have financial freedom if you are burdened with large amounts of debt. If you have accumulated a lot of debt over the years it will just weigh you down in the future and will prevent you from achieving financial independence, so making sure paying off debt should become one of your main priorities.. By coming up with a few different methods, you will see what works best for you and your specific financial situation. Start by creating a debt repayment plan, and look for ways to cut back on your expenses to funnel those savings towards paying off your debt. Some great places to start would be cutting back on entertainment and going out less often for dinner – it’s a small sacrifice to pay for financial freedom.. Work that into your budgeting, and also hold yourself to the final deadline you have set to become debt free. By doing so, you will see the metaphorical finish line approaching faster than you think.
Know Your Investment Options
Different investments yield different results. You should start contributing to a 401(k) or IRA account to help secure funds for your eventual retirement. Beyond that, you should also know what sort of accounts work best for different goals. For example, a 529 plan is ideal for college savings for your children. In addition to these investments, you should always put aside a little bit of money into a high-yield savings account to act as your emergency fund. Although you may want all your money to go to immediate ventures, investing wisely protects you from financial hardship in the future. Knowledge of your investments also goes hand in hand with education in your field. For example, Simion Kronenfeld became the real estate force he is today by properly evaluating future land values as he was getting started.
Financial freedom is within your reach, provided that you remain patient and put in the necessary work. Keep the tips above in mind and never forget what you are capable of. The career of Simion Kronenfeld, from a 15-year-old immigrant to Canada to a millionaire real estate force, is one from which you can take hope and inspiration. Find someone you look up to, and connect with them to see how they were able to achieve their success, and learn from their mistakes and successes.