9-Steps to Financial Freedom

You’re a slave to your paycheck and you’re desperate for an escape.

Follow this 9-step system so you’re never a slave again:

1. Have Patience

Things aren't going to change overnight.

The key to this cheatsheet is consistency, sustainability, and patience. Your company is looking for reasons to trim the budget of employees. Be invaluable.

Make sure they'd be worse off without you.

2. Build a Budget 73% of people do not have a budget.

Not only does this create financial stability that you can predict comfortably, but this builds the foundation for everything else here.

You have to actually follow it though or you're wasting your time. Stay disciplined.

3. Create a Side Hustle

My favorites are selling digital products & providing services. As you build new streams, you slowly replace your main income.

I recommend using this to build up more savings or decrease debt. I'd focus on debt because the stress is tough to live with.

4. Increase Your Income

It takes time to build a side hustle, but you can ask for a raise today. 23% of people have never asked for a raise in their career. Those that did were told "yes" 70% of the time. Most actually get the amount they want.

Don't increase your lifestyle.

5. Evaluate Your Portfolio

Are your investments properly diversified?

Putting your money into stocks, bonds, and other investment options can help protect you from any unexpected market changes.

A recession is also an excellent time to consider buying long-term investments.

6. Stay Informed of the Market

You need to be more intelligent during a recession.

Knowing what’s happening in the market can help you make more informed financial decisions and be better prepared for any potential economic downturns.

Don't destroy the progress you're making.

7. Decrease High-Interest Debt

Make sure to pay off as much debt as you can. This will free up more of your income each month, so you can save up more money & be less dependent on a paycheck.

Paying high-interest debt first saves you more, but snowballing lower debts

8. Start a High-Interest Savings

This is a great place for your emergency fund.

Aim to save up at least 3-6 months of expenses in case the worst happens. This grows faster than a normal savings so you build a buffer sooner.

Completely liquid for when you need to access it.

9. Remove Unnecessary Expenses

Respect the budget you created, but don't stop there.

Identify areas where you can save even more money each month. What cheap/shallow expenses can you cut so you reach your goals faster?

Replace expensive entertainment with free options.

TL;DR - 9-steps to financial freedom

1. Have Patience
2. Build a Budget
3. Create a Side Hustle
4. Increase Your Income
5. Evaluate Your Portfolio
6. Stay Informed of the Market
7. Decrease High-Interest Debt
8. Start a High-Interest Savings
9. Remove Unnecessary Expenses

Thanks for reading, if you found this helpful, please:

1. Follow me for more: @dayoadeosun10
2. Believe in cause and effect

Quote of the day:

Jay-Z song of the day: Can’t Knock the Hustle (feat. Mary J Blige)