Financial freedom is something that we all want, yet few get to attain it. It implies having ample investments, savings, and cash on hand to live the lifestyle we want for our families and ourselves. It is also a growing nest egg that will allow you to pursue a career or retirement you want without relying on a certain amount of annual salary. Unfortunately, many people do not end up achieving this goal. People are burdened with the ever-increasing financial emergencies, debt, profligate spending, and other instances that thwart the goal of financial freedom. We are also encountering different unexpected scenarios such as the coronavirus that has overturned many plans and poked holes in the safety nets that we had tried to weave for ourselves and families. This is where Stash comes in.
That is why Stash believes that everyone needs to have access to all the tools, confidence, and guidance to grow personal and financial wealth to lead better lives. The Stash team is shaping the future of economic freedom and personal finance. Where most financial institutions and systems can be unfair, especially to the smaller investors, Stash looks at providing unlimited financial opportunity despite the income to thousands of under-served Americans.
Stash Core Values
- Individuality: Always be authentic and genuine to yourself but learn and value from all perspectives
- Accountability: Own both your success as well as failures
- Empathy: The rule of the thumb of being customer-obsessed is listening
- Integrity: Always respect and value truth as transparency is everything
- Quality: Do everything you do with commitment and passion
Simple personal finance tips to help you achieve financial freedom
Setting Life Goals
It is imperative to be specific with your general desire and what financial freedom means to you. To do this, you can write down what you already have in your bank, your lifestyle demands, and at what age you will achieve these goals. The more specific your goals are, the higher the chances of achieving them. Count backward to your current age and come up with a financial milepost that you will track regularly.
Come up with a Budget
The best way to ensure all your bills are paid and that all your savings are on track is to come up with a monthly household budget. This routine also reinforces your goals and strengthens your desire not to splurge.
Paying Off Credit Cards in Full
Credit cards, as well as other high-interest loans, are the worst enemy to building wealth and eventually, financial freedom. Ensure you pay off your full debts every month. Also, by paying these debts in full, you will build your credit score.
Creating Automatic Savings
The first rule of financial freedom is paying yourself first. If employed, join your employer’s retirement plan and use all matching contribution benefits. Likewise, have an automatic withdrawal in case of emergency funds for unexpected expenses. Ensure your money is deposited the same day you’re paid to avoid it tempting your hands.
Start Investing Early
Over the years, investing has been the best way to grow your money. This is due to the numerous benefits of the compound interest, but you have to invest wisely. You can open an online brokerage account that will teach you all the investment ropes.
Watch your Credit
Your credit score will be used to determine the interest rate you’ll incur when taking out a loan to refinance your home or purchase a new car. It also impacts other things such as life insurance premiums and car insurance, which most people tend to ignore.
To achieve financial freedom, one must be ready to face the growing debt, medical issues, overspending, and cash emergencies. To achieve this, you, therefore, need to be disciplined and careful spending. Stash has all the tools and guidance to ensure you grow your personal wealth and live a better life.