The Road To Financial Freedom
The road to financial freedom is a
lot shorter than you may think. For those of us who did not start
our lives wealthy because of our family, we only have 46 to 49 years
of income producing – more if you want to work into your
“retirement” years.
During that time, we must complete
our education or training, get a job or open a business, while
meeting the many demands on what income we have left after taxes.
We have to provide for food and
shelter, clothes and transportation, child rearing expenses, college
tuition, vacations, Christmas presents, insurance premiums and more.
The list never seems to end.
How is it that some people can retire
at age 50 in spite of all this while others will never retire at
all. If you read the article, Get Rich Slowly you can see how you
can use the power of compound growth to amass millions if you start
young. However, this is the period in most people’s lives where
the greatest demands seem to be made on their income.
First of all, you’re just starting
out and are nowhere near your peak earning power. You might have
just married and need a home and furnishings.
You might have to buy your first
suits or business dresses for your new job. And you want to enjoy
life, so you vacation, buy or lease new cars frequently and just
basically run up debt, many times to be piled on top of your
existing student loans.
But some people manage.
First they live within their means
and save as much as possible.
They take advantage of all the tax
shelters the government allows and if possible, save even more.
They invest in or start a part time
business, rental properties or learn to increase their returns by
smart investing.
They insure against potential risks
that could ruin them financially.
They use debt wisely. They don’t
necessarily shun debt, but use it as a tool to grow wealth. For
example, they can leverage one 20% down payment into a string of
houses using mortgages. They can use margin debt to double the
amount of their investment funds.
They can take advantage of tax
credits, government guaranteed loans or grants offered to small
businessmen or to certain minorities to fund multiple streams of
income.
But they don’t use debt to fill the
house with things. They pay cash for their new TV’s and stereos.
They take taxes into account when
planning their lifestyle and investments and use all the tricks the
IRS lets you get away with.
For a little over $3.00 a day,
starting at age 22, you can amass over $850,000 in an IRA.
The difference between the
financially independent and most of the rest of us is that they can
find that $100 a month and don’t consider it some kind of
sacrifice to invest it rather than spend it.
Most people will complain they have
no money left over and that they live from paycheck to paycheck. But
in almost all cases this is a lifestyle choice.
There are many stories of very low
income people managing to put multiple children not only through
college, but also graduate school or leaving millions to a favourite
charity.
These people are special in the sense
that they had a goal and stuck to it no matter what. They worked
hard, saved their money and achieved what they wanted to achieve.
Everyone can do this. You just have
to ignore the siren song of commercialism, and decide whether a
secure future for yourself, a college education for your children or
a large bequest to your favourite charity is worth skipping the daily
double latte at Starbucks.
That about all it takes to get you
well down the road to financial freedom.
The road to financial freedom is
literally paved with gold, yours for the taking.
http://www.credit-yourself.com/get-rich.html
By Chris Cooper. Visit http://www.credit-yourself.com
for more tips to help you down the road to financial freedom.
Article Source: http://EzineArticles.com/?expert=Christopher_Cooper
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