Many of us believe that financial freedom i.e. freedom of money means freedom from doing the job. But as the time for your retirement approaches, you can better assess yourself on the nine levels of growth.
Things to notice about financial freedom for 20 to 30 years old
In this, you yourself decide how you will spend your salary.
This level starts when you just start working. Many people have to spend their initial income on education loans or some family responsibilities. But you soon finish all these things and reach such a level that you can spend your income on other things besides the need.
If your job is bad then you can leave it and get a good job in the next 3-4 months
This stage comes when you have enough savings that you can easily consider quitting a job you are not happy with. Here we are not saying that you should quit your job in anger, but the point is that you should not have to bear the things that bother you anymore while doing your job quietly. Keep in mind that if you try to learn skills that are in high demand at the present time, you can reach this level very quickly.
You can take a year or two off from your job, but only until problems arise
During this time you have money saved up, so you can find some other options for yourself. Try to find another career option of your choice during this time, but keep in mind that during this time you keep meeting all your necessary expenses. Also, it completely depends on you whether you want to spend less during this time or in the same way as you have been doing at the time of income.
You can take a year or two off from your job and invest money in any of your dreams or aspirations
When you are able to take a vacation for some more time, then not only can you meet the necessary expenses but you can invest money in traveling, doing something that gives pleasure, or starting a startup.
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Finance guide for the ages of 40 and 50
What is Debt Free
Paying off all your loans is a very happy and liberating feeling, and especially when you have paid off your home loan. In this time you really feel financial freedom because now you are entitled to your entire income in every way.
Why Aim to quit your job completed by a specified date?
You can also set this date due to legal, due to any convention, or as per your wish. First of all, you see that after leaving the job, how will you arrange for your lifestyle and daily expenses without any income. At this level of financial freedom, you know that the investments you currently make, and your investment rate, will get you to your target amount by the due date.
Your investment so far is enough to leave the job on the due date
Now you don’t need to save or invest anymore. Just need to earn that much with which you can live your lifestyle well. In this case, you can also find a comfortable, low-income job or do something that you enjoy. Many times people do not know themselves and they are surprised to know that they can do some work even at this age.
You Can Quit Your Job Today
You can live your entire life well on the basis of your invested amount even without your regular income. It may also happen that you have reached this stage but are unable to recognize it.
You have more money than you need
In such a situation, not only do you have all the money for yourself after leaving the job, but you can also invest in fulfilling your dreams – like traveling, social work, or creating some kind of legacy.
Please take a moment to see what level you are at in your journey, and celebrate that, make plans to move to the next level.
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