‘Freedom Funds’ – 3 Practical Steps (Series: Part 1)

Dear readers, I realize it has been a while since I wrote a post. I can give you a thousand reasons why I haven’t been writing, but it would feel like I am making up excuses. Instead, I will just tell you, I haven’t felt the excitement to write about something till today. I played with some topic ideas but then didn’t really finish those thoughts so they are sitting in the “drafts” for me to complete. I usually get to those at some point 🙂

Today, I wanted to write about something I know a lot of people know about, but either don’t focus much on it or chose not to talk about it – mainly because it is uncomfortable. So, what is it?

Freedom Funds! Before I dive into the topic, I wanted to give you some context. So here goes…

CONTEXT:

This isn’t going to be just one post, because there is more depth to it. I am barely starting to scratch the surface of this topic, so yes, it will be a series of posts. Hope you will join me in this journey and post your thoughts. I have written a little bit on the topic of Money in one of my previous posts. But this posts is a lot more than just that. This will be my way of keeping myself accountable and dedicated towards learning more on this and would love your feedback on it as well.

Some of you may already know by reading my other posts, I am an Engineer by profession. I like nerding out on things, but not like Star Wars or Star Trek type of a nerd – I never got into that, don’t hate 😛

When I want to learn about something, I read, watch videos about it, talk to someone who is doing what I want to learn about and mostly I learn by practicing and doing. I get obsessed with it!

STARTING WITH THE BASICS:

This time I wanted to learn about business and entrepreneurs and how their minds work. The world of business is like a new language to me. And how do people learn a new language? – Obviously by learning the alphabets, then starting to learn words, then form sentences etc.. You get the point! As a multilingual person, I can tell you that it is a lot easier to learn these things when you learn it growing up as a child. 

It IS possible to learn new things, just start out learning it like a child would. Take baby steps. If you really want to learn about something in depth, you have to start simple and small. I wanted to learn about the world of business and entrepreneurship and how successful people think and run their businesses. I actually checked out a book geared towards teaching kids how to be an entrepreneur and read it cover to cover.

*Side-note: If you are constantly distracted, check out How to Focus on Self-Improvement? – Avoid these Top 5 Distractions.

If you want to know what book it was, ask me about it in the comment section, especially if you have kids that are between 7 – 15 years of age, and I can provide you the name. Even if you are just curious let me know – I have other books/videos suggestions if you are interested. This book was written in very simple, easy to understand language and provided actionable steps and valuable resources for kids to start their own business. I would say not just for kids because I learned a lot from it.

Of-course, to start a kid-start-up business is not my goal, but it was written to develop the mindsets of kids who go to school and only learn about professions that they hear about the most like (not limited to) doctors, engineers, lawyers etc. They never hear about entrepreneurs or people who own their own businesses. I wanted to learn more about how successful entrepreneurs THINK and OPERATE. Reading this book gave me a glimpse of how they think, because they were teaching kids how to start their own business!

What do the doctors, engineers and lawyers – type- professions have in common? I know you are thinking – they are somewhat high paid jobs AND another thing they have in common is that they highly skilled labor positions that exchange their time for MONEY. Yes, they are paid a bit higher than other professions, but their limitation in their ability to make more money is TIME.

WHAT IS FINANCIAL FREEDOM?

Another thing I wanted to learn about is – attaining financial freedom. It is important to define what this means to you. Different people understand and interpret this differently. To me, it means having the peace of mind knowing all the bills are taken care of, not having to worry about basic necessities. It also means having multiple sources of income so as to not be dependent on my day job. For example – if I were to lose my day job, or decided to quit – I want the ability to maintain my lifestyle.

BABY STEPS YOU CAN TAKE:

I know it sounds tough, but steps have to be taken and the journey has to start somewhere. I would like to share a few things I have learned/am doing so far, that I believe will help you too are:

  1. Make saving money a habit, be it 1%, 10% or 20%. Paying yourself first, no matter how little it is, do it every paycheck consistently – Think of THIS as your ‘FREEDOM FUND’ -(if you were to lose your job, you will have something to fall back on while you get back on your feet.)
  2. If you live in America, you use Credit Cards. It is wise to use it to get all the miles and points, but make sure you are paying it off and not paying interest. Interest rates are usually pretty high 17-25%. – Add it to ‘Freedom Fund’ instead.
  3. Check your Credit Card statements and all transactions carefully. Sometimes, there are fees and charges that are inaccurate and often they go unnoticed unless you are really paying close attention. Tip: when you find them, either call the vendor who charged it or talk to your credit card company and have it reversed. I have done this many times. This is money you should not be paying to these random services or purchases you didn’t even make, this should go into your ‘Freedom Fund’.

For the first point I listed, even if you start small, do it for a couple of paychecks and create a spreadsheet and track it. I am a visual person so it is fun to create a chart and see it grow, update it every month and see it grow! What you focus on grows!

As I said, this was me just scratching the surface of what I have learned so far. I have so much more to learn and do. If you are willing to participate in this series of posts/journey with me – comment below; ask me about the books I am currently reading or even better share some books you enjoyed or advice if you have multiple streams of income.

In my next post, I will explore more on: Freedom Funds and Investing.  

What do you think dear readers? Did you find this post helpful? Is this something you think about often? Do you already have your ‘Freedom Fund’? Do you have multiple streams of income? Does talking about it make you uncomfortable?

If it does, no problem! Write about it!  Would love to hear from you what you think of this post and any feedback/questions you have are most welcome.

**Like this blog post? Comment and/or hit Like and Re-blog. **

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