If you are currently in your twenties, then one of your primary aims at the moment should be to achieve financial freedom before you cut the cake on your 30th birthday. It is because once you are financially free, you will have the freedom to choose whichever path in life you want.
Perhaps it is the aim to achieve financial freedom which has led to Africa recording the highest percentage of entrepreneurs amongst the working age across the globe. Youngsters are now setting goals for themselves to ensure that they are not reliant on other people for income and are in sole control of their finances.
So, if you are hoping to secure your financial freedom well in advance, here are a couple of things you can do.
1. Make Long-Term Investments
As your 30th birthday starts to draw closer, you realize that you have been working for a couple of years and earning a decent income. You could try and save, but it will not help you generate wealth. Thus, if you want to be able to cross off all your long-term financial goals from your bucket list, you will want to make investments in a long-term instrument.
2. Pay Off All Your Debt
It is a well-known fact that Africa experiences a high rate of inflation. For example, the projected inflation rate in Sudan in 2022 was expected to go as high as 41%. Thus, make sure to pay off any of your outstanding debt as early as possible before inflation erodes the value of money. As a result, you will be debt-free by the time you are thirty and feeling lighter. Moreover, you will be able to pursue any other financial commitments that you have set for yourself.
3. Take Wise Spending Decisions
Most people do not think twice before spending money. Nowadays, credit cards are at your service to enable you to purchase anything, whenever you want. If you are in the habit of doing this, then you need to make wiser decisions before it plunges you into a sea of debt.
The way to ensure that you make wise spending decisions is by changing your approach to the way you allocate your budget. Start living within your means rather than waste money on things you do not immediately need. Remember, you do not have to be rich to live your life to its maximum financial potential. All you need is some common sense and consistent effort to achieve financial freedom by the time you turn 30.
4. Invest In Yourself
Another way to ensure financial freedom by your 30th is to invest in your personal growth and development. Your future is highly dependent on your improvements, and there is nothing shameful in admitting that you have things within yourself that you need to work on. Remember, everyone has strengths and weaknesses. Try to identify yours because they can help you achieve financial independence.
It is important to first address weaknesses, like spending money on things you do not need or overspending quite often. Become a better you so that you can secure your financial future and taste the freedom that comes with it.
Financial freedom allows you to spend your life without having to constantly worry about where your money is going to and coming from. It is a state that allows you to be comfortable with the financial status you have and just be yourself. All you need is a solid plan and consistency, and you can reach it through various means. Good luck!