This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Financial freedom is often described as having both the time and money to live life on your terms; to do what you want when you want with who you want. This doesn’t necessarily mean you have to be a millionaire to live a life of financial freedom. It just means you need to own your time.
That said, money is the essential fuel that transports us from where we are to where we want to be. Admittedly, we do require money to live, yet we are often too busy striving for more. Our feeling of contentment is often kept just out of reach. There are all sorts of ways to obtain financial freedom. You could get a second mortgage in order to start property investing. If that’s something you are interested in, you might want to check out homeequitylineof.credit to find the best deal.
When it comes to creating financial freedom, attitude is everything, as your mind is the most powerful tool you have in your arsenal for creating anything you want. There are, of course, tangible challenges to creating financial freedom however, and this article addresses the fact a lot of people, today, are enduring financially tough times.
It encourages you to shift your focus from thinking about debt the whole time (i.e. looking down at the floor) to consciously creating a more prosperous future for yourself and your family (i.e. looking up at the stars). However, it can’t all just be wishy-washy positive thinking, action needs to be taken and challenges need to be addressed.
Therefore, we’re going to focus on the very first step to financial freedom which is to get on top of your finances. This first, basic step, is like the bottom layer of a pyramid. Without this fundamental layer in place you’ll never have a firm foundation on which to build financial freedom.
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STOP BURYING YOUR HEAD IN THE SAND
The challenge with debt is that it can be a vicious cycle that quickly spirals out of control, and rather than bury your head in the sand like most people, you’ll want to be proactive and take the “bull by the horns”, so to speak.
One thing’s for sure, debt can seriously affect your mental health and a poor state of mental health can affect your financial health. You may wish to visit https://www.moneysavingexpert.com/images/attachment/mentalhealthguide.pdf for some great advice on this.
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UNDERSTAND WHERE THE STRESS IS COMING FROM
For most people, having debt in itself, isn’t particularly stressful. It’s the debt collection activities that happen when people fall behind. There’s the constant worry about what could happen next. Then there’s the phone calls, threats of a ‘home visit’, the threat of court action, and even the prospect of bailiffs coming to remove personal items from your home.
Being pursued for debt can be an extremely stressful situation, and often times when people are in a serious financial position they are pursued by multiple creditors with multiple streams of debt collection activity. Due to this, many choose to be like a turtle and stick their head back in their shell; avoiding interaction with their creditors. However, when it comes to debt avoidance really isn’t the best strategy, it can provide temporary relief but it isn’t a long-term solution.
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THE DIFFERENCE BETWEEN GOOD DEBT AND BAD DEBT
There’s a large difference between good debt and bad debt. For example, the prospect of consolidating your debt into one larger loan in order to pay off the smaller fragments of debt can be a great solution to rebuild your credit history and start feeling more prosperous.
