Money Freedom: How To Prepare Your Finances for 2015
Do you have money freedom? Are you free from debt and the 9-5 grind? If you’re barely making ends meet, you’re like most middle class Americans, but it doesn’t have to be that way. Here are three things you can start doing right now to get your finances right and achieve money freedom in 2015.
1. Eliminate debt.
Easier said than done right? Suze Orman recommends, “staying current on all monthly debt by paying at least the minimum amount due on your credit cards each month and keeping up with the car payment. That should result in a strong credit score, which means you may be able to ask to have your cards' interest rates reduced.” If you find yourself having a hard time prioritizing and making those monthly minimum payments on time, you might want to research a trusted and recommended financial planner.
There are also free plans that manage your money for you, such as LearnVest a program that creates a personalized plan for your money and sets you up with a real person dedicated to your financial success. Another alternative is Mint - a free source that helps keep your bills organized and sends you alerts to ensure everything is paid on time.
2. Earn more.
According to a CNN Money article, “Americans' median wealth is a mere $44,900 per adult -- half have more, half have less. That's only good enough for 19th place in the World, below Japan, Canada, Australia and much of Western Europe.” Middle class Americans are living paycheck to paycheck, which is why one source of income will never be enough to get ahead. In a recent Huffington Post article, Grant Cardone; entrepreneur and sales expert says you must create financial freedom for yourself by:
First, never depending on one flow of income.
Second, never turn your back on the main flow of income you have.
Third, when moving to multiple flows of income go similar first. (Meaning, stick with what you know.)
3. Be smart with your credit.
Bankrate featured Gary Foreman, publisher of The Dollar Stretcher, in a recent article. He says, "Remember that anything you put on credit cards and finance at those convenient monthly (rates) costs more. Now is the time when, if you're in the habit of going out for lunch every day at work, maybe you bring leftovers once a week and sock away that $6 to $8." At the end of the week you’ll have a small savings, which adds up.
Managing your money should be a priority year-round. However there is no better time than the present to set your self up for success in 2015. Let us know what works for you and how you’re striving for money freedom!