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How to Stop Being Broke and Start Building Financial Freedom

April 24, 2012 | Comments: 0 | Views: 201

If you're broke and struggling financially, it might be easy to assume that financial freedom is eons away. However, you CAN turn your financial life around quickly with the right plan. And what is a better time to get started in learning how to manage money than right now? If this interests you, and you're looking for a way out of the financial crunch that you're in, here are three things you can start doing right away to make it happen.

How to Slam the Brakes on Being Broke

If you're broke now, you'll probably always be unless something drastically change in your life. There's never going to be a perfect time. You have to slam on the brakes right now and get things turned in the right direction. The first step is to start setting aside money for reserves, or for investments, or for paying extra on your debts. Do this BEFORE you pay ANY of your expenses. This way your financial goals will be taken care of because you made them a priority.

Maybe you can only put 2% of what you're making into paying extra on your debt or to reserve for emergencies. Just do it, and don't despise small beginnings.

Second, Get Some Accountability

It's impossible to overestimate the benefit of having someone in your life to hold your feet to the fire when it comes to getting your financial life in order. Who do you know that you can trust to not accept your excuses, and who you can trust to hold you accountable to invest, reserve or pay off debts BEFORE you start paying your expenses? Call this person right now and ask for their help. Remember, going from broke to financial freedom takes drastic changes, and you'll have a lot more success if you ask for help.

Finally, Get Yourself on a Written Plan

One of the primary reasons people fail at anything is lack of clearly defined goals. This is why it's crucial that you decide exactly what financial freedom will look like. In other words, how much money will you have set aside for reserves? How much maximum debt (if any) will you have? What will your monthly income be? Most importantly, what type of a lifestyle do you want and how much will it require you to make on a weekly basis?

The more clearly defined your goal for achieving financial freedom is, the easier it will be to develop and to stick with your plan on how to manage money and achieve what you want. Remember, the best time to start is right now, and now you have three simple tools for making it happen.

Before you spend any more money, download this FREE report on how to manage money. Discover the simplest way to achieve financial freedom through the use of Powerspending.

Source: EzineArticles
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