Financial freedom means something different to everyone, and everyone has a different set of circumstances; this makes it difficult to offer any advice on the subject; all you can ever do is let people know what works for you.
There are several financial gurus out there, Dave Ramsey and Martin Lewis to name just two, who all offer great, but different ways, to get yourself sorted financially; they all offer differing advice on the steps to take, however there is always one step from every guru that is the same, and it’s a step that worked for us; pay off your consumer debt.
Not holding any consumer debt is the best foundation to financial freedom ever, any steps you take after that are all good, aren’t they? Whether it’s saving a large emergency fund, saving for retirement or paying off your mortgage, it’s all going the right way; towards your financial freedom.
What about you, what’s your financial freedom priority at the moment?
{photo credit: zanzibar}
{ 12 comments… read them below or add one }
We’ve got about $4,000 (US) in medical bills that we are hacking away at. We have terrible health insurance and over the past two years we really racked up the bills. But, bit by bit we are getting them paid off. I’ve got 2 credit cards with about $1000 each that I’m determined to clear up this year. We’ll get it done! Good luck with your goals!
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Hi Kristina and Happy New Year.
We are so, so lucky here in the UK that we don’t have to deal with medical bills. Keep going with your cc’s, you’ll get there in the end
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I was just thinking that having assets of significantly greater value that my liaibilities was pretty good. I can sell this house or the Crete house and the mortgage is all gone. Hadnt even thought about something like medical bills. Just love the NHS. Old chap has had three operations and a load of additional treatment in the last 15 months. We are very lucky really, just dont always remember it.
Lizzie
.-= lizzie´s last blog ..Winter Home Economics =-.
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Lovely photo. For me it is a small home and the ability to work part time. Simple really!
.-= Frugal Trenches´s last blog ..What’s A Girl To Do =-.
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You hit the nail on the head. Get rid of the mortgage debt!
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Hi lizzie; yes we are v. lucky. Assets more than liabilities is good
.-= Laura@movetoportugal´s last blog ..Achieving Financial Freedom =-.
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Hi ft, that’s exactly what I’m aiming for. Hope you are ok x
.-= Laura@movetoportugal´s last blog ..Achieving Financial Freedom =-.
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Hi Exe, you’re well on your way to that, doing better than me, lol
.-= Laura@movetoportugal´s last blog ..Achieving Financial Freedom =-.
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Great post. At the moment I am focused on rebuilding my emergency fund and keeping money back for maternity leave. For me, right now, financial freedom is all about being able to comfortably afford 9 months off work with my baby and having the emergency fund to take care of any problems that might (and doubtless will) arise!
.-= Shoestring´s last blog ..‘Spend Less, Save More’ Part 9: Home Economics =-.
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To escape the 9 – 5 grind without having to go back into the “system” again. We cant plan for everything in life but we can have a pretty good go at it.
.-= Dreamer´s last blog ..Cutting the tree down =-.
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Mine is paying off my car loan!
I can’t wait to get rid of that thing.
Thanks so much for the link. I appreciate it!
.-= Mrs. Money´s last blog ..I Think I Hate my Job =-.
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After consolidating our debt just recently, my financial freedom is to rid of that debt! Then it will be to find a sustainable business of mine. And then…. it will be to travel and run my business at the same time all the while having a blast with my children!
.-= Money Funk´s last blog ..When Dreams Come True the end is a Surreal Feeling =-.
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