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Financial Freedom

January 18th, 2011 at 12:03 am

Re-living your life to the fullest

Majority were shocked because of the sudden turmoil that the global economy had faced. Stock markets went down, businesses closed and a lot of people were laid off from their once promising jobs and to make matters worse prices of basic commodities were shooting up uncontrollably resulting to debts, bad credits and even bankruptcy. Experts say that this will continue for the next 2 years or so, many of us are looking for financial freedom in any way possible.

Here are some points that can help you grab your financial freedom.

Tighten up your belt
First thing that we need to do is to adapt to this Global crisis and we should minimize our expenses as possible. If you are used to luxuries better think twice and cut the habit of over spending.

Be Versatile
Part of adapting is learning. Given all the recession and laying-off in different companies we canít get enough security and stability in our work. The best thing to do is to explore different avenues and fields to improve our capabilities and scope of work. Let us not be confined in our borders and live curious.

Utilize your resources
Many of us loses our creativity as we have come on age which is really not a good thing, we should re-live our childhood days when we can virtually make anything possible from scraps that we have. Take that kind of creativity together with what you have to earn and save more money.

Ultimately you need a business or other sources of income to cope up with your pending expenses especially if you have a family, but will all the economic crisis is it still possible to open a new business? Of course it is, since the demand is still present and itís growing parallel to our population. Be one step ahead of the game with these points.

Know your interest
Many businesses were unsuccessful because they lack passion and devotion to it. If you want a food business then go for it and just make the necessary changes as you progress and adapt during the set up.

Study the market
At first it is better to do your business locally because you know the trending and market. Before finalizing your plan conduct surveys and analysis on what the market would need and what would they patronage and not and Why?

Strategic Location
Location is one of the most important keys in a successful business. You have to be noticeable and reachable ( If you are planning to start a business that involves personal contact) If possible try to get the history of the building and what were the previous establishments and what were the problems they faced so you can plan ahead.

Another key element is how you market your product or services from your company name to your plastic bags it should create an impact to the consumer and later create your brand.

2 Responses to “Financial Freedom”

  1. Savings Queen Says:

    Thanks for reminding us of the new economic reality. I for one think it is a reality that will not just be here for the next two years but for many years to come:

    1) As the # of baby boomers inceasingly enter their retirement years they will sell their stocks and mutual funds to finance their retirment years. This means stock prices cannot continue to increase (when more people are selling than buying, stock prices will go down).
    2) In this new global reality many of our middle class jobs have been farmed out to other countries and it is unlikely they are coming back.

    I hope I am a pessimist, but if I'm not, we are all in for a bumpy road ahead and we ALL need to learn to tighten our belts and develop other options.

  2. savingsaccountfinder Says:

    Thansk for your opinion Saving Queen.. Lets hope for the best!

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