Here's a very doable path to financial freedom.

Financial Freedom has different magic number for all of us because the magic number is achieved when your passive income is equal to your monthly expense. E.g if your monthly expense (mortgage, phone bill, utilities etc) is $5,000, Financial freedom means that you have $5000+ income that comes in monthly without you working 9-5 for that money.

Here's your 5 Steps to financial freedom.

• YEAR 1: Automate 10% of your income into savings

Set an automatic transfer of 10% of your income to move from your main account to your savings account.

I would recommend opening an account that pays a good amount of interest monthly. T-Mobile Money pays 3% per annum on the first $3000 and an additional 1% per annum on the remaining balance. I totally love T-MOBILE MONEY! 

Example: 
If 10% of your monthly gross income is $500, here's what you'll achieve by the 5th year when you start saving 10% of your income in a bank that pays interest monthly. 

10%- $500
Estimated Interest: 1%
In 5 years, you'll have: $31,131.54

• YEAR 2: BUILD AN EMERGENCY FUND OF 6 MONTHS EXPENSES

In the first year, you mastered how to automatically save 10% of your income.

Now in year 2, build an emergency fund of 6 months expenses. 

If the total of your monthly expense is $5000, work on setting aside $30,000 in an account that you won't touch. This money will come in handy if you ever had an emergency like the one we had with Covid lock down.

• YEAR 3: BUILD A SIDE HUSTLE TO QUANTUM LEAP YOUR INCOME

There are so many ideas for adding another stream of income. I cover 10 that are easy to start with and scale in the below video.

• YEAR 4: INVEST A GROWING PORTION OF YOUR PROFITS

There are so many ways you can invest your growing profits.
- Stocks
- Purchasing of land
- Real Estate
- Peer to peer lending platforms etc

Look into ways you can invest your profits to multiply your money.
If you're looking for solid ways to invest your money in the stock market, you can get more help inside our stocks trading community here

• YEAR 5: LET YOUR MONEY HABITS CREATE FREEDOM

More importantly, stay disciplined and consistent doing these simple tasks.

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