We help you achieve financial freedom one step at a time.
Whenever I ask people what is their long term financial goal in life, I often get the same response – “I’m saving for retirement. I want to have enough money so I can do whatever I want when I’ve retired. I want to be financially free eventually.”
Ask yourself this question:
How would you spend your remaining years if money weren’t an issue?
You should seriously think about the answer, and ask your spouse if you have one. This question is the entire objective of this website. If you have an answer for it, you can probably appreciate the idea of financial freedom. It is much more than just having money, it is a lifestyle freedom.
It is the freedom to be who you want to be, and make life decisions without worrying about financial constraints. The true reward of financial freedom is to live your life the way you want it, and you probably don’t want to wait until you are 65 years old to do it.
You can achieve financial freedom a lot quicker if you are willing to dedicate time and effort into it. While managing your own finances is not an exact science, there are certain ways that can help you build wealth that much more quickly and effectively.
Therefore, at MasterMyFinance.com, we provide you actionable, step by step guides to better personal finance:
This part explains how to determine your current financial health. You will learn how to calculate your personal net worth. You may also find missing links in your personal financial knowledge and learn how to diagnose your overall financial fitness.
The purpose of emergency fund is to cover you from unexpected life events – temporary loss of job, car breakdown, emergency hospitalization, and much more. This is the bare minimum amount of money you should have at any point of time. We also cover strategies that can help you establish your emergency fund in the shortest time possible.
Debts can quickly snowball into uncontrollable amount, but luckily we can use the same principle to clear debts too. List down your debts (except for mortgage) in order of smallest to biggest and focus on paying off by the order to gain momentum along the way.
You have built your emergency reserve and paid off your debts. It’s time to begin some serious wealth building. We cover the amount of savings you should have in your bank account and what you should do to increase your earning potential using your free time. You will probably still need to keep your day job at this point while supplementing your income from additional sources.
Insurance is a vital part of your financial life. Unfortunately, most people shun this topic as it is often considered overwhelming and dreadfully boring. If you have insurance(s), you are probably paying more than you should. This part tells you all you need to know about buying the suitable insurance without overpaying.
Once you have everything covered, it is time to convert your active income streams into passive income by investing. Discover the twin engines concept that will propel you to financial freedom! This is an advanced concept of financial freedom that will provide you consistent income to fund your desired lifestyle. Find out how much you need to achieve financial freedom and the safest way to achieve your life long goal of financial independence.
Where should I start?
So, instead of pondering if you should save now or invest now, you should first assess your financial health and see where your financial standing is. Just like tailoring a pair of comfortable shoes to your foot size, everyone has different commitments and risk appetites, so there is no one-size-fit-it-all planning. However, there is a general guideline that works well for everyone to provide us a solid base for our financial house.
When it comes to taking care of personal finances, there is no better time to start than right now.