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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
4 Secrets To Enjoying Financial Freedom
There’s nothing quite calming than feeling of being financially secure, especially when you know you don’t have to worry about paying rent or dealing with pesky bill collectors. While it may be as easy as keeping your 9-5 and practicing the 50/30/20 rule, there are other ways you can ensure your financial freedom. So in order to unshackle yourself from all your financial worries, here are the six best-kept secrets to keep yourself from sinking.
Open A Time Deposit Account
It’s important to keep a keen eye on every possibility that may become reality later down the road. Your pension might not suffice for all your plans after retirement, or for getting around any financial setback you may encounter later in life. A time deposit account ensures that you’ll have more than enough to get by when you need to the most. Take a sizable yet reasonable amount from your income every month -- an amount which is negligible and is something you can choose to keep without worrying about anything that may happen in the foreseeable future -- and stow it away in said account. Just let it sit there and let the annual interest increase do its thing.
Keep An Eye On Your Belongings
This classic rule of thumb can also be applied in ensuring your financial freedom. It could be as simple as making sure all your shoes are still usable and presentable. The moment your valuables start losing their value, whether financial or utilitarian, is the moment you must decide whether to repair them or toss them in the bin and replace them with better and more current pieces. Take, for instance, your washing machine, one of the most neglected household appliances. Once it starts breaking down, what’d be your first course of action? To have it repaired and run the risk of it breaking down again, or to replace it with something more state-of-the-art, just like the selections from Continental Girbau? The choice is yours.
Go Thrift When You Can
Why bother spending on new branded clothes every year when you can always rummage through your neighbor’s wares at his garage sale? While it’s important to replace your old clothes and other household items regularly, it doesn’t mean you have to spend too much on replacing them. Sometimes, garage sales and thrift stores are the best treasure troves to seek out for a good buy. What a lot of people don’t realize is that when they buy branded items, especially items under world-famous brands, they aren’t paying for the items themselves -- they’re paying for the brand image. They may even be just spending on prestige, a vanity which one cannot keep up on a regular basis.
Start A Business
Ah, yes, there it is again. It may be corny, and maybe you’ve heard it a thousand times from your family, your friends, and the most recent email in your spam folder, but it’s always worth looking into. It is, after all, the age of the entrepreneur, and since almost everyone’s in on it, peddling whatever useful product or offering whatever important service, why not jump on the profit bandwagon? One of the hottest startups today is the laundromat. You may want to consider opening one of your own, now that you can get affordable and environment-friendly laundromat equipment from http://cgilaundry.com/ much faster and much easier today. Not only will this business bring home more bacon, it’ll also help your community with their laundry needs. It’s a win-win situation for everyone!
Financial freedom is yours for the taking. All you need to do is get creative and try your hand at something you’ve never done before.
Here’s to freer days ahead!
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