Financial Freedom means not having to worry about money anymore. Learn how you can achieve financial freedom and how Wright can enhance your journey.
People have different ideas about what financial freedom means. For many, it means having enough money to cover their desired lifestyle, plus extra for retirement or to pursue any career without worrying about salary.
And isn't that the goal that most of us have when we start investing? To become financially independent.
But unfortunately, too many people are burdened by debt and financial emergencies, preventing them from achieving their goals. Moreover, significant crises like hurricanes, earthquakes, and pandemics can reveal additional holes in safety nets.
Here are a few tips that can help us become financially independent:
Make a plan for accomplishing your financial goals, both big and small, financial and lifestyle, and stick to it.
Create and adhere to a budget for your personal finances that meets all of your living expenses.
Keep an eye on your credit score, pay off credit cards, and take on as little debt as possible.
Invest now for the long term. Investors are discouraged by bear markets, yet the power of compounding alone will exponentially multiply your money, but you do need time to accomplish significant gain.
Monitor your spending. Separate what you want from what you need, and then make modest changes that can significantly impact your financial health.
You can establish automatic savings by establishing an emergency fund and making contributions to your employer's retirement plan.
Maintaining your possessions is less expensive than replacing them, but your health comes first.
Get a good financial advisor that can help you achieve financial freedom faster.
How can you accelerate financial freedom?
Look at the instruments available from traditional means - passive equity funds, debt funds, gold or sectoral funds. Each option can give a small compounding effect, effectively doubling your investments in 10 years.
But to become financially free early, we have to accelerate the returns our investments give us. Enter factor strategies created by Wright Research. Factor strategies can give you a differentiated return over the market by exploiting deep-rooted anomalies in the markets that outperform over the long term. Allocation to a strategy like a Momentum - if you are a high-risk investor or a Balanced Multi-Factor strategy if you're a medium-risk investor can be highly beneficial to you to reach your long-term goals.
Here are the strategies by Wright Research that can be a gamechanger for your financial independence.
