It's a hard truth that most people still live under the slavery of their finances. The foremost reason is that they do not know that something like financial freedom exists and what it means.
Though we could have explained financial freedom through a general definition, we chose to explain it differently to make it more interesting.
Here are a few questions you can ask yourself to determine if you have got financial freedom or not.
- Are you still doing the job that you hate?
- Do you miss your kid's school events, trip plans with friends, or date nights with your spouse due to work or financial limitations?
- Do you want to pursue something else but can not because of financial reasons?
If your answer to at least one of the above questions is a yes, then you are yet to get financial freedom.
Now, you might be thinking if being rich means being financially independent, so the answer is NO.
Though financial freedom is a perk of being rich, it is not necessary to be rich to enjoy financial freedom.
In a definition format, having financial freedom means you no longer have to work for money and can manage your life without working.
Seems like a dream, right?
Well, it isn't.
But how? This part we will talk about in the blog below.
Ways to achieve Financial Freedom
There are multiple sources to get financial freedom. However, nothing can beat crypto when it comes to the best returns. The crypto industry is growing wildly like the internet of the 90s. Those who started building online businesses at that time have made fortunes today.
It is the same case with crypto.
Now, before diving deeper into the topic, let's look through the reasons behind choosing crypto as the medium to become financially independent.
REASON 1: Crypto requires a minimal amount to get started. You can enter the crypto market with thousands and even some hundred rupees.
REASON 2: Crypto has given one of the highest returns amongst all kinds of investments. For instance, Bitcoin has hiked 176923% in the past ten years. No other investment, including gold and stocks, can beat this number.
REASON 3: You can get the first mover advantage in crypto because it is still in its early stage. According to a report, only 106 million people own or use cryptocurrency out of the total world population of 7.9 billion.
Now, let's talk about how crypto can open the doors of financial freedom for you.
Here are the ways to use crypto for financial freedom:
If you want to stop working, start putting your money to work. Crypto investment is a great way to create wealth if done rightly. You can start learning about cryptocurrencies and the best crypto investment strategies to choose the right crypto at the right time. You can use a goal-based approach to get different cryptocurrencies for different periods. This way, you will be able to generate an alternate source of income that requires very little time and effort. The current bear market can be the cherry on the cake because you can buy more at lower prices. Also, many potential upgrades and events are coming up in the crypto sphere that can increase the chances of high returns.
Though crypto trading looks like a risky activity, it can be very beneficial to generating income. One common misconception about crypto trading is that it would require sticking to your screen to perform crypto trading. But it is not true at all. You can easily set buy or sell orders of cryptocurrencies on a trusted crypto exchange by analyzing the market behaviour, and your order will get executed automatically. You can do it anytime and from anywhere with just an internet connection and your laptop or mobile phone. However, earning profit through trading requires a good amount of crypto knowledge and understanding of technical analysis. Once you complete your learning, trading can be a great passive income source.
If you want to contribute to the crypto ecosystem on a bigger scale, you can start working on your own crypto projects. For this, you need to identify the need in the market and then work towards it. If you are someone who knows blockchain development and has the enthusiasm to create something useful for the crypto community, you can opt for BUIDL. You can design your project in a way that it can run in an auto-pilot mode once established. So that once it starts running smoothly, you don't have to work on it every day.
Staking is another way to earn good interest in your crypto investments. The staking plans comprise a lock period for which you have to put your crypto on staking to earn the given interest. If you plan to HODL your crypto assets, staking is an appropriate decision to earn interest. It is advisable to stake a large amount on a trusted platform to get a good interest.
Like traditional finance, where it is common to earn good interest through lending money, the Crypto space has this feature too. Many crypto lending platforms in the market allow you to earn good interest in your crypto holdings. However, many famous lending platforms have gone bankrupt in the past few months amid the tight grip of the bear market. So be careful while choosing the right lending platform for your assets.
The Crypto market is a great source to achieve financial freedom because it has loads of new opportunities. But it is also home to many fraudulent schemes and phishing activities. Hence, one must be very careful while trusting any crypto institution.
Here are a few quick tips that can help you with it:
- Always DYOR means do your own research and never trust any crypto advisor blindly.
- The Crypto market is highly volatile so start with a small amount instead of putting in everything at once.
- Do thoroughly study all crypto projects where you plan to invest your money. Remember that knowledge is the key to the crypto industry.
- Stay updated with the latest upgrades and events related to the crypto space.
Financial freedom is a blessing you can achieve by initiating the right planning at the right time. It may seem hectic initially, but it is worth your time and effort. Hence, add the goal of achieving financial freedom to your list of life goals and start working towards it.