Best Ways to Become Financially Free (2024)

By: Sarah Titus |

QUICK JUMP

If you’re reading this post, I can only assume that you are in debt and I can completely relate. Although I am completely financially free today, there was a time in my life where I was in $30,000 debt.

You feel like such a failure looking at that large amount. It feels like it happened overnight and no matter how hard you try, you just can’t shake the monkey on your back. You can’t take a vacation, you can’t give like you want to. Sometimes, when you are alone at night, thinking about your situation, you feel as though you have no options. You’ll never change anything. You’ve lost all hope of ever being financially free, free from the burden and responsibilities of debt.

You’re not alone!

There are so many others out there who are in debt as well. Our society pushes debt on us at every turn. They study how to get people to buy and they use your own weaknesses against you. You never even have a chance.

The truth is that you didn’t get into debt overnight. It took months, even years, and it will take a while to get out of debt as well. Here are 10 of the best articles I could find on how to become financially free and live a debt free life. I can relate to most of the things stated within the posts personally because I’ve been there.

If you get nothing else out of all these get out of debt tips, it should be this…

Do NOT give up hope.

Do NOT let them win.

You are stronger than you realize.

As a single mom, if I can do it, so can you!

Will it take time? Absolutely.

And you will fall off the horse time and time again. Just keep going.

Pick yourself up, dust yourself off and keep going, because really, the only way you truly fail IS TO STOP TRYING!

5 Reasons You Will Fail to Get Out of Debt {My Stay At Home Adventures}

Love #4. I was RICH, even when I was ONLY making $18,000/year. It’s all about the mindset. She’s so right!

Best Ways to Become Financially Free (1)

4 Rules for Becoming Debt Free by Age 30 {The Daily Positive}

“Spend less than you make. Period.” Love that, seriously!!! It’s so foundational and one of the keys to financial freedom.

Best Ways to Become Financially Free (2)

How to Become Financially Free {Sarah Titus}

I created this book for the millions of people out there who are in debt and feel like it’s hopeless. I’ve been there too. Feeling like you’re just spinning your wheels, but if you are consistent, you can overcome the debt monster.

In my latest book, How to Become Financially Free (now available in my Financial Freedom Bundle), I show you exactly how I went from being homeless and having nothing, being in $30,000 worth of debt, to becoming financially free and even going past that to make a fantastic living! I created the book at aprice that literally everyone can afford, and I put it on Amazon! Within a few days, it hit the #1 Best Sellers list on Amazon. There’s a lot of good information available right at your fingertips!

How I Paid off $170,000 of Student Loans {Money Saving Mom}

The last tip is VERY, VERY important! Find out what it is and how it will help you with your financial freedom plan …

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Free Debt Payoff Planner Printable {A Mom’s Take}

…and if you’re getting out of debt and taking steps to financial freedom, you’ll need a free printable to keep track of everything! Here’s a nice one.

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How We Paid Off Our Debt Faster With 1 Simple Tip {Growing Slower}

It really is such a simple tip. I think that sometimes we try to complicate things, making them harder than they really have to be, myself included. This “simple” tip as it’s called, is really an important one to knock out debt fast!

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That one time when we paid off our house {View Along The Way}

Kelly and her husband, Andy, paid off their mortgage completely before her 30th birthday, despite having a pretty average income. In this article, they lay out the five main steps they took to achieve their goal and help inspire others in doing the same.

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Budgeting Tips For Those With Irregular Income {Seed Time}

If you are self-employed or someone who works off of commission, your income likely isn’t the same from week to week or month to month, making budgeting a hard thing to do. In this article you’ll learn four budgeting tips to help you manage your irregular income and obtain more financial freedom.

Related: How I Survive on Inconsistent Paychecks

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Money Saving Tips for the Newly Frugal {Frugality Gal}

If living a frugal lifestyle is something new to you, baby steps are the easiest ways to ensure you’ll stick with it. This article will go over 19 different money saving tips that won’t be a huge shock to your current lifestyle and will get you on the path toward financial freedom.

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10 Smart Ways to Become Debt Free {Family Balance Sheet}

Great post full of information, tips, and tricks on how these 16 families paid off over a million dollars worth of debt!

Best Ways to Become Financially Free (10)

There you have it! What are YOUR best ways to become financially free? Do you have a trick or tip to share that’s really helped you and can encourage others?

Best Ways to Become Financially Free (2024)

FAQs

Best Ways to Become Financially Free? ›

Achieving financial freedom in a nutshell

Whatever financial freedom means to you, practicing habits like budgeting, paying down debts and monitoring your credit can help you get there. You can learn more about a specific type of financial freedom called the Financial Independence, Retire Early (FIRE) movement.

What are the 7 steps to financial freedom? ›

How to Achieve Financial Freedom
  • Clearly Define Your Financial Goals. Start this process by clearly defining your financial goals. ...
  • Track and Analyze Your Spending. ...
  • Create a Budget. ...
  • Pay Off Your Debt. ...
  • Start Investing. ...
  • Create Multiple Streams of Income. ...
  • Save for the Future.
Jan 24, 2024

Can I become financially free? ›

Achieving financial freedom in a nutshell

Whatever financial freedom means to you, practicing habits like budgeting, paying down debts and monitoring your credit can help you get there. You can learn more about a specific type of financial freedom called the Financial Independence, Retire Early (FIRE) movement.

How to be financially free in 5 years? ›

There are several steps you can take today to achieve financial independence and join the FIRE movement in just 5 years:
  1. Pay off all debt.
  2. Increase your income.
  3. Save as much as possible.
  4. Spend less than you earn.
  5. Trim the excess spending.
  6. Invest as much as possible.

How to be financially free by 30? ›

10 steps to financial freedom in your twenties and thirties
  1. Start saving for your future...now! ...
  2. Get into the habit of budgeting — and stick to it! ...
  3. Avoid debit cards and debt accumulation. ...
  4. Bank smart. ...
  5. Have an emergency fund. ...
  6. Learn about investing. ...
  7. Set goals. ...
  8. Take advantage of free money: invest in a company-matched 401k.

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

What is the 50 20 30 budget rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to go from broke to financially free? ›

How to Achieve Financial Freedom
  1. Learn How to Budget.
  2. Get Debt Out of Your Life—For Good.
  3. Set Financial Goals.
  4. Be Smart About Your Career Choice.
  5. Save Money for Emergencies.
  6. Plan for Big Purchases.
  7. Invest for Your Retirement Future.
  8. Look for Ways to Save Money.
Feb 2, 2024

What salary is financially free? ›

Perhaps surprisingly then, financial freedom comes at a much lower price point in the eyes of the average American, according to Empower—about $94,000 a year, is how much they said they'd need to earn to feel financially independent. But that's still about $20,000 more than the median household income of $74,580.

What age do people become financially free? ›

45% of young adults say they are completely financially independent from their parents. Among those in their early 30s, that share rises to 67%, compared with 44% of those ages 25 to 29 and 16% of those ages 18 to 24.

How do I turn my life around financially? ›

Browse through each to determine if there's room for improvement or if you are good to go:
  1. Get your overspending under control. ...
  2. Create a new budget. ...
  3. Find a budgeting app you like. ...
  4. Make a will. ...
  5. Protect your savings from inflation. ...
  6. Prepare for rising interest rates. ...
  7. Prepare now for your next major life event.

How do I stop being financially broke? ›

Listed below are some ideas:
  1. Create a budget. Budget your income for essential expenses, debt repayment, and savings.
  2. Reduce expenses. Shopping around lets you find cheaper alternatives to groceries, subscriptions, and entertainment.
  3. Cook more at home. Eating out is expensive. ...
  4. Shop around. ...
  5. Boost your income.
Mar 15, 2024

Where should a 50 year old be financially? ›

It's recommended to have a net worth of six-times your annual income at age 50. This figure is based on a popular savings chart from Fidelity. It estimates how much you need to retire by age 67, assuming you'll spend about the same amount in retirement that you do now.

How much should 30 year old have saved? ›

Fidelity suggests 1x your income

Fidelity Investments recommends saving 1x your salary by 30. At the end of 2021, the average annual salary was $49,920 for 25 to 34-year-olds and $58,604 for 35 to 44-year-olds. So the average 30-year-old should have $50,000 to $60,000 saved by Fidelity's standards.

Is 30 too late to build wealth? ›

The good news is that it's never too late to start investing in your future. No matter what you've achieved so far, our handy guide offers you tips and tricks on how to build wealth in your 30s and 40s.

What is the 30 30 30 rule financial? ›

One of the most popular rules, the 30:30:30:10 rule, can be applied both in terms of income planning, as well as pension planning. The income planning version says that you put 30% of your income towards day-to-day expenses, 30% towards investments, 30% for retirement savings and 10% for emergency expenses.

What are the Dave Ramsey 7 steps? ›

You can too!
  • Save $1,000 for Your Starter Emergency Fund.
  • Pay Off All Debt (Except the House) Using the Debt Snowball.
  • Save 3–6 Months of Expenses in a Fully Funded Emergency Fund.
  • Invest 15% of Your Household Income in Retirement.
  • Save for Your Children's College Fund.
  • Pay Off Your Home Early.
  • Build Wealth and Give.

What are the 7 steps of financial planning? ›

7 Steps of Financial Planning
  • Establish Goals.
  • Assess Risk.
  • Analyze Cash Flow.
  • Protect Your Assets.
  • Evaluate Your Investment Strategy.
  • Consider Estate Planning.
  • Implement and Monitor Your Decisions.
  • AWM&T: Your Choice for Financial Fitness.

What are the 7 stages of wealth? ›

Sabatier's 7 levels of financial freedom
  • Level 1: Clarity. ...
  • Level 2: Self-sufficiency. ...
  • Level 3: Breathing room. ...
  • Level 4: Stability. ...
  • Level 5: Flexibility. ...
  • Level 6: Financial independence. ...
  • Level 7: Abundant wealth.
Aug 25, 2022

What is the 4 rule for financial freedom? ›

The 4% rule says people should withdraw 4% of their retirement funds in the first year after retiring and take that dollar amount, adjusted for inflation, every year after. The rule seeks to establish a steady and safe income stream that will meet a retiree's current and future financial needs.

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