Believe it or not, there is a formula to live with all the comforts you always dreamed of.
Opinions expressed by Entrepreneur contributors are their own.
Believe it or not, there is a formula to live with all the comforts you always dreamed of . Achieving the lifestyle that you want is not that complicated, the key is to make some changes in your financial habits and set yourself clear goals in the medium and long term so that you can focus on working on your current situation and turning it around to generate excellent monetary results.
According to the Federal Consumer Prosecutor’s Office ( Profeco ), 54% of the population between 15 and 29 years old make purchases that go beyond their budget, 20% prefer to spend rather than save , 18% purchase products that they do not need and about 26% never or almost never compare prices between establishments. All of these decisions sharply hold back your financial freedom.
However, to achieve that your passive income is greater than your expenses , it is necessary to implement a series of strategies that help you develop the formula in a satisfactory way to obtain the results you expect. These are:
Adopt a monthly budget
The lower the number of your monthly expenses, the easier and faster you will achieve the lifestyle you always wanted, the key is to simplify, that is, record all your money exits and income no matter how minimal they are so that you can eliminate unnecessary expenses that sap your economy, download a free monthly budget app for iOS or Android to have better control of your finances.
Create your goose that lays the golden eggs
It does not matter if you are in debt or if you earn little money, generating your own capital is easier than you imagine, just take advantage of your contact networks and capitalize on your talent doing what you like: teaching courses, cooking, taking care of pets, etc. ., there are countless activities that could make you earn money without having to kill yourself working, in my free e-book 5 strategies to earn extra money , you can give yourself ideas.
Do not fall into temptations
With the simplification of expenses and the profits that your talents generate, your capital will begin to grow and accumulate, so it is very important to maintain sobriety and avoid emotional purchases at all costs, since this type of expenses will be a temporary placebo. that will leave you a hangover in your pocket. Use that capital for investment and passively generate income so that you can live like a true king.
Vehicles to Financial Freedom
Allocate your capital to different investment vehicles so that over time the returns obtained allow you to maintain or improve your lifestyle, however, you must bear in mind that the investment world is very volatile and changing, so it is necessary understand the pros and cons of each investment, you can start in the CETES , where you do not need large amounts of money, with 100 pesos you can generate returns and then migrate to another type of investment, points out the expert in personal finance.
Spending more, not comparing prices and not allocating a certain amount of capital to savings and investment, can take you away every day a little more from the dream of living comfortably, it does not matter that currently your financial situation is zero, perseverance and the firm desire to love A dignified lifestyle are fundamental pieces to fulfill your dreams, you are in time to get out of the destructive cycle that does not allow you to create wealth.