10 Financial Freedom Habits For Young Adults: Master These Strategies
The desire for liberty in all aspects of life is a noble one. This is especially true when it come to money. The passion independence burns while you’re still young. It is the realization of much bigger things to aspire for. A great escape from the grind of everyday life. And if you’re a little older, the drive could even be much deeper. It’s because you could be making up for lost time probably. But the easiest most over looked approach in the adaptation to financial freedom habits for young adults.
The real price of financial freedom is the sacrifice involved. This entails the mastery of the habits listed in this article. You will be able to escape the income cycle of the rat race. As well as the prospects of early retirement. You will have freedom from all your money worries.
1. Habit of Investing in Yourself
The first price you have to pay for financial freedom is self investment. This is the ultimate sacrifice of self development. It is how you’re going to achieve your self-growth objectives. Among the daily rituals you can create, you’re better of building basic financial freedom habits for young adults.
You achieve this through investing in your mind, intellect, body, and health. This requires the systematic study of your craft. You could also focus on further developing the skill set you already have. The beauty in all this is that you can choose either the formal path or informal. With the latter, you can access online resources and tutorials. You can learn at your own pace.
Stick to reading books from the non-fiction category. Let the subject matter be on personal finance, money management, investing, and business. It also helps if the categories are specific to your line of work or industry. This focused way of study eventually leads to mastery.
Sage Tip: 7 Reasons Why You Should Always Invest in Yourself
2. Habit of Investing Your Money
Investing may come in many forms. Your first habit was the investment in building a healthy money mindset. It is from this foundation that all the financial magic happens. Investing your money allows you to find a financial engine or an asset class.
Some of these include: Stocks, Bonds, ETFs, and Real Estate. There are multitudes of other investments out there literally begging for your money. But your money will love you when you commit to due diligence. It’s one of the more essential financial freedom habits for young adults we can discuss here.
Put your hard earned income to productive use. You will be aiming for high yields, returns, dividends, or even capital gains. Or pursue real estate investments that have rental income. But the rewards have their associated risks. Discover them along the way.
Sage Tips: 6 Habits that Can Make You Rich for Life
3. Habit of Learning New Skills
Learning a new skill is crucial in building up your money mindset. This could be a high income skill for sure. You will accelerate the growth of your investment nest egg this way. Because this fosters better decision making in terms of allocation of capital to the right areas.
The easiest way of acquiring a valuable skill nowadays it through an online course. Choose a standard paid version or its free equivalent. It will take you minutes to find one in the field of your interest. This method requires focus and dedication. The learning path requires zeal on your part. Many financial freedom habits for young adults such as this require one thing. You must be willing to take immediate action.
Be willing to grind towards the achievement of the end results. Remember, that without action, the acquired skill could be lost in thin air. You’d have to work yourself up to re-learn forgotten financial literacy skills. This can take a toll on the next try. However, this could be great news if you’re an action taker. It’s a neat barrier that will keep competitors at bay.
Sage Tip: 20 Best Investing Books for Beginners Reviewed
4. Habit of Waking Up Early
The financial freedom quest requires some serious habit acquisitions and retention. One of these is the ability to rise up early in the morning. This routine sounds difficult if you’re not an early bird. But it has become a part of the nature of many who are pushing to the front.
The easiest trick in the book is the use of an alarm clock. To wake up using an alarm device you must first take a few things into perspective. Firstly, prepare all your work and tasks and tools you’ll need the night before. Setup everything. Don’t forget to put your clothes together in advance.
Then set the alarm for 15 to 25 minutes earlier. This will give you a nice margin to wrestle with your soul to get your feet onto the floor. One of the most beneficial financial freedom habits for young adults and tips you can hear. The secret lies in your small daily victories against the resistance of the comfort zone.
5. Habit of Staying Up Late
Making more money and growing your wealth requires sacrifice. You’d need more uptime. I know you think this isn’t fair. Especially when you combine the habits of waking early, and sleeping late. But this is the currency that buys that freedom you’re yearning for.
Your 9 to 5 full-time job pays for your living expenses. It is what keeps body and soul together. But the extra hours you put in beyond those is the financial game changer. You can magically extract a few hours from TV, video games, social media, and casual friendly chats. Use that time to nurture a side-hustle or dream. You’ll get closer to your financial independence in no time.
Trust me – you don’t have to do this forever. You need just enough to set you off to a bigger money mindset than you already have. And someday, other people (your future employees) will be performing these financial freedom habits for young adults to help build your million dollar business.
6. Habit of Adopting New Habits
There are no better financial freedom habits for young adults than the habit of adopting new ones. This is equally true for bad habits. You need to set a goal to purge the old unprofitable habits. This is how you make room for the new ones. This process requires dedication, learning and practice over time.
Some of the more important habits are budgeting. It’s the practice of organizing and allocating systematically your after-tax income. These include saving to build an emergency fund. Also the systematic investing in financial assets such as stocks and ETFs. These alone if mastered over time will almost assure you of a definite million dollar nest egg at the age of retirement or even sooner.
7. Habit of Overcoming Failure
In all your self-development, acquire the habit of bouncing back from failure. Indeed, a lot of people may see failure as the end of the road. But this shouldn’t be true in your case. Failure is just feedback. It is basically another way you’ve just discovered that didn’t work. Therefore make up your mind to always take a step back and try again. Keep trying the same thing. Then if all possibilities are exhausted, you can try something else.
This process has been the drive for all the success you can find under the sun. Just as you experience stumbling blocks in your work, life and business; so do your competitors. This builds a barrier of entry of new competitors coming into your line of work or niche. Through natural selection, the universe weeds out the weaklings. The quest for achieving enduring prosperity is rooted in these financial freedom habits for young adults.
8. Habit of Overcoming Rejection
As pivotal as failure is to your rough but sure progress, rejection is also a necessary evil. Rejection could manifest in many ways. Rest assured that this too is part of life. It is a universal statistical service that funnels all our wants through a tiny pipe that births success on the other side. Accepting this is key to having the optimist mindset.
Natural rejection may include the sales process (in a business) or job application for example. Have you realized that everyone needs to fill job applications to land a role? The organization usually requires you to take an interview also. Then the best candidate comes on top. Few people would have to be pushed to the side and rejected. Embrace this concept quickly. Even sales efforts require a conversion rate that focuses on results and not rejections.
9. Habit of Managing Your Limited Free Time
In your quest to attain financial freedom, you will realize that you will have very little free time left. Does this mean you don’t have a life? Certainly not! It just means that your life has moved up one notch from being quantity focused to becoming quality focused. These solitary financial freedom habits for young adults pay off eventually by buying back your freedom.
You don’t need to spend a lot of time with family and friends to feel complete. You just have to make sure that you make the little time you spend with them count. This is the definition of quality time. When this is done purposefully, you will achieve extra ordinary financial success that will enable you to pick up the tab during exclusive vacations and travels with the people you care about.
10. Habit of Balancing Work with Relationships
Your relationships need not suffer any type of fracture as you build your momentum. Your financial freedom habits for young adults are propelling you towards money mastery at this point. Your emotional well-being is as important as the health of your investment portfolio. The key here is finding sustainable balance. This will make you feel rich emotionally.
Build a solid routine of tenderness when you spend time with your loved ones. It is as simple as turning off all notifications on your devices during quality moments. Your partner and close friends would appreciate you more. Secondly, explain the boundaries that you’ve set to help you succeed. You will be surprised how they’ll cheer you on and support you. They’d be more likely to respond with full respect for your craft.
A Summary List of all the 10 Financial Freedom Habits for Young Adults
- Habit of Investing in Yourself
- Habit of Investing Your Money
- Habit of Learning New Skills
- Habit of Waking Up Early
- Habit of Staying Up Late
- Habit of Adopting New Habits
- Habit of Overcoming Failure
- Habit of Overcoming Rejections
- Habit of Managing Your Limited Free Time
- Habit of Balancing Work with Relationships
A Few Parting Words
These ten financial freedom habits for young adults are the great sacrifices that will make you a winner. Some of them may look intimidating, but they’ll end up being fun to jump into. When I started developing my fitness habit alongside my money goals, a one mile run seemed impossible at the time. Today, my typical base run each week is more than 10 miles. A simple tale of starting small and building up gradual steam over a period of several years.
The benefits seem obvious, but they are transferable to other areas of your file. When you win in fitness, it gives your sex life a boost also. That also raises your self esteem levels in running your side hustles. As competitive as your niche or industry may be, your competitors have to contend with the new you – as you adopt these financial freedom habits for young adults relentlessly.
Drop your comments below and share your progress if you have already started this journey. Other reader would be delighted to hear tips for staying the course.
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