How to Achieve Financial Freedom in 2024

It’s the time of year to make those pesky New Year’s Resolutions and one goal many have is to find out how to achieve financial freedom and make it happen.

Yet we don’t need to have a New Year to put our finances in order.

It’s something to do regularly to keep an eye on things.

You cannot make something grow, money in this case, if you don’t know what’s going on with it in the first place.

So take an assessment of things and then you’ll know how to adjust.

In this post, I’m going to talk about how to achieve financial freedom in 2024 and beyond by doing a few simple things to keep you headed in the right direction. 

Do a Review of Your Current Finances to Know How to Achieve Financial Freedom

Doing a review of what’s going on with your finances is a good habit to have.

There are a few things you can take note of to have a better idea of what’s going on.

First, review your monthly statements to make sure you’re not overcharged for purchases and bills, as well as to make sure no unauthorized charges were made.

Second, review your emergency fund and savings. Take account of what you have and what you want these accounts to be at. Then make a plan to get there.

Third, take stock of all your debts and put them in order from the lowest monthly amount due to the highest monthly amount due. 

This is so you can use the debt snowball method to quickly gain traction and become debt free. 

Check out my article 5 Simple Ways to Become Debt Free.

And lastly, check your credit report. This should only be done about once a week.

You can check your credit report through your bank account or through a company like Experian, Equifax or TransUnion. You can get a free credit report for all three by going to www.annualcreditreport.com.

Assess Your Financial Goals

If you don’t know where you’re going, you’ll never get there. 

So taking an assessment of your financial goals and adjusting as necessary is important. 

Some of you might not even have any financial goals, but rather just go with the flow by working day in and day out without having an end in sight. 

If that works for you, great. For the rest of us, however, it’s not enough to just live life passively.

If you’re anything like me (and I’m guessing you are because you’re reading this article), you want more out of life.

And having more out of life requires money.

So set some realistic financial goals to work toward. A great example of one is to increase your monthly income.

Increase Your Monthly Income

If you want true financial freedom, you need to earn enough money to make that happen.

Maybe you do make enough money to do that, but the majority of people don’t. 

There are various ways you can increase your monthly income.

For example, you can save more, ask for a raise at work, take on a second or third job (I had 4 jobs at one point in my life), invest, or start a side hustle.

If you want to start a side hustle you can work on before or after work, check out my article 13 Most Profitable Online Businesses to Start in 2024.

FAQ Section

How Important Are These Steps in Order to Know How to Achieve Financial Freedom?

Very. Without doing these financial steps, you won’t have a good idea of what’s going on with your finances or the direction you are going with them.

It’s like having a map on a long road trip. You wouldn’t start out without a detailed map.

How Do You Know How to Make the Right Financial Goals?

That depends on what you want. 

Do you want to increase your income by $100,000? Or do you want to be able to leave your 9-5 or simply retire? What about leaving a legacy for your family?

To make the right goals is a personal decision. 

Once you know where you’re going, you can then set the smaller goals that lead to your overall larger goals. 

In a Nutshell

How to achieve financial freedom this year or any year is simple. 

It takes a few simple steps to establish a strong financial foundation. Without this foundation, financial freedom is not possible. 

To open the door to the possibility of financial freedom, it’s important to review and take note of your current finances and assess your financial goals and pivot if necessary to reach your goals. 

This is the beginning of the path to financial success.