![]() ![]() “If you have a job loss, you’d make some changes. Rather than just factoring in your regular, everyday expenses when calculating how much you should have saved, financial experts recommend thinking about how your finances might look in an uncertain financial future. “At this level, you’re not worried if you lose your job or if you have to move to a different city,” Sabatier says. By building up emergency savings, you ensure that unexpected circumstances won’t disrupt your finances. ![]() StabilityĪt Level 4, people have paid off high-interest debt, like credit card debt, and have saved six months’ worth of living expenses for emergencies, notes Ryan Ermey for Grow. But those days of living paycheck to paycheck or relying on financial assistance from your parents or credit cards are over. Then again, you might have a few debts eating up much of your income.ĭespite reaching level 3, you may still desire more from life. In addition, you have more wiggle room to cover unexpected expenses like a big vet bill or home renovations. After all, if you’ve ever lived paycheck to paycheck, you know how suffocating it can be.īut what exactly does breathing room mean? Once essential expenses are covered, you have some extra money to invest in stocks or for an emergency fund. Here, we get a chance to take a breather. The problem is, how can you live with high living costs, exorbitant debt interest, and everything else eating into your wallet? However, you can build wealth, pay off debt, or save for a vacation if you follow these seven steps. To achieve your financial goals, pay your bills, and most importantly, enjoy your life, you must feel confident, independent, and secure. This is where Grant Sabatier’s 7 levels of financial freedom come in – a roadmap for assessing and improving your finances so much that you become financially free. If you want to help others, you can donate to charities, start your own foundation, or volunteer. Being financially independent can give you the power to change the world. If you want, you can start your own business, write a book, or travel. Having your passions in your life is easier when you’re not stuck at a job you hate. ![]() Also, you can get more involved in volunteer work or other activities. You can travel more, take more vacations, and spend more time with your family when you’re financially independent. Spend more time with family and friends.There’s no worry about losing your job or struggling to pay your bills, and you can spend your time how you want. Financial independence means you’re not dependent on your boss or the economy. Financial independence lets you pursue passions or choose your own work. It’s getting harder and harder to make ends meet working long hours at jobs you don’t like. There are lots of reasons why people want financial independence. ![]()
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