We’re all looking for a way to be completely free from the burden of society; waking up at a set time, getting your tired self to the office, and sitting put in your chair while wishing you were with your family instead. Young adults are increasingly starting to break out of the 9-5 cycle, though, and finding ways to enjoy their life a bit more without having to be tied down by office work and inflexible work hours.
If this is your dream too, you’ve definitely come to the right place. Here is a handful of ways to get rid of debt a bit faster and even be your own boss so that you’re in charge of how you spend your time. It used to be an impossible dream back in the days but, luckily, it’s more achievable now than ever.
First: Becoming debt free
First of all, you won’t be able to taste that freedom unless you’ve gotten rid of the debt that is holding you down. Some types of debt are, unfortunately, here to stay for a couple of years such as your homeowner loan and even your student loan. While you can always try to pay these down a bit faster, it’s better to focus on your smaller debt for the time being – such as your credit card.
If you have been struggling with making those payments and even worked up a rather bad credit score, you might think that this is the end of the road for your dream of financial freedom. Luckily, it’s not the case; a lot of lenders offer loans even if your credit score is bad and, if you’re able to pay off a lump sum of your other loans, the creditors might be able to write the rest off.
Look for bad credit secured loans online, first of all, and keep in mind that it’s even easier to get this if you’re already a homeowner. That way, they will just take security in your home and you’ll be able to have something to bargain with when negotiating with those creditors.
Next: Starting a side-hustle
If you’ve never heard of side-hustles before, the idea is actually quite simple. While working your regular daytime job, you could slowly start to build something of your own. It should be something you have fun with, though, something you’re able to make a bit of money from – and, hopefully, something you could go full-time with eventually.
Financial freedom while your still young will, in most cases, mean that you need to start your own business. Otherwise, you’ll be working your way up the career ladder until you’ve reached your golden years of mid-forties. You’ll still be relatively young, though, and it’s nothing wrong with doing this if you genuinely enjoy the work you do.
If not, on the other hand, it’s much better to find something you’re passionate about, make the leap as an entrepreneur, and hope for success a bit sooner.
While you’re doing all of this, it’s important to keep in mind that your focus should be on saving money and making money. When you have debt, it simply won’t be as easy to save – and, when your income is rather low, it’s not as easy to make money either. Solve these issues, first of all, and you might be a step closer to financial freedom.