Mad_About_Money_final Nov. 2016 | Page 9

MadAbout Money that said job, till you have a reasonable amount in your bank account to retire comfortably. But where is the financial freedom in this scenario? Why do we have to achieve that only when you’re eighty years old? The words ‘financial freedom’ isn’t something that people exactly understand the meaning of. On the other hand, the word ‘debt’ strikes unease and to some extent fear in people’s minds. So why does this happen? Making people financially literate can solve this problem.. RELATIONSHIP BETWEEN TIME MANAGEMENT AND WORK F or many generations, people have encouraged children to study hard, just so that they can become doctors or engineers. Why is this? Because these two jobs provide immediate hiring as well as security; security in the sense, if you’re fired, it’s not going to be very difficult to find another job. PARENTS ARE BECOMING AWARE, BUT THE CHANGE IS EXTREMELY SLOW But there has been a divergence to this tradition. People, though still a very small percent of the population, are giving their children free will to pursue what they dream to do. Parents are becoming aware, but the change is extremely slow. So the rule of the world is basically to study till you land a good, paying job. Then you work at In order to achieve the said financial freedom at a MUCH younger age, where one can actually enjoy the benefits, you should actually be clever about the relationship between time management and work. Debt is something everybody tries to avoid. The most common type is because of student loans and honestly, people especially students don’t have a choice. In today’s day and age, the cost of good quality education comes at a high price. So if you are in debt, the first thing on your agenda should be to get rid of it. In the fastest and earliest way possible. If you’re a college student and struggling with a mountain of debt, taking up the waitressing job at the local coffee shop isn’t going to help you financially. On the other hand, the timings might be flexible enough for you to study for your tests and exams. Here’s where you should be smart about it. Working at the café is going to help you during your semesters but during the summer? Not so much. So your summer should be utilized by searching for a slightly higher paying, better job, related to your major. That way, you earn as well as gain the experience. Adding said experience will definitely be a bonus to your résumé. It’s a win-win situation really. DON’T EXCHANGE MONEY WITH TIME, BE SMART ABOUT IT So don’t exchange money with time, be smart about it and try to come up with ways in which you can be benefitted at the same time. So thinking and planning ahead allows you to enjoy the luxury of financial freedom at maybe age thirty, instead of eighty. Making time and money work for you is one of the passive sources of income. So the bottom line is, making time and money work you is the best way to go about life, instead of it being the other way around. TIPS FOR FINANCIAL FREEDOM Today’s Tips Expand Your Income Horizon If you are too fearful to take risks and quit your job for a start-up, try to utilize the money you have in a smarter way. Do thoughtful investments in shares or properties which can bring you money faster and with little effort, besides your regular salary at the end of the month. Team Work Matters If you are aiming for financial freedom and has a family, your spouse also needs to think likewise. As a team, you need to work out on your financial gains and expenses to reach towards financial freedom 9