pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
Financial Freedom

5 Steps to Gaining Financial Freedom after an Emergency Happens

Posted on April 11, 2018November 25, 2020 by Tina Roth

A financial emergency tends to leave your soul crushed and your wallet drained. As taxing as it may be on your life in general, you should never lose your composure and stay confident – there is a way out! To illustrate the point, we’re going to guide you on your path to financial freedom with this 5-step recovery system:

Financial Freedom

Evaluate your situation

Alright, so the first step is to assess how dire the situation is. Depending on your average monthly spend and income, how long do you believe is going to take you to dig yourself out of the situation? Generally speaking, even if you bank account is completely drained, as long as you earn more than what you spend on a monthly level, you should be fine.

If you have any disposable assets you can sell on demand, even better. That way, you’ll be covered in case of another financial shakeup. In the event of your assets not selling immediately, there are still options to consider, with one of them being Northcash online installment loans. But again, this is for emergency use only, because these types of loans tend to have higher interest rates.

Pinpoint the way out

Is your current income enough to get you out of the heat, or do you need to seek out additional ways to earn or raise money? Make sure to take all of your taxes and other expenses into account that people often forget. Also, don’t forget to only calculate attainable goals. For example, if you determine that you need supplemental income to stay afloat, keep in mind that it may not be attainable the very same moment you need it.

Define actionable steps to take

Having a plan is not enough if you don’t map out the specific steps you need to take next. They need be concretely defined in terms of ‘do X or do Y’, with very specific deadlines and values, not just loose milestones. That way, you’ll give yourself enough motivation and drive to actually work on your situation and not just dream about it.

Execution

This is the point where many people fail due to always finding excuses. Being too tired, hungry, or stressed out may only be used once in a week, but no more – otherwise it doesn’t count! Of course, this is to be taken with a grain of salt, but you get the idea.

Adapt as needed

Things are not always going to go smoothly, so it’s good to see if your actions are brining you the desired results. If not, adapt and find something new. Quite often, you will find that the path you’ve decided to take on the first go will not turn out the way you had planned, but don’t worry; one of your choices is bound to bear fruit in one way or another.

Conclusion

That’s it! If you follow the roadmap we’ve laid out for you, you should be well on your way to financial freedom or at least stabilize the situation you’ve found yourself in. To your success!

Category: Personal Finance

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Stock Market
    Understanding the Gov Tech MarketFebruary 16, 2023
  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Stock Market
      Understanding the Gov Tech Market
    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme