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How to Achieve Financial Freedom

Even When You're Broke

By Jaymie SuhPublished 2 years ago 5 min read
How to Achieve Financial Freedom
Photo by Kristina V on Unsplash

Financial freedom is something that many people dream of having. It’s not easy to achieve it if you are not earning enough for your everyday needs.

Many financial gurus out there will tell you to start saving money. But what if you are already living a frugal life, yet it still seems not to work out?

How to Achieve Financial Freedom

1. Ask for a Raise or Quit

If you are already employed, it’s a good start. But you need to make sure to get a raise if you have been around your job for a long time. Ask your boss to give you a raise. But before that, make sure that there’s a good reason for that.

Make sure to upskill before asking for a raise o a promotion. You don’t want to end up getting rejected because you haven’t learned a new skill for all those years. Make yourself marketable so that any employer will want to have you.

If you didn’t get that promotion or the raise and you know that you have what it takes to have better compensation, then go ahead and quit. That job will never pay you more and if you have more skills and experience, better find a greener pasture.

2. Find Other Income Sources

Whether you get the raise or not, make sure to find another income source. Living on one income will not get you anywhere. If you have a family to support, then you need to find another way to earn money.

Start a business online so that you don’t need to get another job. It’s not healthy to work yourself too hard. The secret is to work smart, not hard. Find something that you can market and earn from here.

Make sure to earn more than enough money from what you need. It’s the only way that you can start saving money. Try not to use your credit card. Buying things from credit will just keep you from where you are when it comes to financial status.

3. Practice Self-Discipline

Self-discipline can play an important role in your life to achieve financial freedom. You have to practice self-control when you start to earn more money. It will let you prioritize the things that you need. Avoid buying the things that you only want that will not help to improve your situation financially.

Once you get that raise or a higher paying job, you should now start paying your debts. Being debt-free is the key to making sure that you will not end up owing more than you earn. When you have cleared your debt, you will be glad to know that most of your salary will be yours except for paying the utilities.

4. Commit On Saving

When you have already paid off your debts, it’s now time to start saving money. To do this, you have to be committed to your financial goal. Decide on what exactly you want to achieve. Do you want to become a millionaire or just enjoy a comfortable life?

It’s all up to you to decide but when you’re just starting to save, it should be for your emergency savings first. Most people will save up at least six months’ worth for their emergency savings. It’s up to you how much you will need to survive in case something happens, for example, the pandemic.

Building your emergency savings will provide the security that you will need. Your job is not secure and it’s better to be prepared for the worse. If you lose your job, you will have six months to relax while finding a new one. Or it’s better if you start your small business as well.

5. Stop Buying Trash

Many household items are considered trash. Tissue paper is one of the most consumed items from the US. It seems that they can’t live without it. When the pandemic strikes, they have a tissue paper shortage. But it’s technically trash since you have to throw it after using it.

In the Philippines, we don’t use too much tissue paper. Do you know why? Because we wash with soap and water when we’re done with our business. That’s more hygienic than wiping yourself with tissue paper. Plus, it will end up adding more trash and also it’s an unnecessary expense.

But if you must, try to limit your usage and use soap and water instead. That will be more eco-friendly and it will lessen your usual expenses. I’m not against using tissue paper just to clarify. What I’m saying is that there are other ways to reduce your expenses since it all adds up.

6. Stay Frugal

If you have more than one source of income and start saving money, then congratulations! But you’re not done yet. You have to keep on saving and being wise about your hard-earned cash at all times.

If you’re already earning more, don’t change your lifestyle. Stay frugal and wise with your purchases. You can instantly achieve financial freedom if you remain frugal. Living below your means you can have more money to save.

Even after completing your emergency savings, it doesn't end there. You should start investing your money. That way, it can earn passive income and grow over time without doing anything. Let your money work for you.

7. Build Your Empire

Financial freedom is a lifestyle. If you keep on living more than what you earn, you will end up with square one. It doesn’t mean that you have to wear rags to work. But keep your spending to the minimum. Always be smart with your purchases.

Once you’re living a comfortable life, you can now start building your empire. Dream big so that when it happens, you will have more than you expected. Make those dreams your goals so they can be attainable.

Start your business so that you can be your own boss. Then you can make yourself rich, not another person. It doesn’t need to be big right away. Just start your own company. Then go from here. Continue learning so that you can live a more comfortable future.


Being ambitious is not a bad thing. It’s what will keep you going. Having financial freedom will help you to reach your full potential. Then you will soon discover that you should not be just an employee but the boss. When everything’s doing well, don’t stop and keep on going. After all, your financial freedom will be your legacy for the future generation.

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About the Creator

Jaymie Suh

A highly regarded writer known for her insightful and engaging content. With a passion for storytelling and a talent for crafting compelling narratives, she has made a significant impact in the world of online writing and content creation.

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