{"id":355407,"date":"2023-11-29T11:43:00","date_gmt":"2023-11-29T03:43:00","guid":{"rendered":"https:\/\/www.ziet.co\/v2024\/?p=355407"},"modified":"2024-09-27T11:45:37","modified_gmt":"2024-09-27T03:45:37","slug":"financial-freedom-guide-for-9-6-workers","status":"publish","type":"post","link":"https:\/\/www.ziet.co\/v2024\/newsletter\/financial-freedom-guide-for-9-6-workers\/","title":{"rendered":"#19 Financial Freedom Guide for 9-6 Workers"},"content":{"rendered":"\n

<\/path><\/svg><\/span><\/span>Estimated reading time: <\/span>5<\/span> minutes<\/span><\/p>\n\n\n

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Timely updates to supercharge your wealth-building journey!<\/p>\n\n\n\n

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TABLE OF CONTENTS<\/strong><\/h3>\n\n\n\n
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  1. Financial Freedom Guide for 9-6 Workers<\/a><\/strong><\/li>\n\n\n\n
  2. Word of the Week: PPP (Purchasing Power Parity)<\/a><\/strong><\/li>\n\n\n\n
  3. Key economic dates: GDP, PCE, Initial Jobless Claims, PMI (Nov), Powell Speaks<\/a><\/strong><\/li>\n\n\n\n
  4. What I\u2019ve been reading<\/a><\/strong><\/li>\n<\/ol>\n<\/div>\n\n\n\n
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    Financial Freedom Guide for 9-6 Workers<\/strong><\/h3>\n\n\n\n

    Are you working a 9-6 job and aspiring to build wealth for various life goals like family, travel, or early retirement? Well, it’s time to turn those dreams into reality, and I’m here to make it as doable as possible!<\/p>\n\n\n\n

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    Find Your WHY \u2753<\/strong><\/h4>\n\n\n\n

    Before diving into the practical steps, it’s essential to identify your “WHY.” Determine why you want to embark on this journey. Start by setting clear financial goals in three time frames: short-term, mid-term, and long-term.<\/p>\n\n\n\n

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    1. Short-term Goals \ud83c\udfaf<\/strong>
      Short-term goals are those achievable within a year. Examples include establishing an emergency fund. The general rule of thumb is saving 3 to 6 months’ worth of expenses. For more efficient saving techniques, consider exploring our dedicated video.<\/li>\n\n\n\n
    2. Mid-term Goals \ud83c\udfaf<\/strong>
      Mid-term goals have a 1-5 year horizon and could encompass buying a car, making a down payment on a house, planning a wedding, or undertaking home renovations. Aim for at least 3 years’ notice, so you’re ready when the bill arrives!<\/li>\n\n\n\n
    3. Long-term Goal \ud83c\udfaf<\/strong>
      Long-term goals extend beyond the 5-year mark, think retirement, your kid’s college fund, or paying off your home loan. Add in those family commitments, like medical bills or hiring a nanny for your ancient parents (just kidding, they’re not that old).
      Don’t forget to get a medical card to dodge those unexpected “accidents.” Touchwood, but you never know!<\/li>\n<\/ol>\n\n\n\n

      Budgeting \ud83d\udccf<\/strong><\/h4>\n\n\n\n

      Consider adopting the 50\/30\/20 budgeting rule: allocate 50% of your income to savings, 30% to essentials, and 20% to discretionary spending. But how about flipping it to 50% savings, 30% essentials, and 20% fun?<\/p>\n\n\n\n

      Invest in yourself with that 50% savings – learn new skills, get shiny productivity tools, or network to get more opportunities. Just don’t fall for MLM schemes or become a supplement pusher. Trust me; they rarely work out. \ud83d\ude09<\/p>\n\n\n\n

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      Good Loan Repayment Practices<\/strong> \ud83d\udcb0<\/h4>\n\n\n\n

      Let’s tackle loans with some strategy! Start with the high-interest ones, like credit cards. Pay those off on time – need some efforts, but you’ve got this!<\/p>\n\n\n\n

      Consider the Debt Snowball Method – pay off small loans first and snowball that momentum into bigger ones. It’s like a satisfying game of financial dominoes. Small wins lead to big victories! \ud83c\udfc6<\/p>\n\n\n\n

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      Increase Your Earning Power \ud83d\udcaa<\/strong><\/h4>\n\n\n\n

      Wealth = (1) Increased income + (2) decreased spending. It’s a simple equation, really.<\/p>\n\n\n\n

      Want to increase your income? Sell your time. Get a part-time gig or an online side hustle that matches your schedule. It might not be glamorous at first – you could be editing PowerPoints or sorting data. Anything that matches your aptitude + can earn you money!<\/p>\n\n\n\n

      Alternatively, aim for managerial roles for a fatter paycheck. Learn the skills that count, like communication, negotiation, and networking. Until then, put in the hours, be the hardest worker in the room, and you\u2019ll get there eventually.<\/p>\n\n\n\n

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      Invest \ud83d\udcc8<\/strong><\/h4>\n\n\n\n

      Now, never stop learning about making money work for you.<\/p>\n\n\n\n

      Start with safe options like Fixed Deposits or money market funds to beat inflation. Then, as your wealth grows, dip your toes into the stock market. I’m not giving financial advice, but check out legit businesses like Apple and Tesla (not saying you have to buy tho \ud83d\ude09), and be a part of them!<\/p>\n\n\n\n

      All said and done, remember this.
      \u2728Wealth = Increased income + decreased spending<\/strong><\/p>\n\n\n\n

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