Road to Financial Freedom: 5 Tips to Help You Become Financially Stable by your 40s

Financial stability or having enough cash on hand, growing investments, and maintaining savings for the future is a goal for many. It is one of the many things most millennials want to achieve before they turn 40. If you agree, this quick read is for you. Because it really is the time to think about your future.

First off, you have to realize that you have the power to achieve this goal. Also, you have to remember that age doesn’t matter here! You can start your way to success at a young age, and even if you’re close enough to your 40s! Regardless of your circumstances, as long as you have the proper discipline and the willingness to build good habits, you can work your way towards financial freedom.

Here are five tips to help you become financially stable by your 40s:

Determine your life goals

Knowing what you want in life really helps you to align your goals. It gives you enough drive to pursue them and the wisdom to strategize on how to achieve them. 

But wait, hold on! Some of you may ask: “What if I don’t know what I want in life?”

Honestly, this is tricky and frustrating. But don’t be so hard on yourself. Instead of knowing what you want, you can start by considering your needs. Plan on how you can maintain providing for your needs; think long-term. Even if you don’t have specific goals to achieve yet, having this in mind will help you realign your thinking regarding your future.

Stick to a budget

It’s relatable how most of us struggle when it comes to budgeting - especially if you’re living from paycheck to paycheck. That’s why it’s important to construct a budget plan. Frugal people have already mastered this, and it could be an enjoyable habit for them (well, maybe not). While for some, it may sound boring and technical, right? So, let’s make it fun!

I know it’s terrifying to come face to face with your expenses (especially if you’re a happy-go-lucky kind of person), but one thing you can do is to befriend them. Take some time to sit down, organize your expenses, and realize what needs to stay and must be taken out - just like pruning your circle. See all these - your house, your utilities, food, travel, and if you have other specific expenses that seem important to you - as companions, something that provides your needs. Since these are essential for your daily living, it is natural that you keep them, but you have to give them limits, hence the budgeting.

Remember that it is important to live within your means. So, learn to stick to your budget plan, just like setting friendly boundaries with other people.

Start saving NOW

Once you’re settled with your budget plan, it is now time to save up. If your budget plan is your companion for the present time, your savings, on the other hand, will help you secure a better future. 

If you are able, you may set a specific amount (let’s say Php 1,000 or higher) that you can save up every month. It’s better if you open a separate saving account so it won’t get mixed with your current budget. Explore banks that offer the friendliest terms with competitive interest rates so you could also grow your savings, without doing much.

However, to those who are still struggling from time to time, take it easy but choose to be responsible. No matter how much amount of money you can save up, it’s okay. Just be flexible, but you must also be serious enough about saving up. Again, always think long-term; what you plant today will give you good fruits if taken care of. 

Work smart

Be open to new opportunities. Right now, there are many ways that you can come up with if you really want to double the source of your income. Maintaining a stable job while opening a small business on the side, or getting sidelines, is just one way to do it. 

Working smart could also mean working on your passion projects! For example, if you desire fulfillment in your career, you might consider creating something (your art or a certain product) and selling it or providing services to people who might need it. This way, you will fulfill your sense of purpose, which could also help you provide for your daily needs.

Note:

Always be open and stay creative! It’s time to start embracing your skills and nurture them.

Learn to invest

Now that you’re slowly gaining assets don’t hesitate to explore more! Look for investment opportunities where you can grow - financially, mentally, and emotionally.

Take some time learning about mutual bonds or stock investments. You may also consider getting insurance for yourself. Another investment opportunity that will surely give you something in return is opening a business or contacting a real estate property that you can turn into an AIRBNB or rental space. Doing this will allow you to have a better cash flow, which will help you achieve whatever goals you have in mind and become financially secure!

Pro tip: Never stop learning. And never be afraid to take risks! Open yourself to endless opportunities.

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If you are exploring to grow your assets as early as now, consider investing in real estate. Aside from its competitive advantages like high ROI, regular income and cash flow, and lifetime investment, it also secures you a future home for yourself and your family. 

Invest today! Check out Empire East’s current promos at www.empire-east.com/promos, which are flexible and friendly - perfect for those who are starting to build their financial security today. Empire East is known for its sustainable condo developments in Metro Manila, like the luxurious uphill community in Pasig-Cainta, Empire East Highland City; the modern cosmopolitan enclave in Mandaluyong City,

The Paddington Place

; and the sweet and refreshing community in San Juan, Mango Tree Residences.

For more details, send us a direct message on our socials @empireeast (Facebook, Instagram, Twitter, and Tiktok), so we can assist you better. You may also send us an email at inquiry@empire-east.com or call 8810-3333.