"To achieve what one percent of the world's population has (Financial Freedom), you must be willing to do what only one percent dares to do. Hard work and perseverance of highest order."
Know where you stand financially
Review your current financial situation including income, expenses, assets, liabilities, and credit score. This will help you understand where you are starting from.
Create a budget
Make a detailed budget that outlines your predictable monthly income and expenses. This will help identify areas you can cut back on to save more.
Set SMART goals
Define financial goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. This makes them easier to track.
Prioritize your goals
Decide which goals are most important to focus on. The 50/30/20 budget rule can help with this.
Automate when possible
Arrange automated transfers from checking to various savings accounts for different goals. This makes saving easier.
Revisit and revise
Review your financial goals periodically and make changes if needed based on your evolving life situation. Staying flexible is important.