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Financial Freedom and Independence

The Way to Financial Freedom and Independence

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  • Post last modified:February 1, 2023
Way to Financial Freedom
Financial Freedom and Independence

Everyone wants to be financially free and independent. But such does not just happen. There are things you need to do intentionally. Maybe you may say it is too late to start on such. But it is never too late to start on something that leads to freedom.
This article is about the steps to that financial freedom and independence. It shall cover; putting in place a savings plan, dealing with debt, and using your savings to invest. Let us now look at the steps:

1. Put in place a savings plan.

Financial saving is about putting some funds aside for future needs. It is the starting point for those who do not have a good financial background to their financial freedom and independence.
This is paying yourself first. It is unfair to oneself to start paying everyone else after getting a salary or earning money except oneself. How do you do that? You start by paying rent, tithes, paying debts, utilities and other things until your monthly earnings are depleted. So, saving at least 10% on every income you get is a great starting point. This is affordable for everyone since it is proportionate to your income. There can be no excuse.
What are you waiting for? Start right away. Open a savings account by joining a savings and credit cooperative or use a bank. Avoid withdrawing those funds until a certain given period.

2. Deal with debt

We all want to use debt at a given period. However, there is good and bad debt. I term bad debt as that, which does not generate income for you. Good debt is that which is used for productive purposes like starting some income generating projects.
Bad debt adds liability to you. Note that I am not using these terms as per the accounting terminology. So, an asset that is a liability is one like a car or house for personal residence. Why term these items like this since they are known as assets? They are a liability because they take cash out of your pocket.
Over indebtedness should be avoided at all costs. If possible, reduce and do away with debt. The savings plan mentioned above shall take you to financial freedom and independence when followed consistently.

3. Use your savings to invest.

Investment is better than savings. However, you need to first have some funds before you can invest. Unfortunately, that is where most of us must start from. There are several ways in which you can invest your funds. The ways may include, business, buying financial assets, investing in financial stocks, property, etc.
Investing helps you build your wealth, thus giving you your financial freedom and independence. It is a way of growing your finances.

The above three steps shall help you start on your journey to financial freedom. Just follow them. Start by setting up a savings plan and follow it consistently. Do not wait long because there will never be a favourable time. Work on your debt by following a repayment plan. Then invest your funds so you can grow your finances. Those three steps shall indeed put you on the right track to financial freedom and independence.

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Elphas Sipho Mdluli: Empowering Lives Through Leadership, Wisdom, and Growth Welcome! I’m Elphas Sipho Mdluli, a multifaceted professional dedicated to empowering individuals, businesses, and communities to thrive. With an MBA, a Bachelor of Ministry, and a Bachelor of Commerce in Accounting, I bring a unique blend of expertise in business leadership, spiritual nourishment, and personal development. My Mission I am committed to inspiring growth, fostering meaningful connections, and guiding others toward achieving their fullest potential—whether in their personal lives, marriages, careers, or businesses. Areas of Expertise Through my journey, I have developed a diverse skill set, including: ✔ Business Leadership & Strategy Development – Driving organizational success through innovative strategies and effective decision-making. ✔ Financial Management & Process Optimization – Ensuring sustainable growth and operational excellence. ✔ Relationship Building & Team Empowerment – Cultivating high-performing teams and fostering collaborative environments. ✔ Change Management & Performance Improvement – Navigating transitions and unlocking new levels of success. ✔ Critical Thinking & Strategic Planning – Solving complex challenges with clarity and vision. A Heart for Coaching, Counseling, and Writing Beyond my corporate achievements, I am deeply committed to life coaching, marriage counseling, and spiritual nourishment. As a published author, I have written extensively on topics ranging from business and leadership to marriage and spirituality. My books are designed to inspire, educate, and empower readers to overcome challenges and embrace transformative growth. Through my website, I offer: ✅ Life Coaching – Personalized guidance to help you achieve your goals and live a purposeful life. ✅ Marriage Counseling – Tools and strategies to strengthen relationships and build lasting connections. ✅ Spiritual Nourishment – Insights and teachings to deepen your faith and spiritual journey. ✅ Training & Workshops – Practical sessions on leadership, business, and personal development. ✅ Empowering Articles – A blog filled with actionable advice and inspiration for every aspect of life. A Legacy of Leadership and Community Impact My career spans multiple roles as a business leader, part-time lecturer, author, and senior pastor. I have founded and led organizations, including Life Solutions Investments and Freedom Centre International Church, where I have championed community development and human capital growth. Additionally, my work with the Eswatini Association of Savings and Credit Cooperatives (ESASCCO) highlights my dedication to fostering financial health and sustainable growth. Why Work with Me? I believe in continuous improvement and lifelong learning. Currently pursuing my Doctor of Business Administration, I remain committed to staying at the forefront of leadership and innovation. My approach is rooted in empathy, authenticity, and a deep desire to see others succeed. Whether you’re seeking guidance for your business, marriage, or personal growth, I am here to walk alongside you. Let’s embark on a journey of transformation together—because your success is my mission. 🔗 Explore my website for empowering articles, coaching services, and resources designed to help you thrive in every area of life. Let’s Connect! Join me on this journey of growth and empowerment. Together, we can unlock your potential and create a life of purpose, fulfillment, and success. #LifeCoaching #MarriageCounseling #SpiritualGrowth #BusinessLeadership #PersonalDevelopment #Empowerment #Author #LeadershipTraining #FinancialHealth #CommunityImpact #TransformationalGrowth #ElphasSiphoMdluli