30 October 2020

How to live a debt-free lifestyle

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View the story “#BizChats: How to live a debt-free lifestyle” on Storify]

Mashable sheds light on healthy money habits that can help break the cycle of living paycheck to paycheck.

Storified by Mashable· Wed, Apr 06 2016 19:43:45

Money.Everyone spends it to survive, some measure it gauge success, most save it to feel stable in the future, and others stress over it because there never seems to be enough to go around.

Achieving financial freedom may not be easy, but it is definitely worth it. No two people are dealt the same cards in life, but those who stick to a plan and refuse to deter from it are the ones that end up breaking the chains of financial bondage.

@mashbusiness and several personal finance experts & entrepreneurs participated in a #BizChats Twitter chat to discuss how people can make better decisions about their money and finally achieve financial freedom.

Welcome to #BizChats! Today we’re discussing how to achieve financial freedom. Please introduce yourselves!Mashable Business

A warm welcome to our personal finance experts:@alexavontobel, @CHLebedinsky, @Go_Casey, @cynthialive, @johnrampton, @SavingsAngel #BizChatsMashable Business

(Cont.) @thepennyhoarder, @LaurenLyonsCole, @MurrayNewlands, @RebeccaJarvis & @stefanieoconnel! #BizChatsMashable Business

#BizChats tip: Be sure to number your answers according to the question you’re answering. (ie., Q1.—> A1., Q2. —> A2., Q3. —> A3.)Mashable Business

#BizChats tip #2: Don’t forget to include #BizChats at the end of all your answers to be a part of the conversation! :)Mashable Business

Question 1:

Q1. What does financial freedom mean to you? #BizChatsMashable Business

A1 Financial freedom also means having enough money to do things you enjoy – while saving and paying the bills. #BizChatsCameron Huddleston

A1. Having the money to do what you love in life without worrying about dem #billsbillsbills #bizchatsCasey Bond

@mashbusiness A1. Being able to afford an unexpected financial emergency or expense. #BizChatsTracey Edouard

A1. It means being in a position where money doesn’t get in the way of achieving your goals #BizChatsAlexa von Tobel

A1. Financial freedom is the ability to move through life without feeling trapped….without having to answer to anyone else #BizChatsLauren Lyons Cole

A1. It also means getting financially secure—paying off credit card debt, having an emergency fund + saving enough for retirement #BizChatsAlexa von Tobel

A1: Financial Freedom is having the ability to become and work on your passion whnever and wherevere you want! #BizChatsJohn Rampton

Q1,A1 – Breaking free of the slavery you’re in when every dollar goes to bills. The empowerment of having CHOICES about #money. #BizChatsSavingsAngel

A1 Financial freedom means working because you want to, not because you have to. #BizChatsCameron Huddleston

A1) Knowing what you’re worth; making your money work for you vs the other way around; fully prepared for the unexpected #BizChatsGary Taylor

A1 Financial freedom means being able to retire on your own terms. #BizChatsCameron Huddleston

A1: Many Americans live paycheck-to-paycheck & that means worrying about how to meet your most basic needs #BizChats https://t.co/kYKGllRfqwThe Penny Hoarder

A1: the ability to invest in myself, my family, important experiences and causes + have a cushion. #BizChats https://t.co/WFE1EVKaCIRebecca Jarvis

A1 – cont. In my #podcast, I chat about this EVERY week. Having #abundance empowers generosity which creates more JOY! #BizChatsSavingsAngel

A1. Being in control of my finances. Regardless of how much income I have, I know where any and all of my money goes each month. #BizChatsGail Marie Cole

A1: Financial freedom means having what you need plus the ability to help others, too. #bizchatsPamela La Gioia

A1. Financial freedom is being able to make choices without worrying about money. #bizchats https://t.co/56MZP80GB8Murray Newlands

A1: Financial freedom to me is the flexibility to make life choices based on personal choices I want to make not for money. #BizChatsCynthia Johnson

@mashbusiness A1 the ability to not be tied down to the limitations of your finances, so you can focus elsewhere #BizChatsSP Consulting

A1: Financial freedom doesn’t necessarily mean buying anything b/c I can. It means not having to WORRY about those things! #BizChatsThe Penny Hoarder

Question 2:

Q2. What questions should you be asking yourself when looking to achieve financial freedom? #BizChatsMashable Business

A2. Ask yourself am I borrowing more than I am making? Can my future support the amount I am borrowing? #BizChats https://t.co/JgnNjF9GTuCynthia Johnson

A2 Is this item really a NEED? Where can I trim spending further? How can I get creative to avoid #debt? #BizChats https://t.co/uZOHtXBiLNSavingsAngel

A2. Ask yourself: Where do I want to be in the next 5 yrs? How do I enjoy today but still achieve financial freedom tmrw? #BizChatsAlexa von Tobel

@mashbusiness What does #financialfreedom look like for me? Everyone’s dreams are different so this will vary. The why is key. #BizChatsDebbi King

A2: “Am I contributing to a 401K? And, if so, does my contribution at least meet what my employer is willing to match?” #BizChatsThe Penny Hoarder

A2. Am I wasting time on people and things that don’t deserve my time? Time is a precious commodity. #BizChatsKritika Kulshrestha

A2.) Most important question: Do you know what’s flowing in vs what’s going out on a monthly basis? If not, start tracking! #BizChatsGary Taylor

A2. Ask if you’re willing to make sacrifices now – working longer hours, spending less – to have more freedom in the future. #BizChatsCameron Huddleston

A2. What am I willing to give up now so I can have what I truly value later? #bizchatsCasey Bond

A2. Begin by being honest with yourself about your goals. Financial freedom means different things to different people & that’s ok #BizChatsLauren Lyons Cole

A2: “Do I have an emergency fund?” #BizChats https://t.co/4I5zKjNpTXThe Penny Hoarder

A2: Carrying credit card debt? = What changes do I make to get rid of this? What can I do differently? #BizChats https://t.co/2xriHBML6BRebecca Jarvis

A2: Debt-free? (lucky you) = What matters to me? How do I prioritize my $, time around those goals? #BizChats https://t.co/2xriHBML6BRebecca Jarvis

A2 Before you buy anything, ask if it will take your toward or away from a goal of financial freedom. #BizChatsCameron Huddleston

A2: How I can lower my expenses and have enough residual income coming in monthly to cover everything with a cushion. #BizChats @mashableJohn Rampton

@mashbusiness A2. What is the price tag of my dream life & how can I bring my spending/saving into alignment with those #goals? #BizChatsStefanie O’Connell

A2: “How can I bring in more money?” #BizChats https://t.co/E41XfprjHlThe Penny Hoarder

A2: What are your pressing and long-term goals? What really matters? Living well in retirement vs. that thing that grabs you. #BizChatsDebra Isaacs Schafer

A2 Negotiate EVERYTHING! Ask for discounts EVERYWHERE. Easily adds up to $300/mo toward yr #money freedom. #BizChats https://t.co/ZHaEd6gOwYSavingsAngel

A2. Financial freedom is created by knowing the money you need to lead the life you want #bizchats https://t.co/2uP0WWcFaWMurray Newlands

A2: How can I secure and protect what I have before expecting to grow it. #BizChatsKoshiek Karan

Question 3:

Q3. What are the characteristics of someone living a debt-free lifestyle? #BizChatsMashable Business

A3. Don’t own a bunch of crap they don’t need. A lot of flashy possessions = trying to prove something #bizchatsCasey Bond

A3. Truly wealthy ppl don’t need to prove anything #bizchatsCasey Bond

A3. Know your limits. Be able to say no because you’ve got bigger goals. Stay focused on what matters most to you #BizChatsLauren Lyons Cole

A3: A Debt Free Life = A Happier Life Lived #BizChats @mashable https://t.co/TGrvkgVoRyJohn Rampton

A3. Someone with a debt-free lifestyle doesn’t live beyond his or her means. #BizChatsCameron Huddleston

A3. They don’t use credit to finance what they can’t afford, pay off credit card balances every month and stick to a budget. #BizChatsCameron Huddleston

A3. To live debt-free you need to have a financial plan and to know where your dollars should go each month. #BizChatsAlexa von Tobel

A3: Someone who lives a debt-free lifestyle typically pays themselves first. #BizChats https://t.co/FTxWfGb7aXThe Penny Hoarder

@mashbusiness A3. They live within their means and stay grounded in the REALITY of their finances by tracking spending & savings #BizChatsStefanie O’Connell

@mashbusiness getting those important bills paid on time! If you can do that you can do anything

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