FINANCIAL freedom is power. Power is something that everyone desires because it grants influence. However, the challenge lies not just in attaining that power but in retaining it. In today’s world, everyone is striving to take the lead in the economy, seeking influence and a promising life.

Unfortunately, some individuals thrive on other’s mistakes, whereas for them, one person’s mistake is an opportunity. Therefore, hard work is essential before success can be achieved.

One of the most pressing challenges is that nearly all forms of investment require capital, which is often scarce. Economists tell us that money needs to be scarce to maintain its value. Since money is necessary for investment and is not always readily available, discretion is crucial for making progress. 

Capital serves as a spark in the investment process, making it vital for individuals to be educated on how to manage their finances to achieve their objectives and lead more meaningful lives.

For anyone aspiring to succeed, the challenge is in multiplying the little they have. Wealth appreciation occurs when there is an increase in the size of one’s assets. It’s undeniable that life is a competition, but it must be a fair one. As people of the 21st century, often referred to by historians as Homo sapiens (meaning ‘wise human beings’), success requires thinking from a broader perspective to maintain influence.

A crucial point to consider is that some individuals excel despite facing numerous challenges that others may struggle with. This reality invites us to think critically about how to increase our chances of financial success. Just as every game has its rules and strategies, so does the pursuit of financial freedom. 

There are techniques that individuals need to familiarize themselves with to enhance their chances of success. The positive aspect of being human is thecapacity to learn, making it profitable to educate people on acquiring and internalizing the skills necessary for financial independence. By doing so, they can invest wisely and expand their financial base.

One of the effective strategies for achieving financial freedom is reducing unnecessary expenditures. This can be accomplished in several ways, which should be carefully considered and implemented.

Waking up early

Some individuals incur unnecessary costs when they wake up late in the morning. Rushing to get to work on time, they may feel compelled to hire private transportation, such as a motorbike, which is often more expensive than public transport like a bus. This is one way expenses start to increase, making it more difficult for someone to achieve the set financial goals. 

The solution is to wake up early. Proper planning and time management can prevent the need for costly alternatives and help maintain interest and satisfaction in a job, ultimately reducing unnecessary expenditures.

Extending working hours

Idleness can lead individuals to spend money on unplanned activities, such as impromptu visits that may require financial outlays. Keeping the mind engaged in productive tasks leaves little room for thoughts of leisure and time-wasting activities. 

Working longer hours not only keeps one focused but also increases income, helping to achieve financial goals more quickly. Maximizing our potential through extended work hours is a practical way to move closer to our objectives.

Updating yourself with current affairs

Radio and TV are more cost-effective sources of news and information compared to the internet. While internet services typically require payment, many radio stations and TV channels are free. By cultivating a habit of using radio and TV, individuals can reduce their expenditures. The internet, though rich in information, can tempt users to spend significant time and money online. Without caution, this can lead to internet addiction, making the pursuit of financial freedom more challenging as resources are drained by unnecessary online activities.

Avoiding temptation 

It is often said, ‘out of sight, out of mind’. It is important for someone to avoid places that might provoke them. Achieving financial freedom requires discipline and self-control. Developing self-discipline allows individuals to effectively manage both, themselves and the environment as they struggle to achieve the set goals. It is important to recognize that one cannot do everything; some tasks must be left to others if financial success is the goal. To achieve positive outcomes, life must be regulated with intention.

Life can be seen as a battlefield requiring various strategies. What people often admire is the story of success; even when failure is understandable, it’s rarely celebrated. To maintain fame and honour, one must accomplish their objectives. When the possibility of gain diminishes, a wise choice is to control spending. The issue is not that people don’t earn money, but that they often struggle to multiply it. As one learns how to increase their income, they should also practice reducing unnecessary expenditures. If someone cannot manage a small amount wisely, they are unlikely to excel even if given a lot. Financial success is impossible without discipline on managing available resources.

The author is a teacher based in Moshi. He can be reached at [email protected]