Financial Freedom in 2010

For many, 2009 was a very difficult year particularly in the financial arena. From the struggling single mom who has lost her job to the senior citizen who, though they would prefer to be traveling the world at this season of their lives, now they have to continue to work because they just don't make enough on their social security to live on, even moderately much less comfortably. While the jobless rate continues to climb, so does the cost of living and the level of stress that comes from financial difficulties.

Now I'm not going to get into the why's of where we are at right now economically. However, I want to discuss what we can do personally to recover from this economic tsunami that has hit our households. What can we do to, not only recover, but to move toward financial freedom in 2010?

1. Celebrate the fact you survived 2009 - Though it may look grim now, the fact you are still "in the game" is an indication that you are a survivor. As simplistic as it may sound, you need to go ahead and celebrate the fact that you've made it this far. The day I began to celebrate "a penny" marked a momentous day in my financial life. What you value you will not violate. When you begin to realize that it's true what they say "pennies make dollars," the mountain of debt begins to look crossable.
2. Begin to think in terms of multiple income streams - Going into debt is usually not an overnight process. When one is in debt the sense of hopelessness and despair is always there to suggest that you can never get out. That's just not true. There are talents and abilities you have that if you tap into them can be a source of extra income to begin to chip away at your debt. Dave Ramsey, an expert in the area of debt reduction and financial freedom, has some marvelous resources you might want to check into. Whether it's a lawn service, baking pastries, teaching piano lessons, washing cars, selling books on ebay , or blogging there are many ways to make extra income to apply toward your bills. While doing this make sure you avoid the "get rich quick schemes." The old saying is correct, "If it sounds too good to be true, it usually is." Rather than look at this new adventure as another job, look at it as a vehicle that is going to take you from debt to financial freedom in 2010.
3. Set your strategies and chart your course - Some experts advice that you take the highest interest bill and put more of your "extra income" that your making from step number 2 on it. While others suggest that you take the smallest amount and begin to pay that one off first. They suggest that you pay the minimum on the other bills but add the extra to the smallest ones first. The reasoning behind this is that when you see that you've paid off one bill it sends a message that "this is doable." It is important to realize that this is possible and having a plan and working that plan will result in the desired goal of being debt free. Take the time to list all your bills and all the relevant information pertaining to it, list what you make, including the monies made from the various streams of income you've established, and then make a budget. This requires patience and discipline. Again, this is doable.
4. Be a giver - Hoarders and misers are usually miserable people. A giving spirit creates an atmosphere that is conducive to attracting financial freedom. Giving to your church, to charities, to those in need releases a return like none other. It's like a farmer sowing seed in the fertile soil knowing that in due season there will be a harvest. When you give, it's like planting seeds that likewise will bring forth financial fruit in your life. I heard it once said, "When you release what is in your hand, God will release what is in His." If someone clutches their fist, holding tightly to what they have, they will have no room to receive more.
5. Don't give up - Again, financial freedom is a process. Be disciplined, consistent and when it seems that things aren't happening fast enough and the debt is not going down as quickly as you want it to, don't give up. Don't quit. Every day you are moving one step closer to the freedom you so long for. Celebrate the small victories as they will become big ones in time. Don't spend frivolously and without "counting the cost." Your future depends on it.

This list is certainly not exhaustive but I do hope it is encouraging. Everyone in debt needs a starting place. There's no better time to start than today - right now. Begin to picture yourself as being debt free and financially secure. That may seem like a daunting task in and of itself. But go ahead and give it a try. It looks great, doesn't it? Just seeing that picture in the theater of your mind is enough to catapult you on a journey from "not enough" to "more than enough." Next time you see a penny on the ground, pick it up and celebrate that you're a penny closer to your financial freedom in 2010.