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Being Financially Stable Is Not Enough. Make Your Money Work For You By Developing These 5 Habits

Being Financially Stable Is Not Enough. Make Your Money Work For You By Developing These 5 Habits
Image by Olya Kobruseva / Pexels

Most—if not all—of us want the same things in life: success, stability, and genuine happiness. Of course, the definition of success may differ from person to person, but we can all agree that this includes being free from financial worries. 

We work to pay the bills, we work for our dreams, but does that mean we have to work for the rest of our lives? This is where financial freedom comes in. 

What is financial freedom, anyway? 

In an interview with, Financial Coach and Founder of Peridot Consulting, Yani Moya, says that financial freedom is a state where you are free to choose a product or service without having to worry about the monetary cost. 

“It means finances are in place, [you] have enough amount of savings, investments, and assets that give you passive income,” she explains. “Being financially free means being in control of your finances [instead of] your finances controlling the way you choose to live your life.” 

For Coach Yani, financial freedom is not only about “having money,” but also being able to live your life the best you could, on your own terms. 

“It’s living in my own terms without thinking of the financial impact of my choices. It means I am debt-free, my investments are enough to pay for my lifestyle and dreams, I have enough liquid savings, and I work not because I need to, but because I want to,” she adds. 

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Financial freedom vs. Financial stability 

“Financial freedom” and “Financial stability” may sound similar, but they have differences, too.

According to Coach Yani, financial freedom is used to describe that point in life where you are no longer working for money but are still able to live the same lifestyle. “It means your money is working for you and giving you a passive income,” she says. 

Financial stability, on the other hand, is when your finances are stable and consistent. She explains, “Your income from employment or business is consistent and secured enough to cover your bills, utilities, [and] lifestyle.” 

While there is no specific age range that requires you to be financially free (we are from different walks of life, some of us have to work harder than others), Coach Yani says that a person can say that he has achieved financial freedom when “his assets and finances can cover his lifestyle without him having to actively work.” 

She also says that financial freedom is when you can already afford to retire and not work for money.  

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What should we do to achieve financial freedom?

Achieving financial freedom is not a walk in the park, and it surely isn’t done overnight. However, Coach Yani suggests incorporating these five habits in your daily life to be one step closer to your goal, every day!

Invest time in learning new skills.

Now that we are in the digital age, it’s so much easier to learn new skills, hobbies, and gain new knowledge. What’s even better is that you can create multiple sources of income from them, too!

“At this age, especially with the pandemic, we have several opportunities to earn online but these usually require specific skills,” she says. “Make time for learning and finding ways to earn from them, whatever skill interests you.”

Be at least 1% better every day.

Life is all about growth, and Coach Yani believes that if you let yourself grow, everything else follows. She explains, “Mindfully grow and try to be at least 1% better every day. If you grow yourself, eventually your wealth and income will also grow.”

Change your mindset.

We may not realize how much our perspective influence our environment, and in turn, our lives. By developing abundance consciousness, Coach Yani says that we can attract more wealth. Of course, manifesting should be coupled with actions too.

“Everything starts with the mind, so it is important to let go of negative money beliefs in order  to attract more wealth,” she says. “It could be as simple as changing the way you think

about earning money: instead of thinking ‘money is hard to earn’, change it to ‘money flows to me easily and effortlessly.’”

Coach Yani also suggests listening to finance or business-centered podcasts and audiobooks. Aside from acquiring new tips from experts, you can also challenge the scarcity mindset and focus on solutions instead.

Build a good relationship with money.

Especially during the pandemic where there’s nothing else to do but surf the internet, it’s so easy to get swayed by budols we don’t really need. While we shouldn’t completely deprive ourselves of these simple joys, it’s also important to manage our finances well.

“Think of money as a partner in life that you need to take care of and nurture,” Coach Yani suggests. “It’s important to have a sustainable and loving relationship with money so that it will love you back.”

Add value to as many people as you can.

Coach Yani says, “If you are consistently giving value, abundance of opportunities, people, money will just flow to your life.”

You may reach Coach Yani Moya on Instagram, Facebook, Twitter, and TikTok.

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