10 Key Steps to Financial Independence
What exactly is Financial Independence? Financial independence has to do with the financial stage of either an individual or household, in which they have enough wealth at hand to survive without having to seek employment from a particular place in order to generate income.
It is impossible for you to attain financial independence while working on salary scales. Even high pay jobs workers still find it very difficult to reach this goal. Are you aware that there are certain things that you can do to earn money in order for you to attain this height? Although, jobs are a great help when it comes to settling bills and doing all that is necessary how long will it last. Although it is quite encouraging to know some people actually knows that salaries and wages are like chains in the hands of slaves. You don’t have to be a slave forever when you can look for certain ways to attain freedom. I’m sure you will agree with me when I say a larger share of the jobs that are available in the private sector are majorly from businesses. As an employee, you have the advantage to switching sides whenever you feel like. For example, you have the opportunity to buy stokes from companies that make a public announcement that they want to sell. Being an investor in that company means you are entitled to a certain percentage that employees happen to work several hours in a day to make. Another business is stock trading. Here you buy and sell stocks of companies, in turn, making your own cash from the price actions. Starting your own personal business is another lucrative thing to start, you will become an employer of labour and benefit from their efforts. Based on the few opportunities shared above, I hope you now realize that working as an employee is actually of the several ways to gain financial freedom.
Want to become financially independent, below are some steps to attain this :
You have to realize that there are better ways to survive than working as an employee for the rest of your life.
You need to build up your investment account, what you just have to do is increase the percentage of your income that you save in this account. There is a high possibility that account will be your major source of income in the next few years.
Make sure your money goes to companies with concrete structure and organization as an investment.
You must know how to survive for a long period of time in the bull markets and know when to withdraw your cash when in a bear market.
To attain financial freedom, you can actually buy a mortgaged house with a payment duration of 15 years. This will help make the repayment process easy.
Spend wisely, avoid spending money on things that will not add value to you in person or finances.
The person you marry is a major determinant, make sure you walk to the altar with a partner that understands or share similar financial goals with you and at the same time help you achieve these goals.
Try as much as possible to stay away from too much of debt that will hinder you from trying something new apart from sitting down with your daily job expecting salary to service those debts.
Your primary focus should be how to buy back those wasted years as an employee, putting aside the flamboyant lifestyle and other things that won’t add value to your life.
Your life should go beyond that day job that you are entitled to presently and take a look life as a business owner, an investor, self-employed or a trader.
That very day that you decide within you that you want to quit your job and do something else marks the beginning of your financial freedom. Having a lot of money in your bank account is not exactly what you need, all you need is an amount that is sufficient to do all that you want to do.
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