3 TIPS FOR ACHIEVING FINANCIAL INDEPENDENCE
Achieving financial independence means you are able to withstand the inevitable financial storms along the way. Learn more about guide to financial independence in this article.
Try to save as early as you can/ Ph: Pexels
Financial independence is a dream and the biggest goal of many people. The benefits of financial independence are having sufficient financial resources so that you can comfortably choose whether to work or not. Also, you can choose a highly desirable job instead of the one that can support your standard of living. But what is the best way to achieve financial independence? Follow these tips below:
1- Create your financial independence plan
This plan includes your goals, defining how your financial freedom will look like. They should be written out with timetables. You can ask yourself questions like how to become financially independent in 5 years or how much money for financial independence? Once you answer those questions, you know what you should do to reach your goals. Then, when you have a detailed plan, stick to it. Until you see the progress (can be slow), you will realize that your financial independence strategies motivate you a lot.
2- Consistently spend less than you earn
You can not become financially independent if you spend more than you earn, or you spend as much as you earn. The key to financial freedom is savings. But how to save for financial independence? Firstly, save at least 10 percent of your monthly income. Next, remain consistent savings every month, even just a small amount. Also, try to start saving when you are still young, you will be amazed with the power of compounding in the near future.
3- Create financial independence investing strategies
No one will get their financial independence without investment, unless they win a lottery. Along with a savings account, you can invest in stocks, bonds, and other assets that involve an acceptable level of risk. It is best to invest for long-term goals, at least five years away. Then when you are closer to your goals, you can switch the invested funds into savings accounts which are low-risk.
Perhaps we don’t need reasons to pursue financial independence, because they are so obvious. Those tips, hopefully, will make it easier for you to achieve your goals.
3 TIPS FOR ACHIEVING FINANCIAL INDEPENDENCE
Top 6 Money Habits of Self-Made Millionaires
Here are Top 6 Money Habits of Self-Made Millionaires that you should know.
Here are Top 6 Money Habits of Self-Made Millionaires that you should know.
Read more
10 Money Rules to face economic recession
Have you ever wondered what your financial situation will be like in a year, even just a few months? In the current context, it is unavoidable to worry about the risk of an economic recession. However, it is important that you start preparing now so that in the event of a recession in the next 6-12 months, you will be in the best position with the money amount you have.
Have you ever wondered what your financial situation will be like in a year, even just a few months? In the current context, it is unavoidable to worry about the risk of an economic recession. However, it is important that you start preparing now so that in the event of a recession in the next 6-12 months, you will be in the best position with the money amount you have.
Read more
8 Money Saving Tips When Buying A House
Although housing prices have increased many times compared to the past time, you can still buy a house if you know how to save money smartly. Owning a dream home is no longer a far-away wish when we know how to make an effective financial plan. Below 8 Effective Money Saving Tips When Buying A House.
Although housing prices have increased many times compared to the past time, you can still buy a house if you know how to save money smartly. Owning a dream home is no longer a far-away wish when we know how to make an effective financial plan. Below 8 Effective Money Saving Tips When Buying A House.
Read more
7 Billionaire Spending Habits help build Wealth
Fortune magazine published the results of a study showing that up to 54% of billionaires want to continue working at retirement age, and 60% of those with a net worth of more than $15 million don't even have a retire plan.
Fortune magazine published the results of a study showing that up to 54% of billionaires want to continue working at retirement age, and 60% of those with a net worth of more than $15 million don\'t even have a retire plan.
Read more
Most common habits of The World’s 4 Richest groups
Research "Rich Habits" by Tom Corley shows that there are 4 groups of wealthy people, including savers - investors, people who are eager to advance at work, high skilled professionals and the dreamers.
One of the common wealthy habits of the world's richest people is saving and investing their savings.
Research "Rich Habits" by Tom Corley shows that there are 4 groups of wealthy people, including savers - investors, people who are eager to advance at work, high skilled professionals and the dreamers.
One of the common wealthy habits of the world\'s richest people is saving and investing their savings.
Read more
4 Financial mistakes young people often make
The path to financial independence is often not easy. For young people, focusing on retirement or saving for the future is often not a top priority.
But they can lose a lot of money if they make the wrong financial decisions. Here are 4 common financial mistakes that young people often make.
The path to financial independence is often not easy. For young people, focusing on retirement or saving for the future is often not a top priority.
But they can lose a lot of money if they make the wrong financial decisions. Here are 4 common financial mistakes that young people often make.
Read more
4 Things to know when Getting a House Mortgage
A home loan is a suitable option if you need a large sum of money. To manage finances intelligently and avoid falling into a debt spiral, you should pay attention to a safe loan threshold, interest costs to pay, loan term,..
A home loan is a suitable option if you need a large sum of money. To manage finances intelligently and avoid falling into a debt spiral, you should pay attention to a safe loan threshold, interest costs to pay, loan term,..
Read more
4 Investing Tips for Your 20s
There are investments that, as long as you are willing to put in money, time and effort, will definitely bring a worthy return. Here are 4 investments that you should make at the age of 20-30, According to Tim Denning, an Australian blogger.
There are investments that, as long as you are willing to put in money, time and effort, will definitely bring a worthy return. Here are 4 investments that you should make at the age of 20-30, According to Tim Denning, an Australian blogger.
Read more
How to Save Money with Low Income fast: 5 Tips
If you have a low income, you need to make a concentrated effort to save money. While this is not always easy, it can be worthwhile in the long run. To help people with low income to save money, financial experts have shared 5 tips as below.
If you have a low income, you need to make a concentrated effort to save money. While this is not always easy, it can be worthwhile in the long run. To help people with low income to save money, financial experts have shared 5 tips as below.
Read more