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It is based on the idea that you don't necessarily have to work to pay for your living expenses…
Have you ever imagined being financially free to live the kind of life you've always dreamed of without the need to worry about money? Things like taking a vacation on the beach with the fresh wind blowing on your face, spending time with people you love, sharing moments of pure laughter with your family and friends, and catching up on those gists that leave you smiling long after they've gone.
Well, this is one of the perks of being financially independent. And only a few people have been able to unlock these secrets to achieving financial Independence. In this article, you" ll learn all
you need to know about financial Independence, including the success secrets many professionals have used to attain financial freedom.
Financial Independence is the ability to live the life you always dreamed of without having to work for money or depending on anyone else. Financial Independence is based on the idea that you don't necessarily have to work to pay for your living expenses because you have multiple income streams. It can be achieved when your passive income outweighs your active income.
So, does this mean you have to stop working? To some extent, no. You don't have to stop working as long as it's something you enjoy doing. But you can also choose not to work after gaining financial freedom as long as your money makes more money for you even while you're
sleeping.
While it is true that over 70% of individuals want to be financially independent and retire early using the FIRE strategy, the majority still find it hard to understand how the process works.
Others end up incurring more debt, which becomes a pain in the neck. Sometimes, leading to depression and even suicide at worse.
Financial Independence doesn't mean working all year long and saving for retirement. It's a matter of balancing work and living your life and dreams. You get to choose your own retirement plans, irrespective of age.
But first, there are specific questions you need to ask yourself before you begin the journey to financial freedom. These questions help you to make a financial plan. For instance,
You can take a moment to answer those questions as they would help you strike a balance between your total income against your expenses and how much you can save and invest in the long run to attain financial Independence.
Yes, financial Independence is worth it. Being financially independent comes with many benefits, like pursuing your dreams, and even opportunities that are generally considered risky but highly rewarding. You enjoy more flexibility and control over your time and life in ways those stuck working nine-to-five jobs can only dream of.
However, it's not a day's job or something you can achieve quickly. While some argue that it's better to start one's financial journey early to get a head-on start, the truth remains that no financial independence journey is easy. But you will choose a future that lets you live your life and dreams without worrying about money.
To achieve financial Independence, you must know what works best. Because what works for
Mr. X might not be what works for Mr. Y. However, there are still steps you can incorporate to
achieve Financial Independence.
The single biggest difference between financial success and financial failure is how well you
manage your money. Managing your money allows you to eventually create financial freedom
so you can never have to work again. It is also worth noting that your income isn't what makes
you financially independent. Instead, it is how well you can manage your money and
investments in the long run.
Watch our six (6) jar money management system youtube video to know more about money
management and mastering your money.
To live a financially free life, you must know how to stay out of debt. It would help if you
differentiated your needs from wants by cutting back on expenses like luxury vacations or
travels, designer shoes and clothing, gym membership, expensive gadgets, electronics, etc. It
doesn't mean you can't still enjoy other pleasures of life, but anything that requires you to spend
beyond your budget can slow down your journey to Financial Independence. So, determine how
much you really need to spend monthly. And track it.
To live a financially free life, you must know how to stay out of debt. It would help if you
differentiated your needs from wants by cutting back on expenses like luxury vacations or
travels, designer shoes and clothing, gym membership, expensive gadgets, electronics, etc. It
doesn't mean you can't still enjoy other pleasures of life, but anything that requires you to spend
beyond your budget can slow down your journey to Financial Independence. So, determine how
much you really need to spend monthly. And track it.
Saving a particular percentage of your income is fantastic, but It's not enough for you to save
alone. You should consider investing in the stock market.
You can't escape the rat race unless you invest your money in something that makes more
money. You need to let the process of compounding interest take its effect. The money should
only be used to make more money for you.
Besides, the stock market can work harder and longer than you ever could. It doesn't take sick
leaves or run out of business. Betting against the stock market for the long term is like betting
against the Indian Economy – One of the strongest emerging economies on the planet.
However, do not head-dive into the stock market without fully knowing what it entails. So before
investing, consider your options carefully and get financial advice from an expert investor.
But for the most part, you can set up a Financial Freedom account. Set your paycheck to
automatically put a portion of your savings into the Financial Freedom account. But remember
to take it slow and steady.
Saving a particular percentage of your income is fantastic, but It's not enough for you to save
alone. You should consider investing in the stock market.
You can't escape the rat race unless you invest your money in something that makes more
money. You need to let the process of compounding interest take its effect. The money should only be used to make more money for you.
Besides, the stock market can work harder and longer than you ever could. It doesn't take sick leaves or run out of business. Betting against the stock market for the long term is like betting against the Indian Economy – One of the strongest emerging economies on the planet.
However, do not head-dive into the stock market without fully knowing what it entails. So before investing, consider your options carefully and get financial advice from an expert investor.
But for the most part, you can set up a Financial Freedom account. Set your paycheck to
automatically put a portion of your savings into the Financial Freedom account. But remember to take it slow and steady.
To Support our investment philosophy, we’ve created these six rules of investing.
These investment rules help keep the investment process and most importantly clients and the investment team on the right tracks.
We exist to provide money management guidance on the best moves to make to grow wealth
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