The Keys to Financial Independence
If you want to be Financially Independent, here are some keys or steps that will help you get to where you want to be.
Dream and Plan for the Future
Most people never thing about where they want to be in 5 to 10 years or when they retire, they are too busy focusing on today. Putting food on the table, how am I going to pay off the bill for the new TV I just bought.
To be successful, you need to have a dream and plan on how you will be achieving that dream. The Plan or Goal as some people might put it, is to be specific and not just a general statement. I want to be financially independent by the time I am 45 is not a goal or a plan. It is a Dream. Dreams are good but you need to create a plan to get to your dream.
Your Plan associated with your dream of being financially independent might be as simple as: I do not want to have any bills that are not paid off monthly and a home that I own with a mortgage less than $100,000 by the time I am 45.
You must know where you are starting from to get to where you what to go.
Take an assessment to f where you are today. To be able to plan for the above, you need to know where you are today. Do you have student loan debt? Do you have a car loan because you trade in your car every three to five years? Are you renting an apartment in the exclusive neighborhood that everyone that is anyone has an address?
Once you know where you are compare that to where you want to be and create a roadmap on ways to get to that ultimate goal.
Keep Expenses Low, Make Saving a Priority and Find Ways to Raise your Income
Good, now you have a plan. But where do I start. You start with these three simple steps:
- Keep expenses low
- Make savings a priority
- Find ways to raise your Income
You will need to balance these three steps as each one is as equally important as the other two. If you save and increase your income but your spending is out of control you will not make any progress. It is the same if you focus too much on the others as well. One can not be more important than the other two.
To keep expenses low, you need to know where you are starting from. Keep track of your expenses for a month to see what you are spending your money on. Then see if these expenses are critical or essential for you to survive. If not, thing about if that is an expense that adds value to your life or if you are just wasting your money on that purchase or expense. An example may be seeing that you are paying for five streaming TV service or magazine subscriptions. Think about if you really need to be watching that much TV or reading that many magazines.
Once you cut some of your expenses, look back and see if you really miss that item or if you can live without it. If you can live without it, great you just gave yourself a raise. If you can not sleep at night because you did not watch your favorite TV show. You may want to re-evaluate either your priority of achieving your dreams or why you cannot sleep. Something has to give if you want to achieve your dreams.
If you are reading this article, you can easily implement the other two - make savings a priority and find ways to raise your Income. On the Hive Platform, you can save HBD and get a 10% return on your savings. The priority would be to add to your savings each and every day no matter what the amount. Think about the old saying "A Penny saved is a Penny Earned"
The Hive Platform also lets you find ways to raise your income. Create content on a topic you love, comment on others articles and curate (upvote) them. The more you do these three things, the more you will raise your income.
The higher your income the more you can pay off all those bills you listed in the "Knowing where you started from" section above which will get you that much closer to your dream.
The Sooner you get started, the Sooner you will get there
The longer you delay in starting these Keys to being Financially Independent the longer it will take you to get there. So don't delay, start today.
EVER FORWARD!!!
Posted Using LeoFinance Beta
Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
That's the attitude, not everyone is capable of realizing this kind of thing, basically because they live with a blindfold. I was lucky to settle down. When I was 23 years old, I had already gotten into some loan, such as the car (second-hand, nothing special) with which I was drowning and my salary wasn't to shoot rockets. I started to get involved with friends who were really focused, so I started to follow in their footsteps, to read some other motivational book related to finances and so on. The first thing was to remove those whims that one thinks they are missing and that is not the case, I also took off several debts that I had and VOILÀ!, After having been saving for a year I was able to start making my first investments in crypto , two years later I am very proud to have achieved those goals.
Posted Using LeoFinance Beta
What a great accomplishment. I am glad you were able to get to that stage in your life and that you found reading material and friends that set good examples. I hope you are able to dream your next dream and achieve it as well. All it takes is one step at a time.
Thank you mate, hopefully we had another choice or way to people get involved with these life aspects,I think we always need begin by one side , as soon as people start soon they will get in that point. Greetings!
Posted Using LeoFinance Beta
I grew up in the streets of Brooklyn, New York and partied up during my employment on Wall Street and Madison Avenue.
I’m playing from behind, but man to be young again and absorb your list is golden for everyone, but especially them youngsters.
Awesome post @darmst5339
!ALIVE
!PIZZA
@darmst5339! I sent you a slice of $PIZZA on behalf of @jimmy.adames.
Learn more about $PIZZA Token at hive.pizza (1/20)
You Are Alive and have been rewarded with 0.1 ALIVE tokens from the We Are Alive Tribe, and it's paid for by the earnings on @alive.chat, swing by our daily chat any time you want.
I definitely agree with the 3 steps. I think they are the best way to naturally their journey is to start saving a portion and anything they can do to cut expenses is something they should do. I am a bit disappointed by what people are using their stimulus money though.
Posted Using LeoFinance Beta
There are several that use every excuse in the book as to why they cannot save any money but don't actually look at their expenses or for additional ways to make income.