It’s Time: Fight for Your Financial Independence!
In Anglo-American capitalist societies, financial independence isn’t out of anybody’s reach. It may seem impossible or incredibly far off for many people, but is is possible. And gaining that financial independence doesn’t require you to earn enormous wage.
Of course, ‘financially independent’ is a relative term. Those who are happily living a single life, or don’t want children, will find it much easier to achieve than others. Some will be happier to make do with property and other assets that others may not be able to live with. Still, that independence, whatever it may mean to you, can be attained.
Here are the steps that you must take if you want to be on the path to financial independence.
Get rid of those debts
Easier said than done, right? The problem is that a lot of people in debt tend to put the problem on the back-burner. As long as they don’t have suits knocking at their door or calling them 24/7, they feel that debt is something they can put off indefinitely. But debts can own you if you let them, and if you don’t tackle debts then you’ll never be financially independent. Paying off debt is essential – we’ve written a pretty sturdy guide for you here.
Create new income streams
The holy grail of income streams is a passive income stream – one that doesn’t require additional time and effort from you in order for money to keep pouring in. This isn’t the easiest thing in the world to achieve, of course! But bringing in new income streams is essential if you want to start gaining financial independence. Trading is a great way to get on the road to new revenue. You can read more about certain types of training over at Binary Options Expert. That additional money you earn should go towards getting yourself the assets you need to build a passive income.
Spend less than you make
It sounds horrendously obvious, right? But so many people simply don’t follow this advice. Of course, there are plenty of people who do spend less than they make – but they still have to grind their spending to a halt a few days before payday! The aim is to spend as little as possible; the get the most positive income-to-expenditure ratio possible. Start thinking about this in terms of an explicit spending plan. Basically, I’m saying that you need to save as much as possible!
In the end, it’s going to be much harder than you think to get to financial freedom if you don’t have goals and a plan to which to stick. Remember when I said that ‘financial independence’ isn’t the same for everyone? Everyone will need a different amount in order to call themselves financially independent. So you need to figure out what that amount is going to be. Be sure to take into account what it is you hope to be doing in a few years – where you want to live, what you want to do with your spare time, etc. All those things will cost money, after all!