What are the steps to financial independence? In order to figure out the answer to this age-old question, we need to know what it is first. For the purposes of this article, let us define financial independence as being independent of your financial situation; not having to spend your life serving others or even working to have what you need to get through life meeting your personal goals. Let’s also disregard the theories that would propose living without money in some warped sense of existence. We all need money, and the more of it, the better. To become financially independent, we need some ground rules.
There are so many gurus out there publishing book after book about what these ground rules should entail. For this short article, let’s stick to the basics – those rules that are undeniable.
The first such rule is that you must wear a cap now to let your hair down later. Put a cap on your spending. This is not to say that you have to give up all luxury. You are still aloud to enjoy every day of your life, and are seriously encouraged to. However, you need to be constantly aware of your spending. Maybe you should not buy that new Corvette even though you could possibly stretch to afford it. There is a reason for this, and it is rule number two: Saving.
Saving is the hardest thing for most people to do. The enticement of instant gratification, temptation, is the true root to the evils of poverty. If you want to have bank in the future, then you need to develop the bank today. If this were not so, you would already consider yourself to be independent of your finances. It comes down to determination. You must employ the power of your will to save money. This may entail embracing those things that are said to be best: the free ones.
The third rule here is to develop your brain, especially when it comes to managing your assets. Rather you invest in real estate, stocks, business or any number of diversified ventures, you need to be smart. The goal is to develop a passive income that works for you; it provides for you with minimal effort from you. There is no one way street here. On the contrary, there are as many ways to grow wealth as there is to use it up. Have the willpower to learn, and then learn to use your willpower to grow your wealth. The world is your oyster!
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You can get a payday loan to help you make ends meet each month, helping you reduce spending your overdrafts.
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