The old notion of financial self-sufficiency is no longer valid.
Because we're chasing the incorrect definition, we'll fall short. Financial independence, according to Wall Street's golden laws, is when you have enough money to live comfortably for the rest of your life without working.
Most of us will never get to that point in our lives. Or, if we do, we'll keep redefining the definition of "enough" money. I've visited several times.
Let's rephrase the message.
When you've weaned yourself off the narcotic of a job's comfort money, you've achieved financial independence. It means you aren't exclusively reliant on your employment to pay your bills. You'll just remark, "fuggit," if you're fired tomorrow. It's when your wifi money helps you earn money in addition to your pay.
That doesn't imply you don't work and sit about like a bum in your underwear. It simply implies that you have a recurring income source that allows you to spend the rest of your life doing work you like rather than dull KPI job done merely for the sake of money.
Here are a few brilliant ideas to help you achieve financial freedom and live life to the fullest.
These four stages should be learned.
According to Kenny of Accent Investing, there are four steps: 1. Learn how to make money. 2. Understand how to conserve money 3. Learn how to invest your money. 4. Understand how to multiply your earnings.
Yes, I get what you're thinking: putting money in a bank account is a bad idea. Money creation and inflation cause dollars to melt like ice cubes. True, but it isn't the point. Learning to save strengthens your discipline even more. Step four is also not well-understood.
Simply put, leverage is when you spend money to make money.
Perhaps you employ a virtual assistant to help you with routine duties so you can focus on your more profitable abilities. It may be taking an Uber to a meeting so you have more time in the evening to learn a new skill. Perhaps it's putting money into a website to make it easier for people to locate and employ you.
When the world of leverage makes sense, the work you put in each day multiplies, creating the "eighth wonder of the world," as Einstein describes it.
Compounding is a great way to save money and invest in stocks. Few people realize that it also works for time.
The three currencies of financial self-sufficiency
Money and Time Management
Use any two to acquire more of the one you desire.
If you want additional time, put money down to purchase annual leave days or work four days a week rather than five. If you wish to enhance your talents or add new ones to your arsenal, either trade time for learning or pay money to study from a master.
If you desire more money, you may either sell time for it or master high-income talents, such as online writing. One of these three currencies is required to get toward financial independence.
There are no shortcuts available.
The most significant impediment to financial freedom
Debt is sold to us as if it were a secondhand automobile.
Get into debt for a house, furnishings, a vehicle, a vacation... and due to the "purchase now, pay later" option... a $50 pair of sneakers
Every ounce of debt you accumulate pushes you closer to financial independence. That should be read ten times.
Not to mention the fact that debt causes stress. It's more difficult to Netflix and Chill when you have a $2 million mortgage hanging over your head every month.
Consumerism pushed us to go into debt in order to acquire things that we were told would make us happy. Financial independence teaches us that the greatest freedom is time autonomy, which allows us to do whatever the f*ck we want before our beautiful bodies end up in a wooden box in the ground for all eternity.
Remove debt conditioning from your mind. Excess debt deprives you of your most valuable asset: time.
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