Financial Independence

 

Why is it so important to be FINANCIALLY INDEPENDENT ?

Almost everyone desires to be rich and successful in their life. People often want to enjoy

the freedom which allows them to buy all the things they desire like a mansion, an exotic car or even have a lavish vacations etc. BUT they often fail to achieve their end goal and fall back 

into the rat race of 9-5, not many but only few people love the job they do ,but by only having a  job is not the path to wealth in long term but doing a job for short term or for experience is very rewarding ,but if you really want to achieve the goal of being wealthy then the first step towards it is to be financially independent.

Now what is this term FINANACIAL INDEPDENT ?

Basically it means that one should have enough income to pay their living expenses for the rest of your life without, the need of being employed or depending on other.

But being financially independent does not mean  you are rich, but instead  now  you can afford to  live life without  any job. This is the very first step you have to implement as soon as possible in your life.

Now what are the various ways to achieve this? Well the answer to this question is many!!!

You can achieve it even when you are working at a job or even if you are a college teen.

1.Take up a side Hustle (even if you have a job )

You can pick up a side hustle of your choice even while  having your normal day job. You can grind your way on the weekends or utilize your free time in order to get going, remember you have to sacrifice a bit of your social life like partying, gaming etc. in order to make it work you have to keep working on your  hustle even on the holidays or Sundays in order to turn your side hustle into a proper business, eventually this can pay off more than your regular income and later you can even scale it to the level of a proper business, it can include Drop shipping, Freelancing, POD ( Print On Demand).

 Now if you don’t have a particular skill set then you can develop one or you can  learn more about the stocks and invest in it once you have gained enough knowledge. You can even  invest in real estate through crowd funding or by buying rental properties to have a monthly cash flow. After you are able to achieve your financial independence you can focus on the things you are passionate about or even start your own business.

2. If you are a Teenager (like me)

This is the best time to start gaining knowledge about finance because this is a topic which are not exactly thought in schools or colleges, but is a very important topic to learn in life in order to manage your money in a very effective way. So  you can  take up a part time job and try to save almost 90% of the money for you future investments or one of the best things you can do is study the market, because the ' the more you learn the better you earn'. You can start by learning specific skill sets like coding, web designing , etc. so that you can freelance. You must and should try to read and gain as much knowledge  possible in order to keep your skills polished and up to date. So now if you start earning some income you can make  some investments in stocks or index funds, the reason you have to do this is because of the powers of compounding. The early you invest the better your  returns will be in the long run. Now you can make use of the other part of the money by buying courses to learn new useful skills or take up seminar on things like marketing, sales or real state because, by attending these kind of  events you can network with people who can be your future partners or potential clients. And also meet like-minded people who share the same vision and goal like you do.

 The faster you implement the actions the sooner you reach towards your goals.

This people was an introduction to the world of personal finance. So if you are aspiring to be wealthy and successful in your life then go chase your DREAMS!!!

"REMEMBER you are the one who can change your dreams into REALTITY"