Financial Independence

 


5 Steps to Attaining Financial Freedom


I have seen a recent advertisement with a very catchy line "Don't work for the money, Make the money work for you" It is the base for achieving financial independence. You can get promotions and grow your salary but with salary, you can never achieve financial independence. A 4 Cr bank balance can give you a revenue of 24 Lakh per annum which is a common CTC of the IT industry. 

Imagine a life where you can live the way you want without worrying about the payment of bills or managing an emergency expense. It begins with control, a balance in an account can't be treated as purchase capacity but as an investment to earn more. While I'm not against consumerism but we need to have our own limits basis for our financial goals

Here are a few key points to achieving financial independence

1) Treat trading as a science, not luck

2) Understand where you stand currently

3) Track your spending (add as many categories of spending as possible)

4) Try to put your money in dividend-paying funds

5) Pay to your savings first and then work on expenses

6) Try to increase the sources of income

7) Have a close-knit peer group where you can invest in lucrative business and minimize the risk

67% of the Indian retired populous still work for a living and 70% of Adults in India are dependent on their children to survive post-retirement. Adopt simplicity, understand the power of compounding, and achieve financial freedom as early in life as possible. The real fun begins after that :)



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