What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also...
What Is Financial Independence?
Financial
independence refers to getting enough money to cover one's living costs for the
rest of one's life without needing to work or rely on others. Passive income is
defined as income earned without the need to work a job.
The Top 10 Ways to Become Financially Independent
1. Take Full Responsibility For Your Actions
Any decision you make has ramifications, some of which can cause irreversible harm to your capital. As a result, you must take full responsibility for your financial future. Recognize that your decisions and choices today will have an effect on your life tomorrow.
As a result, it's important that you consider all of your financial decisions, investments, and expenditures in light of your long-term financial goals.
2. Keep Tabs On Your Spending
We live in a consumer-driven society where we are constantly pressured to spend.
One of the biggest reasons why you won't be able to comfortably protect your financial future is because of your spending habits.
Keep track of every dollar you spend and think twice before making a purchase.
It will be difficult at first, particularly if you are prone to uncontrollable spending, but once you learn how to handle your expenses, gaining financial independence will be a piece of cake.
3. It's Important To Have A Budget
It's important to create a budget and stick to it if you want to achieve financial independence. A budget provides you with the information you need to plan your revenue and expenditures.
In a nutshell, a budget instills a sense of responsibility in you. If you want to protect your personal finances, a budget will give you the resources you need to do so.
4. Take Care Of Yourself First.
Working for yourself rather than for a bank or a credit card business is one of the most important underlying practices for achieving financial independence.
Before you pay someone else, learn to pay yourself first. This accomplishes two goals: you become wealthier and you avoid being poorer.
Only by
saving money today will you invest it tomorrow, thus ensuring your financial
independence.
5. Never, Ever, Ever, Be In Debt
In many people's lives, debt is one of the leading causes of financial instability. It begins to consume you from the inside out, preventing you from fulfilling your life's desires, aspirations, and objectives. Debt robs you of a bright future.
Being debt-free should be one of your unwavering life goals, and you should fully commit to staying debt-free.
If you want
to achieve financial independence, you should make debt-free living your
passion.
6. Make An Emergency Fund.
An emergency fund is a cash reserve that can cover three months' worth of living expenses. It may also be useful for covering unexpected costs in your daily life, such as maintenance, medical bills, and other emergencies.
Having an emergency fund would ensure that you do not fall into debt in the event of a crisis. It will also give you "peace of mind" to know that your living costs will be covered.
Setting up an alternative savings account and beginning to save for an emergency fund is one of the safest ways to provide a cash buffer.
7. You Can Never Stop Learning
Regularly
educating yourself about financial issues should be your highest priority.
There are many resources available today to keep your understanding of the finance sector and how it operates up to date.
Take full responsibility for your financial well-being by fully dedicating yourself to it.
Rather than reading all of the
topics at once, you can start studying one subject at a time. If you're
interested in home budgets, for example, you can learn about them. Similarly,
there are a slew of other financial topics you may research in order to improve
your financial situation..
8. Set Financial Goals That Are Clear And Concise.
It will be difficult to work for financial independence if you do not have any clearly established financial goals.
Start your own business if you want to build a large corporation.
If you want to be an investor, learn to pick the right opportunities and seize them as soon as they become open.
Only when you have a good picture of your financial objectives will you be able to see your true potential.
Having goals
and working for them will inspire you to live the life you've always imagined.
9. Network Marketing
The low cost of starting a network marketing business is a significant benefit. Starting a big company without a lot of money and time is extremely difficult.
A network marketing company will give you the time you need to develop your business skills and make the transition from a low-paying employee to a well-paid entrepreneur.
As a result, networking marketing is an excellent way to protect your financial independence.
Network marketing provides you with a passive
income stream, allowing you to earn money while you sleep or drive.
10. Make Your Life Easier
With each passing day, life becomes more complicated. Running after money and achieving financial targets will divert your attention away from more meaningful aspects of life. As a result, you'll begin to lose motivation and sink deeper into the abyss. As a result, it is important that you simplify your life by clearing your mind of all clutter.
Converting your daily earned income into passive income or portfolio income is the secret to financial independence. With this in mind, achieving your objectives without sacrificing things that are important to you becomes a lot easier.
#wealthisearned
Interesting... please am highly interested in developing portfolio income,,,quite an insightful lecture
ReplyDeleteThat is the way to go Dr. Azudialu
DeleteYou may need a Portfolio Manager
Good day
ReplyDeleteFinancial independence has as it's bedrock financial discipline which is what the first 6 points that about and financial discipline is about budgeting and savings, avoid extravagant spending and also investing and learning to make passive income
Thank you so much sir
Living a meaningful life actually requires personal discipline and that only entails doing things in moderation
DeleteAs normal, this is captivating. A lot of messages have been bombarded into the ear, I pray the inner ear sinks into the active brain so "life can be a lot more easier.
ReplyDeleteAs per the passive income, it's very interesting. I know as a beginner in network marketing, it's not very easy but if one persist, lots of easier life will be activated. Thanks sir for the edification.
Let's activate wealth.
Yes
DeleteStarting out on any business venture is not easy but with persistence and hard work, anyone can make it to his or her eldorado
DR.DENNIS EKWEDIKE : Financial Independence is the panacea for frustration in the latter age ( Retirement)
ReplyDeleteAs many men and women that aim for financial independence in their active working years, so many men and women will there be who are financially stable in their later years and are not dependent on the Government or their relatives
DeleteWow... I got value
ReplyDeleteNice to hear
DeleteWelcome
This is deep........... something to ponder over.
ReplyDeletePortfolio income, passive income, so new to me but very interesting and one thing that strikes me while reading this post is the need to grow my finance without necessarily putting daily effort to work (8am-5pm).. How can this really be achieved? I love this post.
ReplyDeleteIt's achievable
DeleteFrom Nestor Ike.
ReplyDeleteThis is very thorough and educating. I pray to put it into practice.
Just do it
DeleteWow !! Interesting, I really got worth and value
ReplyDeleteFrom mgbeokwere Deborah
Delete