It Is Something That You Can Have Too, But If You Truly Desire Financial Independence You Have To Take Action!
Consider The Following Eight Guidelines If You Really Wish To Achieve Financial Independence:
1) Where Do Your Finances Stand Right Now? The traditional approach to obtaining financial independence generally involves making sound economic decisions over the course of a lifetime. One typically should begin this process in their early twenties right after finishing university and joining the work force! Theoretically, sticking to a established wealth-building strategy should put one on a path to reach this financial goal by retirement age. Even if one is middle-aged achieving this objective is doable if the determination is there. It may mean that you have to deploy nontraditional methods, but it is achievable.
2) You Must Practice Self Discipline For Success. The problem with the above path is that is a rife with pitfalls. That doesn’t mean that it’s next to impossible either. However, you must be disciplined when managing your monetary matters. Too often people deviate from their course of action. This will always scuttle any financial objective. If you observe people who have achieved financial independence, you will note that they have adhered to certain financial guidelines. Typically they have never lived above their means. You won’t see them purchase new cars every three months or borrow against their savings!
3) Being Careful With Your Money Is Critical! Having wealth is not just about knowing how to create it. You must know how to preserve it as well! How many times have you heard stories about lottery winners who have lost all of their winnings soon after collecting their windfall. That is is rooted in being ignorant about how to preserve money! Unfortunately, that feature is not taught. You are going to have learn this as you navigate your overall approach to things financial. Start by considering ways to reduce your every day expenses. That can be as simple as learning how to do some of your own repair and maintenance. It is a great way to save!
4) Are You Currently In A Lot Of Credit Card Debt? Credit cards are a major feature in the personal debt scenario. You may think that they are a sign of financial independence, but if you are having to continuously pay your minimum balance, then you are are on the wrong side of being financially prudent! Remember that the interest rates on credit cards are typically 18% or higher. If you maintain balances that are close to the maximum limit you are generating a fair amount of interest expense over time. This does not help your cause! Some financial experts indicate that this type of debt should be completely eradicated by the time you are thirty!
5) Be Proactive About Your Personal Investments! If you are employed the odds are that you will have a savings plan that your company contributes to! Usually this is done on a 50% contributory basis. Your share generally represents 10% of your gross salary. If possible, you should contribute more. Additionally, make it a point to learn about various investment options other than your company savings plan. Look at blue chip stocks that have a growth pattern and pay dividends. Investing in real estate can still be a good option. Having a few good rental returns is an excellent way to establish passive income. Consider all of these types of investment vehicles.
6) Continue Building And Don’t Settle For Limited Success! That means that you should be prepared to take additional calculated risks. This element is another characteristic of the wealthy. They are not minimalists. For example, if they are successful with one or two rental properties they will add another. One of the key aspects to having and sustaining wealth is to add new revenue sources. Individuals who are financially successful understand this concept. They don’t limit themselves because they recognize that business and property ownership grows exponentially over time. Be persistent, financial independence is derived from growth!
7) Vigorously Fight Off The Demon That Is Named Failure! Throughout history there have been success stories that involved complete losses during the path to the sustained wealth. How many times have we read and seen wealthy individuals lose it all and then make new fortunes. One person who comes to mind is Donald Trump and there many others that you will know. This speaks to an intangible quality that must be presence at all times, perseverance. If you don’t have a significant measure of this, than the demon will conquer you. This quality along with other relevant ones have to be developed early if you are to sow the seeds of financial independence.
8) Don’t Just Focus On Traditional Ways To Make Money! Now you may not come up with the next innovative invention. However, you can certainly look at the possibility of improving an existing one. You can even try writing and start by blogging on your own personal website. If you you think that those suggestions are a stretch, then consider Network Marketing or Direct Selling. In fact, this option is statistically the best way to achieve a solid residual income. On that note, you are certainly welcomed to consider the platform that I use. That starts by ensuring the proper approach which entails learning the principals of Attraction Marketing.