How To Be Financially Independent: 5 Proven Strategists
How To Be Financially Independent: 5 Proven Strategists: Being financially dependent is the dream of all men and women in this 21st-century economy. We leave in a world where our needs are ever-increasing, but money to meet these needs is scarce and limited.
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Things become even worse when one has bills to pay; children’s school fees to settle, rent to renew, water and light bills to remit, new clothes wear and food must always be at home to avoid going hungry.
Not to talk of taxes one needs to pay, money for relatives, friends, family members, and general upkeep. Being financially Independent should be a matter of concern to all who seek freedom from poverty and lack
To be financially Independent means, taking full financial autonomy and control of your finances, and not being a liability to others, regarding financing your basic responsibilities, which encompasses, Food, Clothing, and Shelter
To what extent can one be financially independent? What hope lies in secrecy on becoming financially worthwhile, strong, and reliable? Was it perversity one longed to be Financially Independent in the face of lack and want via economic difficulties?
In this article, we will see 5 proven strategists on how to Financially Independent, thus making our dreams in life fulfilled
Streams of Income
To be financially independent is no magic, you must work and figure it out, including using all possible and legal options to solves most of your financial needs
Having streams of income as a backup plan to your main hustle is a big deal to becoming financially independent
Statistics have shown that some homes in the UK and US have multiple sources of income to stay afloat. In the US, most persons engage themselves in two or three jobs.
Some shuffle their working hours to meet up with other works, making them earning from multiple sources, which to some large extent are legal, in conformity with the law.
Streams of Income is not only limited to having two or three jobs at a go, one can own many businesses online and offline as well.
Gerald Long stone, 28, owns a tea-drinking shop in East London, he also possesses a fish pond, where he harvests tons of fish. He earns from both businesses.
Shadrack Hulls, 35, runs two blog websites, he also owns a cyber café in Los Angelis in the US.
Alamu Allen, an Indian migrant in the UK, drives Uber, he also helps to market cars for British car dealers. They all have streams of Income, and to some extent, be financially independent and stable
Working Smart
To be financially independent also calls for “working smart”, having plenty of jobs or businesses doing is not the aim here, but being smart in your work can earn you big
Financial Discipline
This is the center of it all, to be financially dependent, prudence in spending must be accounted for. You must have financial knowledge of how things work.
Even after being financially stable and independent, one can still fall back to square one, if financial discipline is not imbibe.
By being Financially Disciplined, one who seeks to be free from poverty, lack and want must be prudent in financial decisions, he/she must have useful and better financial understanding.
Must always manage money wisely, do away with unwise financial distractions and mismanagement.
Wise Financial Investment
Better long-term financial investment is key to be financially independent for many years to come.
As an individual, family, or friends who want to break away from poverty, lack, and want, having wisefinancial Investment may be the only needed key to unlock long term wealth
Investing in share, stocks, real estates, and other long or medium-term financial plans is a sure deal to be lifetime financially independent
“Life is written in coded language” a saying goes, he that wants more in life must also invest more, the more your invest, the greater your financial worth
The owners of Facebook, Whats app, Twitter, Microsoft, Coca-Cola, dolce gabardine, Mark and Spencer, etc. invest heavily and massively to achieve their current financial status
Cutting Unnecessary Cost
This is not new, to be financially independent, one must adjust his/her expenses in a matter of priority, the reason being, spending not important should be avoided
When one goes on a spending spree, not prioritizing his/her expenses according to budget, the end leads to wastage of scarce and limited resources. To be financially independent, all unnecessary cost must be eliminated