Being independently wealthy roughly indicates that you are financially self sufficient and not dependent on anyone. This certainly is an enviable position to be in. This article will shell out some tips on how to become independently wealthy.
Getting Wealthy in a Nutshell
– Increase earnings
– Curtail expenses
– Reduce/Avoid debts
Who wouldn’t like a leisurely life, without the 9 to 5 grind, free of meeting the deadline or completing targets. You would probably find a majority of people desiring it and even succeeding at it to some extent. Yet, you would find a minority who simply have to grind it out just to make ends meet and safeguard their future. If you find yourself in a similar situation, wouldn’t it be preferable to have some cash stashed away for difficult times so that you can be financially independent?
And before your crafty mind starts thinking of how much money is needed to be independently wealthy, let me tell you, there isn’t a fixed number or amount. Financial independence is something that is achieved step by step, not all at once. While there are suggestions that financial independence and being independently wealthy are different, the underlying fact is that both goals target financial security. The paragraphs below will give you some ideas about this concept.
Steps to Become Independently Wealthy
1. Save, Save, and Save
– Regarded as the oldest rule in the book, this step is the first to become financially stable.
– Save a part of your income/salary (a substantial part), in fact, do not consider it be your income/salary at all, do not touch that money.
– Apart from spending for mandatory household