10 Tips to Achieve Financial Independence

10 Tips to Achieve Financial Independence

Financial Independence creates Freedom in our lives. Financial Independence means we are not tied to “working” for our income thus giving us a chance to use ourselves in creative ways and spend our lives as we wish!

  1. Start by finding a job or income generating work that is flexible in hours/structure, has benefits and values you (utilizes your creativity, ideas, strengths, energy). Use this resource because that is all this is in this context as a foundation to grow and start making money work for you.
  2. Figure out your expenses and make a decision to not overextend. Do not live beyond your means. Make whatever changes are necessary to ensure this.
  3. Pay off your debt. Make whatever sacrifices you have to make to get rid of this freedom sucking vermin.
  4. Pay yourself first. I am sure you are sick and tired of hearing this expression but it works. Without a system to save money, you won’t. It’s plain and simple. Paying yourself first ensures that at the end of the day, there is money accumulating for retirement/freedom/riches. Take 10% of your income before you take the money home and dispense it, and put it into your method of saving (savings account, mutual fund, retirement plan, etc.) and that’s the end of that. It doesn’t come out – ever! This money will sit there and take advantage of the time/interest factor. Period. Forget about it. Think long term!
  5. If you are saving for a new home, your children’s education, a wedding, a trip, whatever, this is separate monies from the above. Include this in your budget as another expense and save the money by putting the money aside as if you were paying another bill.
  6. Protect your life, health, income and income making capabilities, assets, and ideas / intellectual property with the appropriate legal and insurance means (Will or Living Trust, Living Will, Copy Rights, Patents and Trademarks, Disability Insurance, Life Insurance, etc.).
  7. Invest, invest, invest. This is how you grow your riches after you built a strong foundation, a freedom-supporting structure, by accomplishing steps 1 through 6 above. Make your money work for you! Become informed and educated about different investing routes. Get a financial planner. Find different ways to make your money grow by itself! Make it work for you!!
  8. Create different sources of income. Continue holding your job if you like, but don’t get consumed by it. Use your resources and energies to create other sources of income. Become self-employed and grow your business to run independently of you. Don’t work for your money. Make your money work for you.
  9. Stay informed, current and educated about money. Learn all you can about how money works. Learn new contexts. Find new venues. Expand yourself and grow your money.
  10. Build a team of supporters and advisors. Here are some suggestions of who to include: lawyers (specific to your dealings), financial advisor, accountant, bookkeeper, brokers, therapist and coach, personal assistant, housekeeper and other home assistance as fits your living situation and lifestyle, and anyone else that supports, enhances and promotes your freedom.

Make it a point to start creating Financial Independence today!

 

Text: Emma K. Viglucci, LMFT
Edited: Editor@TBM4W.com

 

 

Emma K. Viglucci is the Founder and Director of Metropolitan Marriage & Family Therapy, PLLC, a private practice that specializes in working with couples, is the creator of the MetroRelationship(tm) philosophy and a variety of Successful Couples™ programs and products that assist couples succeed at their relationship and life. To get your downloadable relationship enrichment insights and receive her weekly successful couples articles, nurturing nuggets (sm) and other resources visit:  www.metrorelationship.com.

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