Financial Independence: 5 Things You Can Do to Jump Start Your Journey
How to start your journey to Financial Independence?
Becoming wealthy is achievable with the right approach and planning. It would not happen fast but the key here is starting early as possible and stick with it.
1. Set your Financial Goals
2. Evaluate Current Status and Financial Background
Are you debt free? Do you have an emergency fund? How much are you earning right now? These are some of the questions you need to answer when evaluating your Financial status. It is important that you know what you currently have and how soon you can start your journey.
3. Create an Action Plan
It is important to have an "action" plan - this is the key to your success. For starters, it can be as simple as saving 20% of your salary or reduce your expenses by some percent. Keep in mind you are the one to take action, your determination and commitment will make the difference.
4. Identify Potential Blockers
There will be times that you will face a problem or your plan will not workout. You need to be ready when you encounter such instances and must act swiftly. Even you have a fixed income having other financial obligations can make your journey rough. Better to have a plan B or alternative route.
5. Keep a journal
Setting time to write is an act of discipline. Taking notes about an experience allows your mind to relive it. It can help reaffirms your abilities and prevent self-doubt to appear. It is also a great tool to account your learning and ideas - unleash your financial creativity.
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Financial Independence: 5 Things You Can Do to Jump Start Your Journey
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Reviewed by boxxPH
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Time is really the gold bar that should be our ally in saving. Your points here are all tested and proven to help one to achieve financial freedom. :-)
ReplyDeleteI think there is one crucial element lacking. It is personal growth. I think setting long term financial goals can be done, but it is increasing or adding income stream where people have the most problems with. Having said that, you have given a solid foundation of what to do, it is now up to the person to grow one's self to enable more income sources to make goals achievable.
ReplyDeleteIn my line of work, and with more than 90% of people I have talked to, based on current income and goals, it would take 100+ years and more to achieve. So my role is to help find ways to reduce the number of years before goals are attained.
I think saving is the most important part we must start thinking about in very early age.. As the time goes, our expenses and requirements increase.
ReplyDeleteHowever, not having a credit card is also good option for people who crave to use it every now and then :D
Though I have read this before in a business magazine, it's good to be reminded of these points. We sometimes get too caught up with so many expenses without realizing that it will cost us something in the future. This should be something younger ones should learn as early as now.
ReplyDelete♡ Louise | www.louisechelleblog.com
As a woman in her early 20's and is currently suffering from quarter life crisis, this post is really helpful. Thank you!
ReplyDeleteIf all Filipinos will do this by heart. Gain financial literacy and help other people to learn, we will become a first world country. We can fight poverty. So let's start in our own little ways. This is a great post.
ReplyDeleteThese are great tips. The challenge for me personally is discipline and that's something I have to work on. I will follow these tips and I hope my financial status would somehow be better.. Thank you.
ReplyDeleteJust what I need right now. Been having problems with financial stuff and would need all the advice in the world :)
ReplyDeleteGreat! I am slowly doing my best to be financially stable. It's kinda hard to budget but I know what I will reap someday. - KarenT
ReplyDeleteFinancial independence of financial freedom is what we all want. Great points! Its not going to be easy but it is attainable.
ReplyDeleteI consider myself as a visual guy and when it comes to financial matter, I always write all my budget and even plan all my expenses ahead of time. I will surely keep all these tips in mind and hopefull I'll get such financial independence too!
ReplyDeleteI am very interested in this kind of topic since I'm in the stage of my life that I want to be financially free. This kind of article is really helpful in figuring out how to do it right. :)
ReplyDeleteHa! This is a very nice article. It would have been easier for me to follow the tips given here, if I'm living in my homecountry where getting broke is not something to be afraid of. Because, wth, I'm home. But I'm not. I'm living overseas, and so, financial independence is trickier to achieve. But the tips here are still applicable, i guess. Thanks for sharing and good luck just the same!
ReplyDeleteThank you for the post. I really need these tips because I am now starting my financial journey. :)
ReplyDelete