What is Financial Freedom?
As per Investopedia “Financial freedom or Financial independence means having the financial cushion (savings, investments, and cash) to afford a certain lifestyle—plus a nest egg for retirement or the freedom to pursue any career without the need to earn a certain salary“
Let’s see how is possible!
To become financially independent, you should not have debts, build a safety net of savings funds, and create enough passive income through investing or business ownership to pay for your current and expected future living expenses.
Is that possible in real time? Of course you can.
How normal people can achieve this? Let’s follow the rules
Achieving financial freedom could be very difficult in the face of growing debt, cash emergencies, medical issues, and overspending, but it is possible with the discipline and investment planning.
Rules for achieve this goal
- Multiple Streams of Income
- Start Investment Earlier Stage
- Follow Investment Rule
- Improve Technical Skills
- Buy Time
- Make Yourself Debt Free
- Understanding Market Cycle
- Health and Life Insurance
- Compounding Effects
Multiple Streams of Income
First you want to understand types of income. a. Active Income b. Investment Income c. Passive Income
Active income: This is earned income. This one is the back bone of wealth. Earned income comes through salary, business profit.
Investment Income: Surplus funds you have saved from your earned money can be parked in any kind of investment. Earned money through these investment covered here.
Passive Income: You can earned money in a manner that does not require too much effort. Example: Affiliate marketing, Dividend stocks, Write an E-Book etc.
Start Investment Earlier Stage
Start investment in early stage of your life. Most of the people think about future at 30 to 40 years of their age instead start early in 20. Once you get the salary first focus on saving and investing the surplus funds for your better future.
Follow Investment Rules
Create your own investment rule which one is better for you. Strictly follow the rule.
Improve Technical Skills
Always learn new technology and improve your skills. This is most important to generate multiple streams of income regularly. An investment in knowledge always pays the best interest.
Buy Time
Time is more value than Money. Don’t spend your valuable time to complete the small task. Hire the people or go for service to finish the work. The rich invest in time, the poor invest in money.
Make Yourself Debt Free
You should be pay off all your debts.
Understanding Market Cycle
Market always follows cycle. Example Real estate will be high peak for period of time at the same time other instrument like Share Market may be have less growth. Gold will be high peak for some time. We should be understand which instrument is better for the investment.
Below are the list of investment instruments. These will be individually peak for certain period.
- Real Estate
- Gold
- Stock Market
- Bonds
Health and Life Insurance
Health is more important Money. Medical expense is too expensive now a days. Every one must have the Health Insurance.
Compounding Effects
Compounding is the ability of an asset to generate earnings, which are then reinvested or remain invested with the goal of generating their own earnings. To understand the power of compound interest is very important to reinvest the earned money.
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