Most people are in search of some kind of financial stability. Meaning? They want to have enough money coming in to cover their needs. No one wants to worry about where the next rent or mortgage payment is coming from. Or whether their paycheck will stretch to the end of the week or month to keep them fed. Stability means that none of this is ever in question. And it usually means that there are funds set aside to cover unexpected expenses as well.
To feel truly stable, you also need to have money for nonessentials. It’s hard to feel very stable if you can just pay all your bills and put food on the table but you can’t spend another cent for entertainment or vacations. Financial independence goes a step beyond. It allows you to truly enjoy freedom from having to earn a regular income.
No worries. I’m here to help you to stay calm and confident about creating financial independence.
As you might know, I am a bestselling personal development author with about 2 million books sold globally.
Plus I created an online program called The Anxiety Cure to help people to stay calm during stressful times.
I love sharing insights and strategies to empower people to be happy and successful. (I even offer private coaching!)
Coming up below are some tips to help make sure you to better understand why and how to seek financial independence.
So, why aim for financial independence? When you achieve it, you can truly do what you want with your life, whether that’s starting your own business, volunteering in your community, traveling the world, taking classes, or all the above. You might still work and have money coming in, but you’re doing it because you choose to and not because you must.
You don’t have to be born wealthy to achieve this. Smart saving and investing from the time you are young can give you the opportunity to make sure you achieve your goals and retire into financial independence, sometimes well before traditional retirement age. Some professions, such as the military, offer retirement much earlier than the traditional age. However, you can opt for this lifestyle whatever your profession.
Investing is a key to achieving this independence, and real estate is an excellent part of that investment portfolio since it can offer you a steady passive income. There are also tax advantages to owning real estate. If you’re not ready to jump into being a full-time landlord or you lack the funds to buy a property outright, one option is fractional real estate.
This is an excellent way to get involved in real estate investments with less commitment, in which you’ll own a part of a property and still benefit from many of the same advantages you’d get from owning a property without some of the disadvantages. On the other hand, if you’re ready to get involved in owning whole properties, real estate can be an excellent way to establish a steady income that is a clear path to financial independence.
Real estate is not the only place where you can put your money. There are numerous other options, including stocks, bonds, exchange-traded and mutual funds. You might also invest in other things as well, such as art or other collectibles. You can get started investing with an online brokerage account and decide from there how hands-on you want to be.
An important element in achieving financial independence is having the right mindset. It’s not that you can think your way to wealth, but there are those who will never achieve this state because they never feel that they have enough. Once you have achieved a certain degree of stability, investments and savings and have become debt free, whether or not you are truly independent depends in part on whether you are comfortable without accumulating vast sums of money.
You might be surprised to learn that many wealthy people are also thrifty. They hang onto their wealth by paying attention to their spending and only splurging on things that are important to them. Therefore, they might live in a modest home or drive an old car but spend on experiences. Part of achieving independence involves figuring out what enough means to you.
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