This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. Prioritize what is important As we saw yesterday, one of the ways to reach financial independence quicker is to minimize your wants, those impulse purchases you will regret later on,… Read more
Step 10: Minimize your wants
This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. Minimize your wants If you want to reach financial independence quickly, it is necessary to save as much money as you can. While you can brown bag it to work… Read more
Step 9: Minimize your stuff
This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. Step 9: Minimize your stuff You may wonder, what does my stuff have to do with financial independence? Well, it does. I talked earlier about how you… Read more
Step 8: Automate your finances
This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. Step 8: Automate your finances In order to reach financial independence, you now are aware that you need a considerable amount of savings, as well as a handful of… Read more
Step 7: Invest
This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. Step 7: Invest The goal of financial independence is to have sufficient income generated by investment periodically, so you don’t have to go back to that dreaded office… Read more
Step 6: Find sources of passive income
This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. So yesterday we were talking about having several sources of income. You can take freelancing job, register on Elance or sell your craft on Etsy, the thing is, you are… Read more
Step 5: Multiply your sources of income
Yesterday’s step to financial independence was about growing your income. While you may ask for a raise at work, remember the numbers we ran on day 3. If I want my money to generate $1,000 per month until I die (at 95, mind you), I need $750,000 in the bank. Or I need to buy… Read more
Step 4: Grow your income
We talked yesterday about how much you will need to reach financial independence. To me, that was $50,000 to buy a house, $30,000 for a 30 months emergency fund (or living fund while I look for a job if my plans fails!), and a source of passive income generating at least $1,000 per month for… Read more
Step 3: Figure out how much you will need
Step 3: Figure out how much you will need This third step to financial independence is one of the most important, because if you don’t know how much you will need then you don’t know when you can actually stop working and enjoy your lifestyle and independence. One of my cousins works in finance. He… Read more
Step 2: Start Small
Yesterday we saw that saving is the first step towards financial independence. You have to save money, quite a considerable amount of it, in order to be someday financially independent. And just like a diet, you need to start small. You can’t start by saying ”I will save $2,500 every month” if you make $3,000…. Read more