Step 1: Start Saving
In order to reach financial independence, you need to have a certain amount of money in the bank. Unless you vowed never to use money ever again, like some people chose to, but the most likely is that you will rather need plenty of it.
We will see in the next few days how much do you really need, but for the moment, know that you’ll need a lot, and that every little counts. The idea is that your capital, or your investments, will produce interests and dividends, and rents, that will allow you to live your life without worrying about money, or ever having to work again. Sweet, uh??
So, there are plenty of saving tips out there, from cutting on coffee runs to cutting your own hair. I agree with you, the last one seems extreme, at least for a girl like me.
So how do I save money? Well for one, I don’t have a house. Really! Actually, I do have two properties that I rent. And I use that rent money to travel, so when I travel I camp, check into hotel rooms, or rent an apartment if I’m going to stay for a while.
I also don’t have a car. I just bought a motorcycle but before that I relied on my bicycle and public transportation anywhere I went. It works just fine. It may be less convenient but that is the price I am willing to pay in order not to have to walk into an office ever again.
In order to reach financial independence, you NEED to start saving money, the sooner the better. Just start, know your needs and your wants. Is that shopping spree really worth it or would you rather be financially independent one day sooner? It may be hard for some, like a diet, but if you are motivated enough the rewards will be huge.
This is the first step to financial independence, set money aside for your financially independent days!