How to Become Financially Independent

Financially independent is someone who is making money based on their own resources. The good thing about being financially independent is that you can become one at any age. You have to be at least 15 or 16 to receive wages but you can be financially independent any time at any age.

First you need to know you have to bring value to the market. The bigger the value the bigger the income. You can always improve yourself and become more valuable. There is no limit to it. Having this in mind, it make sense why in a company one person gets $1000 in a month and another $4000 and another person $100,000. It is because they are different in the value they are bringing to the company.

There is always room to develop your skills. To learn more, and make yourself more valuable.

Look at your past and let it teach you. Learn from your mistakes. Learn from your achievements. Try to change  things that led you to failure and do the same things that led you to your current achievements.

Don’t hold your past as a burden. If there are things in it that bother you, I highly recommend get rid of those memories.  Don’t let them come to your mind. Be in charge of what comes to your mind and don’t let your thoughts control you and your decisions. Nothing is worse than having no control over your body, mind, and time.

Learn from others. Ask questions. Find those that are in the same situation you want to be and ask them how they have got there. Observe, and listen. Be coachable. put your ego aside, observe, listen and learn. Learn as much as you can. Sometimes you don’t even need to contact that person. If you search their name their biography and so many videos and interviews come up. Listen to them. Believe in what they say and do it. As I said be coachable you can’t go far in life if you put your ego ahead of you.

Keep a journal. You can’t keep everything in your memory. Always have a journal with you. I personally use google docs. It is easier for me because I have access to it on my phone and I have my phone with me almost all the time except when I intentionally get break from it.

In google doc you can have different folders for different purposes. Write your ideas. Write whenever you hear something good. Write even the words you hear and inspire you. Put and keep everything in your journal. Write your daily goals. Put images as part of your vision board.

When setting goals break them down into small tasks and focus on them one at a time. Once it is done cross over that and feel the joy of achievement.

Set big goals. Don’t go for easy. Make it always a little hard. Goals are not there to be achieved. They are there for what they will make of you to achieve it. You’ll change, you’ll develop, and you’ll become more valuable when you set your goals higher than what you are. It is not what you get that makes you valuable, it is what you become.

Learn how to deal with money. This has to start from the first time we receive our first dollar. We should be taught on what to do with that dollar or we’ll waste it. Whatever we do with that one dollar will become our habit when we grow up.

Jim Rohn says you have to have the right philosophy. There are two philosophies. Philosophy of the poor: they spend their money and invest what is left. Philosophy of the rich: they invest their money and spend the rest.

Now what do we have to teach that child with a dollar in hand?

Never spend more than 70 cents. Whet to do with the 30 cents? 10 cents go to a charity. 10 cents go to a worthy project. Projects that you believe in. Next 10 cents is called Passive Capital. You let someone else use this 10 cents to make profit and they pay you for the use of it which is called interest. You can lend it to financial institutions, you can buy stocks, bonds, mutual funds, etc..

So many great financial advisers talk about compound interest. It is interest over interest which over a sustained period of time will become huge. This can be a game changer for you. The sooner you start the sooner you’ll become financially independent.

Let’s teach our kids how they should spend their first dollar and make them ready to become financially independent in the future.

It is never too late for anyone to start spending their money wiser and use this technique to become financially independent. At the end what we really want is to feel good about ourselves and our future. In order to get that feeling we have to build it today.



Continue Reading