Can you be financially independent?

“It’s always helpful to learn from your mistakes because then your mistakes seem worthwhile.” Garry Marshall

Many people have made a number of financial mistakes on their journey to success.  Often it is assumed that financial independence is too hard to achieve but it can be done with proper planning.

Being financially independent means exactly what it says: You are not dependent on anyone or anything to pay your bills.

Planning Ahead

The next few months are the perfect time to reset your wallet and focus setting  long-term financial goals that you want to achieve. The most effective saving tips are the ones that become a life long habit.

It is essential that you integrate your saving plan in your everyday life.

The biggest piece of advice is that old adage of ‘save early and save often.’ We all know we are supposed to do it, it’s like drinking water and yet it is so hard for people to do.

This all sounds great but if you are living paycheck to paycheck, putting aside savings every month may seem like a unrealistic goal.

However don’t be discouraged!

Take a look at where your dollars are going, and chances are you can save some well needed money.

Look for little ways to cut back your spending. The key is to focus on small things you can do, so that you don’t have to feel like you can’t spend at all. That feeling of depriving  yourself can lead to random shopping trips that will break your budget.

Examine your finances and see which expenditures are important to you.

Could you eat out less often? What about cutting off selected services you don’t need?

Financial freedom

Financial freedom is when your passive income exceeds your expenses.  When you become financially free, you then have the time and freedom to pursue wealth.

One main way is to increase your income.  This means you need to tap into your skill set and see what else you can offer outside of a traditional nine to five.  The extra income can be placed in long term investments that can add up over time and give you returns on your money.

It’s not an easy or quick journey to success but it certainly can be done with the right tools.

What’s your take? Let me hear from you!

Teri Ann Renee Paisley
Gleaner online writer

Tags: financially independent