HOW TO BE FINANCIALLY INDEPENDENT IN 2019

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One of the best things that can happen to anyone in 2019 is to be financially independent. One of the blessings of being financially independent is being able to live your life on your own terms. You are able to make the right decisions for yourself and be in full control of your life and destiny. If you are that person that wants to have such independence,follow and practice the following steps;

1.Have a source of income

The first step to gaining your financial freedom is to have a steady source or sources of income. It is on the basis of this that you are able to plan and take meaningful decisions as regards to your finances. An individual with no source of income can never gain financial freedom no matter how hard they try. One way to go about this is by getting a job or starting up a business. However before venturing into any business make sure you carry out an adequate research on the kind of business you are venturing into and get all the knowledge you need.

2.Have a budget

Whether you have a job or a business you are running,you have to plan and document your expenses either on a weekly or monthly basis. Divide and allocate every percentage of your money to your basic needs. Know how much to spend on food,rent,transport and any other expense and make sure you do not exceed your budget. By doing this you are able to check and manage your finances properly and optimally.

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3. Save and Invest

Create a savings account and assign at least five percent of your income to this account monthly without fail. Do not request for an ATM card for this account so you do not get tempted to withdraw from this account. Seek out good investment experts to advice you on profitable investments to put your money into after you have saved enough. Making your money work for you is one of the key ways to gaining that financial freedom you desire. Some example of investments to try out are shares, stocks ,treasury bills ,land ownership and many others.

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4.Have more than one source of income

You cannot bank on just one source of income and expect to gain financial freedom. You need at least two – three sources that are regular and steady. You can expand your current business if you have one and set goals of reaching out to more potential customers than you have previously done. If you have been offering only one product before you can decide to add 2-3 products that will compliment the first one. For example if you run a clothing store you can decide to sell not just clothes but shoes and bags. That is another way of increasing your income streams. For an individual on a 9am-5pm job,after work you could start a side hustle by the side that will expand your income stream.

5.Spend Wisely

Since you now have a budget you must be disciplined enough to not exceed or spend beyond your budget. Live and budget within your means. The reason most people run into debt is because they refuse to spend wisely. They spend lavishly and buy things they cannot afford. Dx WW If you are currently in debt, plan and be determined to get out of it because a life full of debt can never attain financial freedom.Be content and satisfied with what your money can afford and what your income can cover. If you wish to have something and you cannot afford it at that particular time work towards expanding your income so you can afford it later in future. This also applies to some of us that love buying what we do not necessarily need. The fact that you can afford it does not mean you have to buy it.

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On a final note,gaining financial freedom is not as easy as it seems but with determination and persistent efforts you will gain that independence in no time. Goodluck!

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