Are You Super Lazy? These 10 Steps Will Make You Financially Independent (Hopefully)
Money can’t buy happiness, but it can offer you freedom, and freedom is priceless. If you don’t have the luxury of devoting hours to the cause, here are ten measures you may do to put yourself on the path to financial independence.
Manage Your Time:
Find a job that allows you to work from home so that you can keep your regular 9–5 job and yet have time to focus on your side hustle when you aren’t as busy. Make it a point to get everything done between the hours of 9 and 5 so that your contribution to the company is highly recognized.
Start Your Side Hustle:
Get a second job on the side. I’m sorry, but I can’t offer you this suggestion, but what are you exceptionally skilled at? What exactly do consumers buy from you? Pay attention to detail and pour whatever spare time you have towards that company's growth. Invest in it, and invest the money you make from your 9 to 5 job into expanding that aspect of your life.
Be aware that this won’t take place overnight. This side project has to be constantly grown, which means you need to increase your social presence and establish a following. Continue doing what you’re doing until you see results, even if it doesn’t happen immediately.
Keep a Budget:
Everything should have a budget, and you should look at money not as something to spend but as a tool to help you reach your goals. Establish a daily tracker for your budget and do your best to keep to it. Only put the money you save into your side business or investments; you don’t need any tangible possessions at this point in your life.
Put Your Needs First:
This implies setting aside a certain sum of money in your savings account before paying for anything else, such as your bills or day-to-day expenses. You can ensure that you will always put money away to invest in yourself by doing it this way, rather than utilizing whatever is left over.
Stop Over Spending:
We know Mark Zuckerberg for always wearing the same uninteresting t-shirt and trousers in public. Spending a lot of money on designer products won’t get you anywhere, with the exception of someone complimenting, “that’s lovely.” Maintain a mindset of contentment with what you currently possess.
Keep a Diverse Stream of Income:
Find various sources of income and diversity them. Find something else to do besides your 9–5 job and any side businesses you run beside it. Wait for it: the optimal number of sources of income is seven. Which is difficult, but you should begin on a modest scale and work your way up. If you want to achieve true financial independence, you are going to have to shed some blood, sweat, and tears along the way.
Make an Investment Right Now:
Make an investment right now. People sometimes wonder whether it is worthwhile to invest in equities at all when the market is doing poorly. However, looking back over history, there has never been a more favorable moment to invest. If you are patient and wait for lengthy periods of time, the power of compound interest will cause your money to increase at an exponential rate (and have some patience).
Maintain a Very Frugal Lifestyle:
How did some of history’s wealthiest individuals spend their days? They were practicing sound financial management and became experts at living a thrifty lifestyle. If you have a clear idea of what “financial independence” entails, achieving it won’t be as challenging or demanding as you would think. Many of us have the misconception that in order to lead happy lives, we must surround ourselves with costly goods; this could not be farther from the truth. Finding contentment with fewer things may be a very satisfying experience.
Clear All Your Debts:
Everyone feels a sense of release once they have finally paid off all of their bills. When all that is left are little payments, a person will feel as if their financial position has substantially improved, and this is true regardless of the amount of debt that was previously owed or the amount of cash that is now available to them. If you still have debts of 20,000 dollars hanging over your head, you cannot save anything. Put them at the top of the to-do list, regardless of how much time it will take.