Tips and advice for becoming financially independent

We find that most of the people around us, including us sometimes, suffer from poor monthly income management, and the inability to control monthly expenses, due to the insufficient income we get; Which motivates us to do more, as well as to seek additional sources of income.

Article content

The concept of financial independence

Tips that will help you achieve financial independence

Quotes and sayings about financial independence

In conclusion

In order to meet our basic needs beyond the mere thought of saving some money; Due to insufficient income, this distances us from achieving the financial independence we crave Every person must set material independence and financial freedom as a goal at the beginning and during any stage of his life, and he has to achieve this through further learning on this subject, which is the focus of our discussion in the article that is in your hands now; Where we will talk about.

1. The concept of financial independence.

2. Tips and advice on financial independence.

3. Quotes and sayings about financial independence.

The concept of material independence

The concept of material independence denotes a person who owns a special wealth that makes his life suitable for living, without having to do any work, activity, job or profession, in order to earn an income that secures the necessary and basic needs in life; A financially independent person earns more than his expenses.

Material independence or financial freedom may be defined as

A person’s possession of multiple sources and types of passive income or wealth, which enable him to meet his needs and pay his monthly personal obligations, without the need to work continuously, and by fulfilling this condition, we can say that you have reached financial freedom and material independence; As there is no specific limit to the amount of money a person should have so that we can say that he is financially free.

The meaning of passive income

It is the recurring income resulting from a work that an individual does only once; That is, the individual may offer money, effort or time only once, and then receive daily, monthly or annual cash flows, without the need for his actual existence and personal effort or any expenses and expenses later.

The reason for calling it passive income is that our behavior is negative towards it; That is, without effort or with minimal effort.

Tips that will help you achieve financial independence

1-Set a clear goal that motivates you to achieve financial independence.

There are many goals that drive us to want to achieve financial independence; That's because achieving it basically means not getting attached to a job we don't like, but just taking it for the monthly salary we get through it.

2-I am well aware of your current financial situation.

In the beginning, we have to realize the fact that financial independence is not achieved in the blink of an eye, and therefore it is very important for a person to determine the exact true value of his monthly income that he is currently receiving, and the value of his daily or weekly expenses , if what he receives monthly is equivalent to the value of what he spends Exactly, this means that he - unfortunately - is very far from achieving financial independence, and he has to set his priorities in spending again.

3-Make sure you pay all your obligations.

You must pay all of your obligations; This is because a person will not be able to reach financial independence if he suffers from an accumulation of debts. Therefore, be sure to write down the debts you owe, and then develop an appropriate plan to pay them, and be always ready to accept the possibility of reducing and compressing your expenses until the completion of the payment of your debts.

4-Define your future financial goals.

You should define your financial goals, as this will facilitate the issue of achieving financial independence; Having a clear goal that one pursues, such as owning one's own home without bearing the burden of paying the monthly rent; It is something that makes him more willing to bear the issue of reducing and compressing the expenses a little in order to reach the goal he wants.

5-Start striving for the goal from now, whatever your financial situation.

That is, you have to start no matter how much money you have, even if you don’t even have any savings at all ; If you delay in starting until conditions improve, you will never be able to start,because conditions will not improve on their own.

6-Break the goal down into smaller goals that you can accomplish in succession at the present time.

Don’t view the end goal you want to reach as one step you want to achieve now with your current capabilities, but break it down into smaller, simpler goals, some of which you can now achieve.

7-Keep increasing your passive income streams and have complete control over your spending.

Do not be satisfied with one source, and always strive to acquire new and diverse sources of passive income, such as saving in the bank, investing in the stock market, and other methods and methods that make your income constantly increase, and then you have to learn how to control yourself, in order to control your expenses and expenses, reduce them and reduce them to the lowest possible level.

8-Avoid consumer loans

Avoiding consumer loans is the only thing that will kill your goals of achieving your financial independence; As it will keep you away from your goal because of its continuous and accumulated benefits, which will constitute a heavy burden on you after a period of time, and limit your ability to move towards achieving your goal.

Quotes and sayings about financial independence

1. Simple truth that is hard to learn is that the time to save money is when you have some. American politician "Joe"Moore
2. Don't spend your money before you earn it. Third president of the United States, Thomas Jefferson.
3. Having money and things that can be bought with it, is a good thing, but it is also important to make sure from time to time, that you do not lose things that cannot be bought with money in the process. American journalist and writer George Lorimer.
4. If we command our wealth, we are rich and free, but if our wealth leads us, we are really poor. Irish philosopher and thinker Edmund Burke.
5. If you want to be rich, think about saving money as well as .5 thinking about how to get it. American writer and politician Benjamin Franklin
6. Don't tell me what your priorities are; Show me where you spent your money and I'll tell you what those priorities are American writer James Frick.
7. Many people think that they are not good at making money, when they do not know how to use it. American politician Frank Clark.
8. Money is just a tool, it will take you anywhere you want, but it will not replace you as a driver Russian-American novelist and philosopher Ayn Rand.
9. Money is a bad boss, but an excellent servant. American entrepreneur and showrunner PT Barnum.
10. You must control your money, or else the lack of money will control you forever. Financial advisor and author of several "books in the field of money management, "Dave Ramsay.
11. Wise people should have money in their heads, not in their hearts. English-Irish writer and politician Jonathan Swift.
12. If money is my possession in independence, you will never have it. The real security one can have is the amount of knowledge, experience and ability one has. Ford Motor Company founder Henry Ford.
13. Beware of small expenses, a small leak can sink a large 13 ship. Benjamin Franklin, a well-known author and one of the most prominent founders of the United States of America.
14. Money can't buy happiness, but it will help you get better memories."Ronald Reagan” actor and 40th president of the United States.

This path can be difficult, especially in the beginning, when you start trying to change your old financial lifestyle a big change, you may have to start from scratch in your mid-twenties, thirties or any advanced stage of your life, whether by disposing of your money or investments or your career life; This is in order to be in a better situation in the future, and these sacrifices may become part of your daily routine today, but when you feel the thrill of achieving the goal and reaching what you want, this will make you proud and far from regretting anything you gave up previously.

In conclusion

We must all strive to achieve the goal of achieving financial freedom and material (financial) independence, but few of us seek it with sincerity, seriousness and commitment, and actually aim to achieve it; Therefore, try to be serious with yourself, and harness all your capabilities to reach it. Financial stability depends on your thoughts, decisions, and behaviors; So start controlling and monitoring yourself and your life, so that you can identify the flaws that are delaying your access to a state of balance and financial independence.

Know that your means to reach financial independence is important and different. Therefore, in your quest to get rich, you must follow a method that is valuable and beneficial to the lives of others, so that you may enjoy a good life that enables you to enjoy your life.