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"6 Essential Weapons to Reach Financial Independence"
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Financial Independence is a great thing. It means u r free to choose to do what u want and do not have to rely on ur job to support ur lifestyle.
The road to Financial Independence is paved with obstacles. Mastering these weapons will make ur journey to it faster and simpler.
The road to Financial Independence is paved with obstacles. Mastering these weapons will make ur journey to it faster and simpler.
1. Frugality Frugality is your main weapon.
By definition, you will reach Financial Independence once you have accumulated enough net worth to cover your yearly expenses for 25 years. So, if your expenses are lower, your net worth, or passive income goal, will be lower.
By definition, you will reach Financial Independence once you have accumulated enough net worth to cover your yearly expenses for 25 years. So, if your expenses are lower, your net worth, or passive income goal, will be lower.
Spending 10% less money each year can easily save one or two years from your journey to Financial Independence!
2. Your Main Income Your Income is a strong weapon! You should sharpen it as much as possible.
There are some simple strategies to increase your main career income. For instance, you should not wait for a raise. You should ask for a raise if you deserve it. If you think you can do more, do not wait to be asked, ask for more responsibilities!
Victim of lifestyle inflation. Do not be tempted to spend more because you are earning. Lifestyle inflation is the reason why a lot of high-income earners are not wealthy!
3. Investing Crush inflation with the Investing Hammer. If you invest your money in broad market index funds, you can expect between 5% and 8% returns on average every year. Your money will work for you instead of you working for money!
Investing is probably the most complicated weapon to master. But is incredibly powerful. However, if you keep to the basics and invest in broad stock market indexes through ETF, it can be mastered by anyone.
4. Side Hustles Your side hustles can hit many targets! A side hustle is a small job next to your main career job that will bring some extra income.
You can even go one step further and have several side hustles.
You can even go one step further and have several side hustles.
There are many SHs out there. From the weirdest, selling used panties, to something more common such as flipping cars. U could tutor kids in ur area.
U could also drive people around for money. U could build things and sell them. U could buy them and sell them for more.
U could also drive people around for money. U could build things and sell them. U could buy them and sell them for more.
If you are interested in starting a new one or scaling your side hustles I can help you. (I have experience in digital marketing, product design, and no-code.
Even u can earn an interesting amount of money from Twitter.) Just DM me to have a conversation.
Even u can earn an interesting amount of money from Twitter.) Just DM me to have a conversation.
5. Patience Patience is an important weapon. But this not an easy one for some people.
For most people, reaching Financial Independence will take anywhere from five to fifteen years.
For most people, reaching Financial Independence will take anywhere from five to fifteen years.
All along the way, you need to be careful to continue to improve your usage of all the other weapons. And do not get distracted out of your path! By having small goals and fighting to reach them, it will be easier to wait for the main goal.
6. Positive Attitude Use a Positive Attitude as a shield. You will likely encounter many criticisms once people become aware of what you are trying to achieve.
A lot of people will likely think that what u r trying to achieve is impossible. You need to shield yourself from this.
A lot of people will likely think that what u r trying to achieve is impossible. You need to shield yourself from this.
Thanks for reading. If you find this thread valuable follow me ( @wise_chimp) for more content like this.And retweet the first tweet to share with others:
https://twitter.com/wise_chimp/status/1391408136427290632?s=20
