{"id":1748,"date":"2021-09-05T12:01:30","date_gmt":"2021-09-05T04:01:30","guid":{"rendered":"https:\/\/shawnjosiah.com\/?p=1748"},"modified":"2021-09-05T12:01:33","modified_gmt":"2021-09-05T04:01:33","slug":"financial-independence-is-not-about-being-rich-these-are-the-steps-to-achieve-it","status":"publish","type":"post","link":"https:\/\/shawnjosiah.com\/shawnjosiah\/financial-independence-is-not-about-being-rich-these-are-the-steps-to-achieve-it\/","title":{"rendered":"Financial Independence Is Not About Being Rich. These Are The Steps To Achieve It."},"content":{"rendered":"\n

Financial independence is more than just having a fat bank account. A stable job today does not mean that you have guaranteed financial independence in the future. It seems absurd but I\u2019ll outline below what exactly it means.<\/p>\n\n\n\n

What Is Financial Independence? <\/h1>\n\n\n\n

Reaching financial independence means you have acquired enough income, assets, and investments that can cover all your expenses and spending habits. It does not mean having enough money to buy what you want today. Rather, it means that you don\u2019t really need to have to depend on an active and exhausting job to generate income for your lifestyle.<\/p>\n\n\n\n

Financial independence is not entirely the same as financial freedom. Financial freedom means you do not depend entirely on money to do or not do something anymore. Financial freedom<\/a> means that you would consider ordering an item from the restaurant menu without looking at the price. It could also mean that you would now choose to stay at the hotel on the beachfront, rather than staying on a cheap alternative on the next street. This is because you do not look for the \u2018best value\u2019 items anymore but more on your comfort and wants. <\/p>\n\n\n\n

Financial independence is more focused on wealth accumulation and generation even without forcing yourself to work forever. This is popular among retirees because this is usually the period when such independence is reached. Independent individuals and retirees won\u2019t have to worry about money anymore. However, new graduates and entry-level workforce can start working on this goal early. <\/p>\n\n\n\n

How Do I Achieve It? <\/h1>\n\n\n\n

Ask Yourself What Your Ideal Lifestyle Is<\/strong> <\/p>\n\n\n\n

It\u2019s not bad to envision yourself living an extravagant<\/a> and lavish lifestyle. This can be your motivation to work hard and invest, so your money would multiply to achieve that dream of yours. However, keep in mind that a minimalist and humble lifestyle would be your fastest way to get that financial independence.<\/p>\n\n\n\n

Plan Your Expenses <\/strong><\/p>\n\n\n\n

Check your future expenses<\/a> with your future lifestyle. Do you want to travel around the world someday? Or live in the countryside instead? These considerations will affect your expenses. You\u2019d want to take these into account so you\u2019ll know how much to save and what investments would best suit your needs and wants when this time comes.<\/p>\n\n\n\n

Assess Your Potential Savings<\/strong><\/p>\n\n\n\n

Better yet, check your current expenses. You can save a lot by cutting down unnecessary spending today. You can add these potential savings to your investment portfolio and watch it triple in the years to come. You\u2019d thank yourself in the future. <\/p>\n\n\n\n

Invest, Invest, Invest <\/strong><\/p>\n\n\n\n

Passive income is the best way to achieve financial independence. You\u2019d let your money work for you instead of draining your physical self to go to active jobs day by day. Seek the help of a financial advisor because they know all the possible investments that are best suited for you.<\/p>\n\n\n\n

Final Thoughts<\/h1>\n\n\n\n

Financial independence does not necessarily mean you have a stable job now. The focus of this concept is on the sustainability of your savings, and wealth generation tools or your passive income<\/a> streams. You can start this as early as now regardless of your status and income level.<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial independence is more than just having a fat bank account. Find its exact meaning and steps to achieve it here.<\/p>\n","protected":false},"author":1,"featured_media":1752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[7,4],"tags":[],"yoast_head":"\nFinancial Independence Is Not About Being Rich. These Are The Steps To Achieve It. - Shawn Josiah<\/title>\n<meta name=\"description\" content=\"Financial independence is more than just having a fat bank account. 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