We often hear people saying that one should be financially free & independent. But how do we achieve it? A strong & concrete plan is required to achieve the Financial Freedom. So this Republic Day, let us check out some important points which will help you in achieving Financial Freedom!
- Avoid living on Credit
Reckless & impulsive spending is the reality of almost all the individuals. This unwanted spending makes us live on Credit. We tend to make the utmost use of our Credit Cards…but mind it that excessive use of Credit can hurt your Finances in the long run. Thus, make sure that you cut down your unnecessary expenses & refrain from easy borrowings!
- Have an Emergency Fund
The Covid-19 Pandemic has definitely taught us the importance of having an Emergency Fund. Life is full of ups & downs, thus it is important to have some liquidity in case of any unfortunate event.
- Stability in Income
Striking a balance between your Income & Expense is important. In order to become financially independent, it is important that you are assured of being able to save consistently! Work towards the following habits:
- Increasing your Income
- Controlling impulsive Spending habits
- Start Saving regularly
- Invest to achieve your Goals
- Investing regularly for achieving your Goals
Once your Emergency fund is stocked, you need to start investing for your Goals. The larger your Investment Portfolio, the closer you get towards achieving your Financial Freedom!
- Commit & Review
In order to become financially independent, we need to fully commit to our plan! Have a written plan that can be reviewed. Make sure that your Goals are on track.
Keep yourself focused on achieving the ultimate goal of becoming financially independent!
HAPPY REPUBLIC DAY…!!!