In recent times the term “Financial Independence” has become overly popular. Financial independence is defined as a person’s ability to spend their own resources to secure food, housing, and meet other living expenses. However, the legal definition does not make a distinction between earned and unearned income; either or both may be used to make the determination.
Being realistic though, Financial independence can mean different things for different people. For some, Financial Independence may mean living a Debt-free life, for some it may mean having a passive source of income which helps them quit their 9-5 job, and for the others, financial independence may mean simply earning a comfortable living, paying timely EMIs to keep the comfort consistent.
No matter what financial independence means to you. I hope this adds some value to your journey towards that goal.
Get Inspired and Stay Inspired
The most inspiring and convincing Rags to Riches story that I came across recently is of Tai Lopez. From being Born to a single mother, with his father in prison, A college Drop-out, living in a mobile house, from having $47 in his bank account to be a multimillionaire.
Inspiring and coaching people from around the world with his brutal honesty about his methods and teaching, he stresses the most on having mentors. His Podcasts and his YouTube channel never fails to give me a reality check.
Find your inspiration to get you started and find what works the best for you. Find what keeps you motivated. Look for motivation within yourself. For each goal you pursue know the reasons for doing so.
Think About your INNER CIRCLE.
Studies have shown, your income is roughly the average of the incomes of your inner circle. Thus, it is important that you are not the smartest person in the room or the richest person in the room. If you are in a room where your contribution to the conversation is nearly negligible you are in the right room. Only be in a room where you do the talking and add value to people’s minds, when you get paid for it. Seems fair, doesn’t it? It is crucial to have a circle that inspires you or adds value to your life in some way. You cannot be surrounded with people who are broke and uninspired and aim to earn a 7-figure.
Invest time in Planning.
Action without a plan is time wasted. 72% of the wealthy people in the world think that planning plays a crucial part in the journey to financial success. Planning and REVIEWING those plans and goals daily is of utmost importance. Spend 15 minutes every day writing a To-Do list, prioritize them according to the Deadlines, Value it adds to your life etc. Review your goals, plans, To-Do’s Daily!
Just a plan without action, is no plan at all. Procrastination kills just as many dreams in this world as death does. If it can be done in 5 minutes or less DO IT RIGHT NOW!
Plan your day such that you fit the following things in it:
Enough sleep: around 5 to 8 hours. Whatever suits you.
Learning: Mentors always emphasize learning new things and being Smart. Not just book-smart but truly smart. Spending at least 30 minutes each day learning something new. It should not include studying for any exam. Really learning something new.
Work: Your regular 9-to-5 or college etc. c
Write: Define your lifestyle goals. Define your long-term, short-term and immediate goals. Have strategy journals, write down your faults, build strategies to overcome them, write what you learned today, write your immediate goals, write to-do’s, cut tasks into smaller chunks and write deadlines to tackle them.
Use Technology to add value to you.
What do you listen to when you are working? Music? Not at all wrong. Being a music lover myself, I cannot get enough of music. But how is listening to same songs repeatedly or even new songs adding to your mind? Why not add one podcast about something that drives you between every 5 songs that you listen to? Try it for a week!
Audio books, YouTube channels, blogs, all can add value to your mind. Its important to keep growing! If you stop learning at least one new thing everyday your brain starts aging.
All the best!
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