Someone said they prefer to be poor than to have a loan. Their reason would be that if you have a loan hanging on your head every penny you make does not really belong to you. If you have loan, for the period until you pay the loan you are practically living and breathing for someone else.
Have you ever listened to a motivation about accumulating wealth and/reaching financial independence?
They make it sound so easy!
Almost like just take a bath and go out and start a business and by sunset launch your brand. Sleep and wake up the next day and send out customer orders. Yes, for the business you just launched less than 12hours ago. Yea c’mon do it. You can do it!
Hahaha
People who have money when motivating you might tell you it’s easy to make money. And if you really think about it it’s actually (sounds) easy.
Reaching financial independence and building wealth is a goal of many. In fact, anybody’s, if you’re in your right senses and if you don’t already have money lying somewhere waiting for you that you don’t need to work for. As hard as reaching financial independence and building wealth are, they’re not impossible. With the right strategies, you can put yourself on the path to financial freedom.
These are some of the strategies to building wealth and attaining financial freedom that everyone knows, but is not seem to be working for many because what, life is not as simple for everyone.
Develop a Budget and Stick to It
The first step in achieving financial independence and building wealth is to develop a budget. A budget is a plan for your finances that outlines your income, expenses, and savings goals. Creating a budget will allow you to identify areas where you may be overspending and help you make adjustments to save more money.
Pay Off Your Debt
You will hardly have anyone especially a successful person (finance-wise) advise you without mentioning the bit about clearing off your debt. Someone said they prefer to be poor than to have a loan. Their reason would be that if you have a loan hanging on your head every penny you make does not really belong to you. If you have loan, for the period until you pay the loan you are practically living and breathing for someone else. So by paying off your debt, you free up yourself and your cash flow which can be used to save and invest in your future.
Live Below Your Means
Living below your means is an essential strategy for building wealth and achieving financial independence. It means that you're intentionally choosing to spend less than you earn. By doing this, you can save more money and use those savings to invest in your future.
Invest Your Money
Investing your money is a critical strategy for building wealth and achieving financial independence. By investing your money, you can earn a return on your investment, which can grow over time and compound. Though one should be careful where they put their money in the name of investing. Consider investing your money in projects that you not only trust but those that has a future and great potential. It could be physical project or digital just choose wisely.
Build Multiple Streams of Income
Building multiple streams of income is another strategy for building wealth and achieving financial independence. By having different income sources, it can help you be more stable financially and save you the risk of going broke should your only source of income starts dwindling.
Accept that these aren’t really so easy as they sound. Also, that is not to make you relaxed but rather let you put in extra effort in that regard.
One thing you should not forget is, wealth building is a marathon and not a sprint. It takes a lot of work; discipline. Consistency, dedicated, hard-work, perseverance, endurance, and focus on the goal.
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