Financial Independence – Insure, Invest, and Save Money
If you really think about getting rich your own way, the time to start do something about it is now. Financial management is a kind of tool that you can use to get from where you are to the financial independence that you always desired.
The Financial Independence and Planning tools: Insure, Invest and Save Money
The three legs of the financial management Stool are insurance, savings, and investment. Let us first begin with insurance and savings. How much do you need? If you want to save your money you should put aside 10%-20% of your net income until you have enough money to cover 4-6 months of your expenses stored away in the form of liquid investment.
Just about everybody wants to become financially independent – so why do so few people get there?
One of the secrets to attaining financial independence is that it doesn’t usually “just happen”.
It starts with a detailed plan, and a willingness to commit to that plan.
To help you get going in the right direction, here are 15 steps to become financially independent.
1. “Decide You Want It More than You Are Afraid Of It”
2. Create a Series of Steps that Will get You Where You Want to Go
3. Commit Now that You Will Live Beneath Your Means for the Rest of Your Life
4. Block Out the Spendthrifts in Your Life
5. Always Keep Your Career or Business Moving Forward
6. Vow to Always Save Money – No Matter What Your Income Is
7. Insulate Yourself in the Short Run – Creating a Safety Net
8. Invest Everything Above That
9. Invest No Matter What the Market is Doing
10. Diversify Your Investments
11. Diversify Your Income Sources Too!
12. Shield as Much Income From Taxes as Possible
13. Get Out – and Stay Out – of Debt
14. Make Sure You Have Enough Insurance Coverage
15. Commit to Refocusing on Your Goal Regularly
Becoming financially independent isn’t easy. That’s why you need a detailed plan, and a commitment stick to it. Use this list as a guide, and modify it to fit your own circumstances. You’ll get there – as long as you don’t give up!
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