Tips to attain financial independence?

[Teegold]

We all want to be financially independent, but it is easier said than done.
Nevertheless, there are many tips for achieving financial freedom, but some of the most important include:
- Make a budget and stick to it.
- Save money regularly, even if it's just a small amount each month.
- Invest in yourself by learning new skills and gaining knowledge.
- Pay off debts as soon as possible.
- Seek opportunities to increase your income.
- Live below your means.
Do you have any other suggestions you would like to share?

 

[Ravenfreak]

Look for ways you can earn rewards points whenever you shop, get gas, etc so you can use those points to earn food or goods so you can help save some money in the future. I also think home cook meals will definitely save you some money and it's healthier for you too. Shop at places like Aldi or even Dollar Tree, you can find some good food at decent prices.

 

[Teegold]

Look for ways you can earn rewards points whenever you shop, get gas, etc so you can use those points to earn food or goods so you can help save some money in the future. I also think home cook meals will definitely save you some money and it's healthier for you too. Shop at places like Aldi or even Dollar Tree, you can find some good food at decent prices.

I agree with you especially on the home made meals, they help save money. I recalled when I was an undergraduate I was eating outside at first. But after I sat down and did some calculations I had to switch to preparing my own foods at home.
It worked because I began having some change to spare!

 

[Jason]

Avoid toxic people. Hold loved ones to financial accountability so they're not unreasonably dependent on you.

 

[Miraizar]

I think an important thing is be honest with yourself about what you want, don't just do as other people want or expect of you.

So don't be keeping up with the Joneses (aka trying to keep up with or outdo someone else). Don't be wanting a certain paycheck amount just because it'd make Mom or Dad proud.

Be mindful of people who talk about buying things to you or try to convince you to buy things. Friends and family (especially those with more money or poor spending habits) can encourage you to spend beyond your means. Many people assume other people treat money the same way they do.

"Oh, you don't treat yourself enough! And you work so hard. Come on!"

That said, I do think it's good to save some bit of money for spending guilt-free, if you can. Just let it be part of your budgeting.

As for home cooked meals, you don't have to completely do things from scratch. There are quick mixes and even frozen dinners you can get for those times where you're low on time or energy. All still significantly cheaper than eating out. It's great if you can prep food in advance, but I know that's not always feasible.

 

[Teegold]

I think an important thing is be honest with yourself about what you want, don't just do as other people want or expect of you.

So don't be keeping up with the Joneses (aka trying to keep up with or outdo someone else). Don't be wanting a certain paycheck amount just because it'd make Mom or Dad proud.

Be mindful of people who talk about buying things to you or try to convince you to buy things. Friends and family (especially those with more money or poor spending habits) can encourage you to spend beyond your means. Many people assume other people treat money the same way they do.

"Oh, you don't treat yourself enough! And you work so hard. Come on!"

That said, I do think it's good to save some bit of money for spending guilt-free, if you can. Just let it be part of your budgeting.

As for home cooked meals, you don't have to completely do things from scratch. There are quick mixes and even frozen dinners you can get for those times where you're low on time or energy. All still significantly cheaper than eating out. It's great if you can prep food in advance, but I know that's not always feasible.

Wow that's a bunch of nice tips you gave there. I like the part you said we should save some money to spend guilt free, as long as it part of the budget.

 

[Kennysplash]

Don’t buy what you don’t need, I think this one is under budgeting. Many times we go out and just see stuffs that are eye catching. We don’t really have a need for it, but we flip out our wallet.
If you don’t need it, don’t buy it. One needs discipline to be able to pull this off.

 

[Nomad]

You will be able to reach financial independence only when you are able to build passive income sources that makes you enough money only only to pay your bills but even to enjoy life.

 

[Cory]

I've sold about 400-something items on eBay to gain extra money throughout the years. It helps build up my account and it's an easy process with their app and shipping services. With that being said, there are plenty of services across the web to get rid of items that are no longer essential to you.

 

[NeoMetallix]

I would suggest diversification of savings as well. Do not keep everything in one basket. A good way to diversify is invest in gold and/or silver. Real estate is good too.

Fiat currency depreciates which is why prices go up, it is good to get some of your money out of fiat currency.

 

[Teegold]

You will be able to reach financial independence only when you are able to build passive income sources that makes you enough money only only to pay your bills but even to enjoy life.

I agree, passive income is Important. There's nothing as cool as making money while sleeping. Instead of working for the money, the money works for you.

 

[Debashis]

If you are anticipating being in debt in the future, start investing the expected monthly installment in stocks or mutual funds so that when the time comes, you have some extra cash even after paying the monthly installment as it would be generating some profit for you. Sounds complex but is definitely doable.

 

[JennyorAlice]

My spouse's grandmother said that if you can pay your rent/mortgage with one week's worth of your pay, then you can survive living out on your own. So far, that little bit of advice has worked for myself and my husband.