Do you know that you can achieve financial independence in a very short period of time? No joke! This sounds kind of way exaggerated, but if you’ll take the next couple of minutes or so to take all this in, you’ll learn our 5 most important tips that can get you to financial independence in no time.

Your Definition of Financial Independence Matters

Before we get into how you can build wealth from nothing, let us take a look at what financial independence really is. Now, note that it is your definition that matters in this case, not the definition given by someone else. You can choose to adopt any definition that suits you, but make sure it really resonates with you.

Financial independence is the ability to live off one’s savings and investments with no single debt whatsoever. This is a more general definition that can be tailored in a more unique way to suit you, your status, and your lifestyle. Owning a private jet, a luxury brand, or a high-end mansion, like “many people” think these days, are some of the evidence of financial independence.

As cool as these things seem, there is more to it. It is not just the money. As a matter of fact, some people have thought that financial independence has nothing to do with money. It is not so much about the money, rather, it is about the process/ strategy.

So, here are a few things you have to do if you want to retire early and enjoy a life of financial freedom.

1) Keep Getting Ready

This is more like an abstract wealth building strategy. You have to consciously get ready before embarking on your journey to financial freedom. Like the sub-title says; “keep getting ready”. It is a continuous process so long as you’re working towards financial independence. How do you keep getting ready?

2) Desire wealth

There is nothing wrong with admitting that you want financial freedom. Do not dismiss the thoughts of financial grandeur when they come to you, or hate on the rich just because they are rich. If you do so, you’re turning down your desire, and that is not good.

Psychologists believe that we have the ability to attract what we desire. Enjoy the idea of being rich, appreciate the rich, and you’ll gradually build a burning desire to be rich. That’s exactly the perfect place to start your journey to financial freedom.

3) Gain knowledge

There is no shortcut around this; knowledge is power and will continue to be. You have to make up your mind to get rich or die trying. Making a lot of money is can be difficult but it is not impossible. True, but you have to deal with that. It’s either you find a way to overcome that hardship or you’ll remain financially dependent.

4) Stay Away From Debt

According to Warren Buffet, liquor and leverage have stopped many from achieving financial success. Leverage in this sense stands for borrowed money. If you have a source of income, no matter how small, you can grow your finances from there to the point of financial independence.

In order to stay away from debt, you have to be good with money, which means you need to budget on a weekly basis. Making a budget and sticking to it will help you cut down on your expenses and stay away from debt.

5) Spend Only After Saving

Cultivating the habit of saving money is so important that it should be the first thing you have to do once you receive your paycheck. Financial experts believe that anyone who intends to gain financial freedom should make their budgets based on saving and not spending.

Saving money is not as easy as we think most of the time. That’s why financial experts have come up with ridiculously simple ways to save money. Make a budget, cut down on your expenses, and spend only on things that are really necessary.

Liked this blog? Stick around because we will be discussing tons of topics surround building your wealth and financial independence during the month of October!

We also have some tips on how to save money this year on Halloween costumes, so you can still enjoy the holiday!