Why is it that everyone seems to talk about achieving financial independence, but few people get there? Well, because it takes definite, deliberate, disciplined and proven efforts to get there. It doesn’t just happen.
The best time to aim for financial independence is before you hit 30 years. Unfortunately, that’s often the last priority on the mind of this age group, as they’re often preoccupied with immediate luxuries and gratifications like buying a car.
Contrary to what most under 30 think, attaining financial security doesn’t suggest a life of self-deprivation. You can still have fun while at it. Here’s how.
Commit to living spend less than you earn
Committing to and mastering this attitude is just about the most important step to securing your financial future. It’s the single step that will keep you constantly liquid to meet the other targets. It’s a sacrifice you must be willing to undertake to be in control of the future. The earlier you learn the technique, the less uncomfortable it gets as you go along.
Form the habit of tracking your spending
On the surface, this might look a bit tedious but you can get creative with it and have fun. More vitally, the reward attached to tracking where your money goes outweigh whatever inconveniences you have to put up with in letting go of some immediate surplus gratifications.
Apps like B make it less of a chore taking control of your money. This money-saving app has clever tools, including a tagging function that helps you keep track of your spending and know it looks like it’s time to spend or save cash.
Take risks — calculated ones and seize the moments
it’s more prudent and safer taking risks when you’re young. You may get into a bit of some bumps along the way, but that’s okay. Mistakes give you more wisdom and better financial education than successes.
Besides, you recover faster when you’re still under 30 years, and you have many years to do that. So, seize good business opportunities and take calculated risks. These opportunities might be not be available later in life.
Keep moving forward with your career or business
This should complement your disciplined spending and tracking lifestyle. Earn more and spend less. To earn more, make sure your income is on a steady increase as you go along in your career or business while you keep your spending at a moderate level.