Do you want financial independence? Here are five ways to get there…

Julie Brownlee, Fsp Invest, 10 Feb. 2015

Tags: financial independence, how to be financial independent, wealth, building wealth, investing,

What does being financially independent mean to you?

Perhaps it means knowing that you’ll have enough money to keep you going through the rest of your life. Maybe it will allow you to retire early. Or perhaps it means living without debt.

Whatever financial independence means to you, you need a plan to get there.

So how can you achieve financial independence?

Read on to find out…

What is financial independence?

The definition of financial independence can vary, but it essentially boils down to working because you want to, not because you have to.

Being financially independent is vital if you want to retire. You can’t retire if you owe money and have debt. You need to have accumulated some wealth and have at least one form of income.

So how can you achieve financial independence?

Five ways to reach financial independence

#1: Own you home outright
You can’t achieve financial independence if you don’t own your own home. This gives you somewhere to live for the rest of your life and to store wealth in.

If you have extra cash, put it into your bond. The quicker you pay off your home, the better.

#2: Secure multiple sources of income for when you retire
It’s vital you start on this as early as you can.

From an investment perspective, it may involve investing in dividend paying shares and reinvesting the dividends until you need the income when you retire.

Or it may involve buying property as an investment and renting it out for an income.

Or it may involve looking at starting your own part-time business that you can continue to do when you retire.

For more ideas for creating multiple income streams, go here.

#3: Watch your spending
Don’t spend for the sake of it. This means you can save more money and have it working for you. This will help you achieve financial independence more quickly.

#4: Save a chunk of your income before you retire
The earlier you start this, the better. You’re looking at saving a minimum of 10% of your gross monthly income.

#5: Invest
You want to invest for the long-term so that you can grow your capital. You could use instruments like exchange traded funds that will mirror the performance of stock market indexes.

So there you have it, five ways to achieve financial independence.

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