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CURRENT EVENTS

How to Obtain Financial Independence?

20.07.2009

1. Be Positive!

Being positive is the first precondition for obtaining and maintaining financial independence.

Irrespective of whether one is an entrepreneur or employee, everyone is willing to cooperate with positive and kind-hearted people. Positive people gather other positive people around them and are always trying to do their job as well as possible and with the best attitude. This is why other people trust them, forgive their mistakes, and are willing to work and cooperate with them again. Positive people try to see opportunities and solutions in everything instead of problems. Therefore they do not know such a term as “problem” - they know situations with various solutions.

2. Earn Your Income!

When you have begun perceiving life in a positive light, you have to start thinking about how and how much you earn. Wealthy people have obtained their financial independence mostly due to their true belief in what they do and that they get joy out of it. Also, you should try to earn money in a way that makes you happy. In addition, if you can share rent and household expenditures, you will have more free resources left. Therefore you will be able to accrue and increase your capital.

3. Do Not Spend More than You Earn!

It does not matter how much you earn if you spend the whole amount or even more. It is nice to have dinner in an expensive restaurant or wear designer clothes, but these things will only let you feel like a millionaire for a short while. This does not mean you should become extreme and make your life miserable, but your income and spending should be in balance. Start with replacing your SUV with economic car and then consider whether your monthly credit payments can be reduced.

4. Save Money!

If you live according to your income, you will surely have a few lats to deposit in another account. The problem in saving is that people usually set money aside for savings only after paying all bills and purchasing needed items; however, in order to save money, you should do the opposite. First you should set money aside for savings and only then should you pay bills and buy necessary items. You will see then that you can actually settle everything with fewer financial resources. Start with a small amount and increase it every month.

5. Make Smart Investments!

After obtaining some savings you need to increase them. You need to start investing, but you should do it in a smart manner. You do not have to read financial manuals or obtain higher education in finances, it is enough to analyse the current economic situation logically, to find and purchase shares or stocks of a company whose value may increase in the future according to market trends and sell them as their value increases.

Yes, immovable property can also be an investment. You purchase it when it is cheap, then rent it out and later sell it for a higher price, thus gaining profit. However, immovable property should not be your only investment. In other words, do not put all your eggs in one basket. Keep To Your Plans!!! You simply have to keep to your plans to obtain financial independence and become a wealthy person! Be positive, do what you enjoy, live according to your resources and invest smart!