Financial independence has been spearheaded more than ever post the pandemic. While the world is still grappling with the effects of this deadly Covid-19 in every aspect of life, it’s time to really buckle up and think about finances more seriously. So what do you feel, guys?

Many have lost their only source of income. Even scarier, when the sole breadwinners lost their job, the entire family was harshly swept. So, we all understand how important it is to have financial ownership to be so heavily shaken by such disturbances in the world.

No specific salaried job can’t really guarantee income security, and we have seen that clearly during the pandemic. Hence, get ready to achieve financial independence, even while being employed. So, what three things can you do?

1. Get personal health insurance alongside the one offered by your organization.

2. A passive income source.

3. Some emergency fund savings.

Not the amount of money that makes you financially free, but the habits. It’s about having your financial life under control. The year 2022 is significant to set your financial ownership as we recover from the brunt of the pandemic.

Let’s jump into some tricks to make you financially free this year.

1. First, analyze where you are currently. Next, check your debt, income, investment, savings, etc.
2. Write your goal about where do you want to reach financially at the end of 2022.
3.  Start with health and life insurance if you don’t them already.
4.  Make healthy investments like PPF, MF, Stocks, FDs, and bonds. Make sure the instrument is safe.
5.  Start a pension fund to ensure your finances are safe after 60.
6. Keep a fixed proportion for savings and emergency funds.
7. Find atleast one parallel source of income.

Do you slog at work to make ends meet? Well, the majority does the same. With too much work, you might lose out on investing in your passions and travelling across the country, let alone the globe.

Here are incredible ways to make you financially independent and retire from your 8 to 8 job by age 35.

·         Don’t go overboard with your spending - With a new job, do not indulge in excess spending in the early years of earning.

·         Plan on saving – Keep a stipulated 30% income in a savings account.

·         Investment strategy – Have an eye on investment plans like MFs, Equities, Shares and stocks, Insurance, and more. This can help in tax exemption as well.

·         Start an alternate career – Do not just depend on salary. Instead, start a new profession parallelly that you are passionate about.

Best wishes!

Do you have a 9 to 5 job but still struggle to make enough money to live comfortably? Do you want to leave your work to pursue what you love? Then this post is for you. The following actions will enable you to grow your wealth while leading a comfortable lifestyle: -

• 10% Savings Rule

Regardless of your income level, always set aside a minimum of 10% as savings. It would not have a major impact on your quality of life and enable you to have a backup plan in case of emergency. Additionally, you will not be afraid to leave your 9-5 job and focus on something that you actually love such as a startup or entrepreneurial venture.

• Frugal Lifestyle

Being frugal involves making wise use of your resources such as time, food or money, and preventing waste. A frugal person would always weigh up the pros and cons of a purchase and take the decision carefully after analysis. Instead of buying the latest iPhone or having a fancy meal, consider whether you actually need it. Spend your money wisely as it takes only one second to make a purchase while the money spent on it is earned through months and sometimes years of labour.

• Multiply your Wealth

A certain percentage of your income should be directed towards investments that will multiply your wealth even while you are asleep. You can invest in different assets such as stocks, mutual funds, ETFs, sovereign gold bonds, cryptocurrency, etc. This will enable you to develop an alternate source of income that can be used in the later years. In the words of famous veteran investor Warren Buffett “If you don’t find a way to make money while you sleep, you will work until you die”.

• Smart Investments

Investing is important. However, the more crucial aspect here is to understand the areas where you are investing. As Robert Kiyosaki, author of the famous book “Rich Dad Poor Dad”, says “Before you invest in something, invest in the time to understand it.” An investment should be made carefully after understanding your risk profile and return expectations as an investor. If you are busy and do not want to spend time understanding these things, you can invest in mutual funds, ETFs, or PMS schemes that are managed by experts for you in return for a nominal fee.

• Multiple Income Sources

A person relying on a single source of income will have less probability of becoming wealthy in comparison to a person having multiple income sources. You should focus on side hustles or freelancing that will help you to earn more income while investing a portion in assets that give you regular cash flow such as dividend stocks, bonds, rental property, etc. The extra income will enable you to save more for your future expenditures.

The key to success in money management is simple: Healthy Financial Habits. By following the steps mentioned above, you can lead a comfortable lifestyle and retire early.