| 7 Power Habits to Guarantee Financial Independence |
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| Written by Daegan Smith | ||||||||||
| Thursday, 05 July 2007 | ||||||||||
Page 3 of 3 Are you always running short of your funds? Do you still have to borrow money sometimes to at least live comfortably? Do you get to pay your bills on time? 1. Keep a focused vision Start with a vision. What is your vision for your life? Where are you definitely heading? You want financial independence. You want to be able to stand on your own and have a more stable and secured life, for yourself and for your family. Keep that vision in mind. Hold on to it as you start to realize that vision. The choices and decisions you will make in the future will have to head to the direction of your goal. Return to that vision when things get doubtful or tough. 2. Invest your money wisely Generate income. Your income will be the financial foundation of your vision. This will basically come from your job’s income, but don’t settle with that. Aim to increase your income. Invest your time, money and effort into a beneficial enterprise. Start a business that you feel passionately about and make sure it will work. Think carefully of every detail in your enterprise and work on it. Do not settle with good enough results. Aim for excellence, quality and integrity to succeed. 3. Save up Start a fund for your future. Allot a percentage of your present income to savings. Do this at the start of each month, before you go ahead. This will avoid the enticement to buy, buy, buy. It will also teach you how to properly budget your money for necessary expenses. Money in the bank could also earn interest. Although it is not considerable compared to a good investment, it is still a good way to keep money for your future. Just make sure you maintain the money in your savings account. Avoid touching it unless it is really necessary. Give value also to your coins. Every single cent matters. All of those scattered coins you have there could comprise a few dollars. Even if it is considerably small amount, it will still find some use for that. 4. Spend wisely Don’t spend all your earnings. As they say, don’t earn to spend. Buy only things that you really need. Tighten those belts for now as you bank for a more secured future. Choose to live simply. Forget the need to show off on other people that you can afford. If you want achieve financial independence, you must hold on to your money as much as possible. Avoid incurring debts as much as possible. Take control of your finances as much as possible. Credit cards for example could hold you locked in a desperate state. You could be getting what you want now through that credit card, but imagine yourself giving the bulk of your income for interest payments! Make ends meet in the meantime for later on in life, you will surely afford to be leisurely. 5. Keep contingency plans You must plan ahead for events in the future. Have contingencies. Make certain that your financial assets are secured. At this phase, it is a good option to get an insurance policy. Insure your life, health and property, even your loved ones. Protect your interests whenever you enter into any engagement. Make sure that your endeavor is legal, that you are financially capable, and that it is feasible within your means. This way, you will have optimal performance and desirable results. You could prevent harmful losses in the long run. 6. Take care of yourself Health is wealth. The only way for you to achieve your dreams and be able to stand on your own is when you are physically and psychologically able to do so. Have regular check ups with your physician. Have a healthy diet. Exercise Regularly. Health will be your asset to achieve financial independence. Only a good physical standing would allow you to enjoy the fruits of your toils today. Exercising will help you clear your mind, relieve stress, and pump up your adrenaline for life.
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