A Firstline Securities Limited Blog by: Renata Girod
I cannot say that I know one person who would not want to be able to live life with sufficient income that can adequately cover their expenses, without depending on a job.
I believe most of us dream of attaining that seemingly elusive state of financial freedom like my cousin who just started working, my sister who has a small nest egg, my middle-aged neighbour who has just built a studio apartment for rent, or my brother-in-law who is saving a small sum with three financial institutions. Do you think financial freedom is possible for them?
Those of us with that burning aspiration often think of successful businessmen, actors and innovators and how can we achieve the success they have, that is, become wealthy and financially free. We tend to think financial independence is just for the wealthy but it’s not!
Amassing wealth and becoming financially independent is a process that takes time, dedication and work. It does not happen on its own: it is a journey. As a colleague recently told me, “it starts with paying yourself first.”
Here are 3 tips you should try to remember:
Invest in Assets that pay you.
Use the money that you have saved from ‘escaping the trap’ to start building your investment portfolio. Building an investment portfolio may sound complicated but it’s actually quite straightforward.
Continue to build on your investments: As the money you are saving starts to accumulate, it’s wise to begin investing on a larger scale. Use your growing cash to:
Financial independence is attainable with the right planning and dedication. It would not be quick, but if you start now and work with the right financial partner financial freedom can be within your grasp.