Five Simple Ways to Financial Independence - Prudent Life

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Five Simple Ways to Financial Independence - Prudent Life

1. PAY YOURSELF FIRST. Save a portion of ALL you make. Make it automatic. Put your savings regularly in good, solid investments at least on a monthly basis. The biggest problem is that most people treat savings as something that should be done after all of the necessities are paid. This usually means that by the time you pay all your bills, buy groceries, gas and everything else, you have nothing left to save. Think of your savings goal as a bill or expense that needs to be paid first. Remember, it is not so much about how we make, but how much we spend.

Follow this simple formula: Income – Savings = Expense

2.START EARLY. Don’t wait until next month or next year. You must start to save as early as you can to take advantage of time. When you’re young, you have an asset money can’t buy: TIME. Start saving now and turn pocket change into riches. Remember that a little goes a long way.

3.DO Steps 1 & 2 for a long time, letting the power of time and compounding work for you. No matter what, don’t let anything or anyone stop you from saving/investing. It’s easy to get sidetracked when you’re hit with unexpected expenses or changes in your life. But if you want to be financially successful, then you must continue through thick and thin. Don’t let life events interfere with your goal to save.

4.LEAVE YOUR SAVINGS/INVESTMENT ALONE. Remember that wealth generation is a life-long process, something that is built over time. It is carefully planned for, periodically adjusted and executed with a firm hand.

5.TAKE ACTION – START NOW!

“Do not wait”; the time will never be “just right”. Start where you stand, and work whatever tools you may have at your command. (Napoleon Hill)

  

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