Do you talk about financial independence and retirement to your friends? Being a millennial is great because we are privileged and empowered. And because of that, having financial freedom is achievable. But it depends on the person of course. Hard work is still everything, there is no replacement for that.
Having financial freedom is awesome because you can do whatever you want in life. You might be happy with your current job now, but you might hate it one day. I don’t know. Who knows? It might change. Whatever it is that you’re doing now, do not settle. Always aim high.
How To Pursue Financial Independence?
1. ) Stop procrastinating.
Take action now. Time is running out my friend, when are you gonna act on your dreams? If you’re already in your 60’s? Come on, you can do it, start early! We have limited time. A lot of people wish, hope, and pray that they will retire rich. But they never take action. Don’t procrastinate, do it NOW.
2.) Remember the four D’s.
Desire – I will quote Lucifer on this, “What is it you desire?” Write it down and paste it on your wall so you won’t lose your focus.
Decision – Being indecisive is a huge turn-off. If you want financial independence and retiring early, you must make a decision right now and do whatever it takes.
Determination – Do what needs to be done, even when you don’t feel like doing it. Stop being lazy, you can do it. You have to do it. Feed your focus.
Discipline – Having self-discipline is the key to success. I learned that from my sister who is an independent financial advisor.
3.) Eliminate debt.
In this generation, it’s easier to get approved for a high credit card limit if you have a stable job. As a result, more and more millennials are tempting to book flight tickets to their dream vacations even if they can’t really afford it. They buy tons of expensive outfits for that Instagram post and end up being in credit card debt. Avoid that trap.
You can have a luxurious lifestyle if you manage your finances and become financially independent in 5 years. Yes, in 5 years. If you’re in your twenties and decide to take control of your finances NOW, 5 years is doable. Just be debt-free. If you don’t learn to spend less than you make, you will never have peace of mind.
4.) Buy assets.
Stocks, real estate, collectibles, internet currency such as Bitcoin or Steem. All these investments can go up or down. Lately, I’ve been hooked with cryptocurrencies because of Bitcoin news articles I read online. I know nothing about it but I read a lot to fully understand everything. I bought a few coins because I learned that the price will go up at a later date.
It is important to study any type of investment you’re interested in buy-in. Being smart with your money can make it grow. Imagine this, bitcoin used to sell for only $0.08 in 2010. At the of this writing, it’s now $5,200! Some say it can go up to $10K in the future. That’s crazy I know! Anyways, my point is you must study and read a lot on any investments you like.
5.) Practice minimalism.
Some people call it downsizing or cutting down your expenses. Whether you’re a millennial or not, downsizing applies to everyone who wants to do a personal evaluation of what things you really need to have a secure and genuinely happy life.
Watching this minimalism documentary will change your mindset. I don’t know if some of you have seen it. But when I watched it on Netflix, it blew my mind. It helped me save money by selling stuff I no longer need, downgrading my phone plans, taking Uber instead of driving, donating my clothes, etc. I felt lighter and happier after all that.
Achieving financial independence is rewarding because you’ll be able to live a lifestyle you love. Not everyone can inherit a multi-million dollar fortune. Being financially independent takes a lot of discipline and hard work. Just like what Rihanna said, you gotta “work, work, work, work, work”. Take baby steps if you like, slow progress is better than no progress. Take control of your life.