“Nothing is more precious than independence and liberty”~Ho Chi Minh
After reading my article
about achieving Financial Freedom.
Some of you might have got motivated to achieve it yourself. However only few of you might have taken action on those steps. “Knowledge isn’t power until it is applied.”~Dale Carnegie
. Many people love the concept of building a passive income that’s larger than their expenses, but they don’t know how to get going. It’s actually a painful feeling.
How babies run thier financials?
Obviously babies will crawl first, then take steps with support and starts walking. Over a period those tiny steps becomes faster and bingo! Baby learns running. We should achieve big goals gradually. It’s just a commonsense, sadly not applied in common.There are many components involved in building wealth and attaining financial independence. As tempting as it is, you can’t tackle them all at once.
Rather than grinding your mind, for now I want you to commit to a single goal: to earn your first Rupee/dollar(or Currency of your country) of passive investment income. Rather than loosing confidence in yourself, this is not for me, I just know that it’s easier to break it down to achievable small tasks. For now, let’s just focus on purchasing your first income producing asset/Idea. You’ll soon realize that achieving financial independence is just a long series of baby steps.
“You cannot change your destination overnight. You can change your direction.” ~Jim Rohn
Who would you trust to perform an open-heart surgery; you or a doctor? The doctor. Professionals have something important in common: they are trained . They spend years, sometimes over a decade, studying before they practice. Investing is no different. Before you can earn outstanding returns, you’ll need to spend time. To become a true professional, you must be ready to commit to learn lifelong. Be prepared to:
• Make mistakes
• Lose money
• Gain Knowledge on regular basis
People often think investing is simply a game, they play blindly relying on luck and later repent stating its Gambling.You need to be ready to treat this like a full-time job. The more seriously you take financial freedom, the faster you’ll achieve it.
Take a moment to think about whether this is right for you. Are you ready to become good, continue to do better and becoming the best? Can you spend at least a couple of hours daily to achieve Financial Independence
Rome Wasn’t Built in a Day!
Typically, people use the above phrase
to remind someone of the time needed to create something great. And it’s true. It takes time, sometimes years, to master a skill or habit. And while it’s good to keep perspective on your dreams, I think it’s better to remember the other side of this story: Rome wasn’t built in a day, but they were laying bricks every hour.
The problem is that it can be really easy to overestimate the importance of building your Roman empire and underestimate the importance of laying another brick. It’s just another brick. Why worry about it? Much better to think about the dream of Rome. Right? Actually Rome is just the result, the bricks are the system. The system is greater than the goal. Focusing on your habits is more important than worrying about your outcomes.You don’t have to build everything you want today, but you do have to find a way to lay another brick.
Alas, somewhere I have to start my Financial Independence Journey:-)
Starting your journey in the stock market/Equity based investments, is a great way to build experience. It’s a complex and volatile world from which you can learn important concepts. Make sure your purchase motivates you to learn about money. Always remember you need to protect your capital. I encourage you to begin exploring the stock market for a small, suitable purchase. Find something that pays monthly income and analyze it in the framework of
• Capital gains
• Dividend yield
• Investor Sentiment
• Tax Saving
• Interest Rates
If you don’t yet understand these terms, then take help of Google to enhance your financial intelligence.
It’s far easier to learn when you are playing the game, as opposed to learning about money without ever having invested. You’ll have a good reason to take it seriously, or else you could suffer losses. As you travel the adventurous path of investing, you’ll notice that stocks comprise just one type of asset. You’ll gradually be exposed to new wealth building vehicles, including:
• Real Estate
• Money lending/ Financing
• Tax Planning
• Small businesses
Join a Financial Tribe without a bribe:-)
“Every successful individual knows that his or her achievement depends on a community of persons working together”~ Paul Ryan
You should take steps towards building a network of like-minded people. Find others who have the same goals as you and from whom you can glean knowledge. We have one of this kind and the financial impact it had on me and our tribe members is truly overwhelming.
Be committed to your financial not confused.
In the process of getting rich, never be selfish, such that your life is only circled around you. If you do so, you may miss out a lot of good memories. Be present mentally and physically, for Friends and Family. Money is important, no doubt. But you should aim to keep space available in your head for other things in life. There is no doubt that you can create the wealth you desire. But don’t lose sight of living. It isn’t worth it. You’ll be better off knowing this going into your journey.
Achieving financial Independence is not an exact science. Now, its time to take Actions, such that methods will get you on the right path. This article should give you a starting point.
If you challenge yourself you will grow.Your life will change. Your outlook will be positive.Its not always easy to reach your goal, but that’s no reason to stop. Say yourself I can do it. I will keep on trying until I win.From bottom of my heart, I wish tons of opportunities to you and great success ahead. I am grateful to you for being generous to share this article to inspire many lives!