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6 Ways To Achieve Financial Independence - Career - Nairaland

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6 Ways To Achieve Financial Independence by Opinionated: 11:32am On May 02, 2017
Financial independence means that you will never be broke. Whenever you need money, you can easily make it available. Even if this is not the case, you can take care of yourself and your family without any need to call on friends to lend you money. In a country like Nigeria, this is a bit difficult due to the trending economic downturn and the lack of a stable business environment. Regardless, you have no choice than to be financially independent. Jumia Travel, the leading online travel agency shares tips that will help to be financially independent.

Income is not wealth


This is one mistake many people make. They think the more they earn, the more they are financially independent. Yes, it is good to have a high-paying salary. However, the truth is that you are still working very hard to make the money and you are yet to invest it. Beyond your immediate salary, you do not have anything. What happens if you lose your job? Try to do something outside your job to earn more. Just ask yourself if you lose the job, will you be stable financially? If your answer is no, you have to take action.

Financial independence requires a disciplined spouse/bae


If you have a spouse that spends all your money on Indian hair, London bags, iPhones and the likes, you will never be independent. All your money will be going to the upkeep of your spouse and you will not have anything to invest. We are not saying you should not spend but be reasonable with spending and get someone who is not too demanding.

Fund your future

The future is very important. You have to prepare for it, You should always save money to enable you to deal with any unforeseen incident. Life is unpredictable. This unpredictability makes it essential to save.

Be an investor, not a trader

A trader is someone who wants to make a profit as soon as he/she can. They are never patient. If the business is not doing well, they abdicate it and venture into another one. But an investor’s plan is long term. They foresee a future of great profit and they are very patient as they work to position the business to attain profitability. So, be an investor, not a trader.

Diversify

A particular source of income will not bring financial independence until you diversify. Do not put all your eggs in one basket. Distribute it into different basket and soon you will not rely on one income generator.

Live beneath or within your means


If you earn 20,000 as salary and you are living in an apartment worth 500,000 and eating food worth 2,000 daily, you will never be financially independent. The rule of thumb for financial independence is living within your means. Spend less even if you earn more and make sure you invest.

Source: http://www.opinions.ng/6-ways-achieve-financial-independence/

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Re: 6 Ways To Achieve Financial Independence by wickyyolo: 1:17pm On May 02, 2017
Invest in Forex grin grin grin gringrin

2 Likes

Re: 6 Ways To Achieve Financial Independence by helphelp: 1:17pm On May 02, 2017
Book marking this

2 Likes

Re: 6 Ways To Achieve Financial Independence by aleeyus(m): 1:17pm On May 02, 2017
person below me is an idiot

3 Likes

Re: 6 Ways To Achieve Financial Independence by WachsComedy: 1:17pm On May 02, 2017

1 Like 1 Share

Re: 6 Ways To Achieve Financial Independence by KingEbukasBlog(m): 1:17pm On May 02, 2017
Very solid points . Learn to build or grow your assets rather than spending so much on liabilities . Save 10-30 percent of your income and invest whenever you discover a wonder opportunity to . Avoid gambling and participating in quick money schemes . Don't be quick to lose money . Always get advice from good and experienced investors before you invest . Always have a great understanding of any business venture you want to go into . Learn to take risks in business , intelligent risks . Sometimes , its not about the facts and figures , pay attention to the gut feeling .

12 Likes

Re: 6 Ways To Achieve Financial Independence by Olasco93: 1:18pm On May 02, 2017
OP, you are Right.
I have been telling my Banker friend this... It's not by wearing fitted suit.

8 Likes

Re: 6 Ways To Achieve Financial Independence by rabonni(m): 1:18pm On May 02, 2017
The fastest is Join APC

1 Like

Re: 6 Ways To Achieve Financial Independence by Tenim47(m): 1:19pm On May 02, 2017
i hope it werk
.
person never chop today, how e go save money for future.

btw. do u knw death is unpredictable^_^?

1 Like

Re: 6 Ways To Achieve Financial Independence by tyconcepts(f): 1:19pm On May 02, 2017
Be an asset not a liability

1 Like

Re: 6 Ways To Achieve Financial Independence by Laple0541(m): 1:19pm On May 02, 2017
U make sense small @ op, but is it possible for anyone to earn 20k monthly and live in an apartment that worths 500k?
Such illustration is damn too exaggerative.

22 Likes 1 Share

Re: 6 Ways To Achieve Financial Independence by Miscellaneous(m): 1:20pm On May 02, 2017
No 6 is not true. It is the mentality to become broke guys.
Re: 6 Ways To Achieve Financial Independence by Profezzor: 1:20pm On May 02, 2017
important information
Re: 6 Ways To Achieve Financial Independence by Nobody: 1:20pm On May 02, 2017
Nonsense angry
Re: 6 Ways To Achieve Financial Independence by Nobody: 1:21pm On May 02, 2017
Join ritualists

1 Like

Re: 6 Ways To Achieve Financial Independence by Jamean(f): 1:21pm On May 02, 2017
Nice points...

... but, welcome to our town; A place where people spend money they don't have, to buy things they don't necessarily need, just to impress people they don't know.



2nd to the last point: Diversify - have plenty boyfriends

2 Likes

Re: 6 Ways To Achieve Financial Independence by tolustwart: 1:21pm On May 02, 2017
Its easier said than done..

2 Likes

Re: 6 Ways To Achieve Financial Independence by honestivo(m): 1:22pm On May 02, 2017
stop unnecessary competition

2 Likes

Re: 6 Ways To Achieve Financial Independence by datopaper(m): 1:24pm On May 02, 2017
Your income should determine your expenditure. Don't overspend on mundane things.

Most importantly time. TIME! Don't waste your time.


And make money always
Re: 6 Ways To Achieve Financial Independence by alexistaiwo: 1:27pm On May 02, 2017
Speaking from personal experience.
Number Seven is not true

1 Like

Re: 6 Ways To Achieve Financial Independence by iykepromotions: 1:36pm On May 02, 2017
diversyfying rang a lot of bell.
Re: 6 Ways To Achieve Financial Independence by Goodnuel: 1:36pm On May 02, 2017
Nice
Re: 6 Ways To Achieve Financial Independence by Basit002(m): 1:38pm On May 02, 2017
A business and entreprenuership blog for sale with media.net ads account attach to the blog, with a twitter account with over 3400 followers, Responsive PC and Mobile template, interested person email me at umarbasit5@gmail.com for link to the blog.
Re: 6 Ways To Achieve Financial Independence by druzor: 1:38pm On May 02, 2017
e
Re: 6 Ways To Achieve Financial Independence by EdDave(m): 1:43pm On May 02, 2017
Op, are you financially independent?
Re: 6 Ways To Achieve Financial Independence by Nobody: 1:47pm On May 02, 2017
EdDave:
Op, are you financially independent?

Stupidly independent
Re: 6 Ways To Achieve Financial Independence by Nobody: 1:48pm On May 02, 2017
Improve your network someone says your network determines your net worth

4 Likes

Re: 6 Ways To Achieve Financial Independence by generaluthman: 1:53pm On May 02, 2017
nice 1
Re: 6 Ways To Achieve Financial Independence by GBJakes(m): 2:10pm On May 02, 2017
Good... But what are the reasonable investment that someone can do, cos I think investment is much more easier to do than just saving money in the bank. The problem most people have these days, is that there are a lot of fraudulent business.
Re: 6 Ways To Achieve Financial Independence by ibiboatais(m): 2:11pm On May 02, 2017
You cannot be financially independent when you live within your means. Living within your means involves for instance you earn 20k and you spend 20k, That will make you broke always.Living below your means will also keep you poor for ever. Rather I suggest you expand your means.

5 Likes 1 Share

Re: 6 Ways To Achieve Financial Independence by bodlandsystems: 2:21pm On May 02, 2017
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Re: 6 Ways To Achieve Financial Independence by Amazingglo: 2:47pm On May 02, 2017
GBJakes:
Good... But what are the reasonable investment that someone can do, cos I think investment is much more easier to do than just saving money in the bank. The problem most people have these days, is that there are a lot of fraudulent business.
..,........


The best place to invest my dear is at Hicy multi purpose cooperative: Here we give you 22% of your total investment for one year, and if you invest for 6months ,you get 10% profit of your total investment.

We are located at Suit 14, Box Office Innovation Hall,Ocean Centre, Off Oladipo Diya Way Gudu, Abuja ,or call...08118311539..or e-mail us @ hicymultipurposecooperative.: invest now to meet up with your Residual bills from your residual income.

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