WANT TO ACHIEVE FINANCIAL INDEPENDENCE? DO THESE 7 WAYS EARLY

WANT TO ACHIEVE FINANCIAL INDEPENDENCE

Welcoming the euphoria of independence that will arrive in a few days it will be more useful if we discuss financial independence. Who doesn’t want financial independence? Before going that far, do you know what financial independence means and how to achieve financial independence?

The definition of financial independence itself varies from one person to another. This happens because everyone has different financial goals. Some think that having savings with a nominal amount is enough to be independent, some think that if you already have several luxury cars, you are already free. On the other hand, some think that if you already have your own house without having to rent it, they are quite independent. In other conditions, some think that financial independence can only be obtained if they are free from all the debt problems they face.

So, the definition of financial independence must be adjusted to your conditions and targets. Achieving this financial independence does take a lot of time, but if you can determine the best way, then you can easily get your best financial condition.

Then, what are the things that can encourage steps to get financial independence from an early age?

Setting Goals
Setting Goals

1. Setting Goals

A real, measurable, and feasible step is needed. This means that when you have a dream, then you have to know what dreams you want to achieve. If you have a goal of financial freedom, clearly describe the dream so you can get a clear solution.

2. Create a Budget

Create a budget, usually, some of us do not know and are aware of where our funds are spent. This proves that you don’t know how to manage your finances properly. If you want to manage financial expenditures better, then a budget is needed to set priorities and a more planned allocation of needs.

3. Pay Dependents on Time

Have a credit card to manage your monthly finances? Think again. This relatively high credit card interest rate is very dangerous for your financial condition. However, if used properly and on time. Credit cards are a very useful means of payment.

4. Use Auto Debit

Auto Debit or direct deduction is a feature that several banks in Indonesia have. This system uses a periodic transfer system between accounts automatically. This feature can be used for those who want to save. This Auto-Debit feature is quite effective because usually, they create 2 accounts where the first account is used as the main account while the second account is used as an account for saving.

5. Pay Attention to Credit

A credit score is very influential if you have a plan to apply for a loan. If the credit score is good, the loan will likely be approved and added with a lower interest rate.

6. Minimalist Life

Get used to a minimalist life. You can start a minimalist life, by distinguishing which needs are important and which needs are less important. Living a minimalist life does not mean a difficult life, but a minimalist life is a life that prioritizes priorities.

7. Early Insurance

Now that is no less important to feel financial independence, namely the existence of guarantees from insurance products. If there is a disaster or accident that can harm you financially, the insurance company will cover all the losses. So buying insurance products early on will complete your financial independence.

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