Tips For Achieving Financial Independence

Tips For Achieving Financial Independence

To stop being just another employee (or to leave the “mother hotel” for the younger ones) is the dream of many, but the illusions of achieving economic freedom are sometimes frustrated when you don’t know where to start. Tips for Achieving Financial Independence.

Tips For Achieving Financial Independence
We all want our Financial Independence.

However, there are fundamental aspects to be able to bring this dream to fruition. With the help of experts HowToFind compiled six first tips to put into practice.

Education.

The first thing that must be taken into account, since it is the fundamental pillar of all decisions, is to have education.

In order to be able to fulfill one’s dreams, study is indispensable.

Therefore, before thinking about independence, one must know what it means and what obligations will accompany it.

Before leaving the home of your parents, it is important to recognize that comforts are not going to be the same, a factor that according to a study by the “Centro de Investigaciones Sociológicas de España” has generated that 65% of people between the ages of 18 and 34 prefer to run away from independence. To avoid being part of this statistic, we need to create a list of what is most urgently needed.

“We have to give priority to those things that are necessary to live comfortably and, on the other hand, discard those that cannot be had due to income issues,” said Giovanni Reyes, a Harvard researcher and professor of finance at the “Universidad del Rosario”.

Work

Tips For Achieving Financial Independence
Group of People in a Meeting.

The second aspect is to have worked. Many people consider that in order to achieve independence it is enough to have a good idea, and although there are particular cases of individuals who have achieved success in this way, the experience is fundamental and it will be much easier to make decisions.

“Mistakes are part of learning and so it is impossible not to make them. However, what you can do is learn to identify them more quickly and for that it is key to have experience,” explained Alex Torrenegra, Colombian entrepreneur in Silicon Valley and creator of VoiceBunny and Voice124.

Budget

The third tip is to draw up a budget, which is basically a financial tool for calculating and negotiating ahead of time the income and expenses of an economic activity.

Mauricio Pérez, dean of the School of Economics at the Universidad Externado de Colombia, says there are now programs to teach people how to have better control over their financial products in order to avoid problems in the future and in their new challenges.

Save

Tips For Achieving Financial Independence
Save, Save and Save.

After having the budget, the fourth recommendation can be carried out, to save.

The management of savings is essential, so you must save at least 10% of income, this not only to buy things, but to have a reserve in case of emergency or new projects.

“The assets must be invested in order to generate additional value because otherwise the only thing that is achieved is that things lose value and therefore a financial damage, so we have to see this idea as a bet on the future,” explained José Manuel Restrepo, rector of the College of Higher Studies in Administration (Cesa).

Responsibility

Responsibility is an aspect that must be present in all the councils already mentioned.

However, it is worth highlighting it because in a transition process there will be obstacles, so complying with everything is a symptom that the decision was not rushed and premature.

Innovate

Finally, you have to be enterprising and innovative.

This not only applies to those who seek to create a company, it is also important to develop any type of work, so it is worth having ideas and developing them.


Many believe that being their own bosses means less work, and according to Francisco Cubillos, a personal finance expert at the Universidad del Rosario, this is false because entrepreneurs usually work harder.

Ilya Prokopoff, CEO of Ideo, one of the most important advertising and design companies in the world, said that generally when entrepreneurs ask themselves a question, it has already been solved in another part of the world, but that doesn’t mean that it can’t be improved or sold differently.

“The most important thing to achieve a solution is to have the right question to gather the right talent,” he added.

Keep in mind that the process of achieving success will always have obstacles, so it is important to always remember the reasons that led you to seek economic independence.

Characteristics of an entrepreneur and innovator

Tips For Achieving Financial Independence
Sometimes we have to Know the right People.
  • There are many people who dream of being their own bosses, that’s why here we mention the characteristics to be an innovator and develop ideas:
  • The most important thing is to have a good personality to relate to.
  • Experts say that something more valuable than money is the contacts you have.
  • The second thing to take into account is to strengthen the physical and emotions.

Many believe that being their own bosses means less work, and according to Francisco Cubillos, a personal finance expert at the Universidad del Rosario, this is false because entrepreneurs usually work harder.

You also have to have planning, organization, willingness and above all initiative to develop ideas.

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