Achieving financial independence is often easier said than done. However, it’s not impossible, and after hearing about other’s success stories in the arena, you’ll be well on your way toward success. Recently, people met in an online discussion to reveal how they achieved financial independence and shed light on how others can follow in their footsteps.
1. Work Double Duty
If you’re toying with the idea of starting your own business, one person stresses the importance of keeping your day job until you find your footing with your new venture! “Keep with your day job while you get your business off the ground,” advises one man. “Then, once it’s stable, you can quit your nine-to-five. That’s important because you still need money coming in. The only reason why I’m slaving away in the corporate world is because my freelance side business isn’t stable yet.”
2. Dive in Without a Safety Net
If you live on the wild side, read on: Many people profess that they were most financially successful when they threw caution to the wind and started a business without a safety net. Sometimes, betting on yourself pays off in a significant way! While diving head-first into entrepreneurship is intimidating, some men and women believe it’s the only way to achieve true financial independence. I don’t think I’d have the courage to do this, do you?
3. Stop Working for Others
Countless people believe working for somebody else is the quickest way to stunt your financial growth. “One thing is certain: Nobody becomes financially independent by working for others,” reveals one woman. In other words, figure out what you need to succeed on your own and take the steps necessary to make your dreams happen! It’s a challenging road, but you must start somewhere, right?
4. Learn From Failure
Most men and women don’t have the tools to succeed until they’ve failed. Sometimes, it’s just as important to learn what not to do than what you should be doing correctly! “It sounds weird, but I became financially independent by failing,” confesses one man. “I assumed everything would be on an upward trajectory, but before I knew it, I bit off more than I could chew. I had some hardships, built myself back up, worked even more, got more savvy with money, and remembered that early lesson of learning from my mistakes.”
5. Update an Established Business
In 2023, it’s more important than ever for businesses to update and adjust with the times. The same marketing and operational strategies that worked in the 80s and 90s will not succeed in the present climate. Unsurprisingly, countless people report immediate success with taking over failing businesses and getting them up to speed with current trends. From aging steakhouses to dry cleaners (and every business in between), changing with the times is imperative. It’s all about modernization and convenience these days!
6. Develop Desirable Skills
Many believe that to make money in this world, you must have skills no one else has. It’s essential to market yourself as someone with undeniable skills and put in the necessary leg work to hone those skills. Whether going back to school to further your education, learning a valuable trade, or doing whatever it takes to acquire knowledge, developing skills that a company values and searches for makes anyone’s journey to financial independence infinitely easier.
7. Be Ahead of Trends
Whether you’re interested in cryptocurrency, investing, or embarking on your own business, it’s crucial to be ahead of the trend. Don’t be the last one in the race! “When you really understand the internet and money, then you can make money on whatever you want,” one man cryptically explains. “Don’t get left behind; for example, capitalize on artificial intelligence because it’s only going to make things better. Remember, the competition will catch up eventually. Just don’t give up and keep going.”
8. Never Stop Working
Perhaps we should all take a cue from our parents and grandparents: Never stop working! Although this is, by far, the least sexy path toward achieving financial independence, it’s the most sensible for most people. The logic is simple: The more you work, the more money you’ll have down the road. I know this strategy isn’t necessarily one you want to hear, but sometimes, the truth hurts!
9. Live Within Your Means
If you’re serious about securing your financial future at an early age, it’s time to start living within your means. What that entails is simple. Don’t finance new cars you can’t afford. Don’t take on more debt than you can pay off every month. Don’t live alone when having a roommate or two makes more sense. Being financially independent is closely linked to being responsible in life!
10. Take a Chance on the Stock Market
Although countless horror stories exist of people losing everything by playing the stock market, there is still an opportunity to strike it rich. Ultimately, it all comes down to how well you assess risk! “Although I consider playing the stock market a form of gambling, it has paid off for me,” admits a frequent stock trader. “I frequently buy de-listed penny stocks after careful consideration and research, and in many cases, I enjoy 10x returns. I purchased a thousand shares of Hertz stock a few years ago for less than $1 per share and sold it all when it hit $20 in 2022.”
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