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 borrow 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. These tips will help you:
— 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/bae 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 deal with any unforseen 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 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 forsee 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.
— 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.
A particular source of income will not bring financial independence untill you diversify. Do not put all your eggs in one basket. Distribute it into different basket and soon you wil not rely on one income generator.
— Open an Access Bank Account
Access bank is replete with great plans for start up businesses, fresh graduates, retirees, small and medium scale enterprise, among others. The Access bank solo account is especially opened for young adults who are only just gaining their financial freedom from their parents. So walk into any Access Bank branch and ask to speak with customer service and they will provide you with great plans for securing your financial independence. Don’t be left out.