Hello friends, hope we are all fine . This publication polarized on the different measures towards achieving financial independence.
Introduction
Contemporarily, everyone is resolute for freedom. Most persons are bent on regional independence, some others are purposeful about financial freedom but in all ramification, humans have deliberately sought for means to gain personal independence. This isn't a war between countries and nations, it's also not a quarrel between the rich and the poor; rather , it's an inherent trait of nature displaying its features in man to always abscond subjugation.
Amidst the struggles in the world, all is bent upon financial autonomy given to the fact that everything has a financial value. Consequently, financial autonomy stood tour amidst all other freedom in the world because life itself is full of business.
Here comes the question: what is financial autonomy? This is simply life decisions engaged without much consideration of their financial reverberations. According to data by worldbank, it was forecasted that by 2030, about 7% of the world's population will still be living in poverty and poverty rate is an important variable to be considered while carrying out observation on financial autonomy. However, the Intel isn't that 93% of the world are financially free but just that the variables in consideration are living above $2.15 per day.
In more realistic instances, the war between Russia and Ukraine isn't an issue of supremacy or dominance but a squawk that Russian isn't ready to share her financial freedom with the NATO regions. Most observers would attest when Putin called out Africans on the issue of de-dollarization in these regions. All these are circumspectly geared towards financial freedom.
Moreover, we would observe how investors have pushed into the cryptocurrency industry, all in quest for financial freedom. We would also observe how the government has been against investment in cryptocurrency which does not necessarily mean that they are against the invention but given to the fact that everyone is seeking for financial autonomy, hence they must tax all taxable investment as to be financially free.
Financial autonomy should be prioritized as people fight for other freedom of importance in the world. However, On the course of the hive fest held lately, theycallmedan gave a short video intro where he mentioned of all freedom fighters. Having observed the above rule on financial autonomy and other forms of freedom in general, let's take real instances on how to achieve freedom financially.
Means to Achieving Financial Autonomy.
Financial Autonomy as we'll be observing below does not necessarily mean to squander one's resources irrationally but the intel below will definitely guide everyone in achieving this form of freedom.
Live a Debt Free Life.
Financial freedom is adjacent to the concept of indebtedness. No debtor can enjoy the full effect of financial freedom. We know that loans and borrowing are normal but as important as they are, they also pose a malignant threat to our freedom financially.
Most countries are on serious debt financing, most businesses have borrowed partially irredeemable loans while some other individuals are also battling to settle their debts borrowed probably, to buy a house, pay for educational dues, purchase a car etc. Nonetheless, Living a debt free life will help in actualizing financial autonomy unequivocally.
For instance, if a worker who earns $1,000 in a month should borrow $50,000 probably to finance a budget, he will spend not less than 8 years financing such debt although it'll take an approximated 4 years to settle the debt if he's spending all his earnings in settlement of the loan but rationally, he'll spend at least 50% of his income in financing such debt which will take not less than 8 years. Moreover, this means that he has to live approximately with $17 per day which may not be enough for him to cope in times of emergencies.
Setting Credible Financial Target.
No financial target could be reached by mere emphasis. To achieve financial autonomy, one must set a feasible target. For instance, if you wish to come out of debt, questions one needs to ask include: what percentage of my income should be used to settle this debt with no negative impact on me? Next, how long will it take to settle my debt and finally what to do against going into debt again?
Once these questions are answered, the next thing is to implement the set target. Moreover, It's not possible to attain financial autonomy without fixing credible financial targets either in offsetting your loan or reaching a new financial height.
Setting a financial target will also help in creating a workable budget while budgeting helps in proper channeling of one's resources. It is impossible to attain financial freedom without maintaining a good budget system. Financial budget answers the question of what to buy and how much should be spent in compendium. Hence if this' not put into consideration, financial autonomy will only be a mere formality.
Develop Good Savings Habit.
Financial savings is an act of setting a ratio of your income aside for posterity purposes. We would recall Laszlo who paid 10,000 Bitcoin for just two pizzas. This in essence proved that Laszlo lacked the propensity to save because even though Bitcoin had no tangible value during its early days, he would have left it in his wallet to speculate if it'll later become something worth trading in the future.
A good savings habit will definitely lead to financial autonomy. Someone who spends all his earnings without considering saving a portion of his income will never attain financial freedom. Although it is good to have some liquid for speculative purposes, it's also important not to hold all your income for speculative purposes because it's not all Invested capital that could be recovered in the short run so it's good that you keep part of your income away for immediate reach sometimes. This is quite a lesson observable in the hive ecosystem by default.
Learn to Take Good Investment Risk.
Risk bearers will always have incredible results at the end of the day although it's not all risk that is worth it but taking good investment risks can lead to quicker success and financial autonomy on the course.
For instance, early investors and adopters of cryptocurrency inventions are the ones ripping the benefits at the moment this is because they took the risk involved at the time it was demanding taking those risks.
Although it's good to take risks, but this does not actually call for investing all of one's income in a particular trend. A diversified portfolio could assist when figuring out means for financial autonomy.
Live Below or Within Your Financial Capacity.
There is this issue of fake life, which is an intel that suggest people living beyond their financial capacity. Most times, people act uncircumspectly thinking since I've gained notoriety, it's now time to live a celebrity live without knowing that no one takes cognizance of their lives.
In essence, it is paramount to live within or even below the limit of one's financial capacity against liquidating on the long run.
Protect Your Health Interest.
There is this common adage that one's health is his wealth. Nonetheless, it takes a healthy person to make money. Moreover, one isn't financially free if he's still battling with health issues. In compendium, one's health should be prioritized more than anything else and when this is actualized financial autonomy is actualizable on the long run if not within a short period.
Conclusion.
Finally, it's not enough to plan, think or even be on a consistent scale of daily or monthly income but what is achieved at the end of the day should be the expostulation of everyone. Thank you for going through.
References:
Shared Twitter link.
https://x.com/okorodavid19/status/1707481029726916895?s=20