{"id":73867,"date":"2022-07-19T12:48:28","date_gmt":"2022-07-19T19:48:28","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=73867"},"modified":"2023-07-19T16:12:18","modified_gmt":"2023-07-19T23:12:18","slug":"4-steps-to-financial-independence","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id73867-4-steps-to-financial-independence.html","title":{"rendered":"4 Steps to Financial Independence"},"content":{"rendered":"

\"\"<\/p>\n

Once you have achieved some basic financial goals, such as paying off all debts except for perhaps your mortgage, building up an emergency fund and contributing to a retirement account, it is time to start thinking about achieving financial independence.<\/p>\n

After all, with financial independence, you no longer have to work at a job that is not of your choosing for a paycheck. You may decide to keep working because you love what you do, but you have enough money to live frugally without doing so.<\/p>\n

With that in mind, let’s look at a few ideas that can help you achieve this level of freedom.<\/p>\n

Set New Goals<\/strong><\/p>\n

First, think about what financial independence<\/a> means to you. For some people, it will mean owning a home that is completely paid off, but for others, being a homeowner will feel like a burden. Maybe you want to live with far fewer possessions, on a boat, or in another country. On the other hand, maybe you need to make sure that in addition to your own dreams of financial independence, you need to have enough on hand to support elderly parents. There is no right or wrong set of goals, just what is important to you based on your situation and your values.<\/p>\n

Cut Your Spending<\/strong><\/p>\n

If you have already paid off your debt, created emergency savings and started saving for retirement, you probably have pretty good spending habits already. Still, at this stage, it is worth learning what to know before depositing your money into a bank<\/a> and giving those habits another pass to see if you can be more frugal. For each of your expenditures, think about how much time it takes you to earn the money to cover those costs, and ask yourself if it’s worth it.<\/p>\n

Work for Yourself<\/strong><\/p>\n

People do manage to achieve financial independence and retire early while working for someone else, but there is nothing quite like the financial freedom of working for yourself. While you are still employed can actually be a great time to start the business of your dreams because you won’t have to worry about covering all of your living expenses. Eventually, you will be able to make that shift into working at your passion business full time. The good news is you may even be eligible for a\u00a0small business loan in a range of sizes to help you push ahead with your business idea, which also allows you take advantage of such resources as support networks and coaching.<\/p>\n

Start Investing<\/strong><\/p>\n

If you aren’t already doing so, it’s time to start investing beyond your retirement account. You can get started in investing by visiting a financial professional who can walk you through the process, but it’s also possible to forgo this step and simply open an online brokerage account yourself. There are a number of tools that can help you select your investments based on your goals, your risk tolerance and other factors, and you can be as hands-on or as hands-off as you wish to be. For many types of investments, you can get started with just a few hundred dollars or even less.<\/p>\n

Photo Credit: stock photo<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Once you have achieved some basic financial goals, such as paying off all debts except for perhaps your mortgage, building up an emergency fund and contributing to a retirement account, it is time to start thinking about achieving financial independence. 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