THE 8 STEPS....
Of living life on your own terms..
Financial wellbeing is often mistaken with high income and wealthy lifestyle.
While the income high or low, is an essential component of financial wellbeing; what you do with that income determines, how successful you are.
Have you ever thought why; some people struggle financially in-spite of a very high income?
It is because they do not understand the difference between income and wealth.
They believe that earning a high income is being wealthy and hence they sport a wealthy lifestyle.
The most common sources of income for a majority of us is the salary from an employment or profit from a business.
If your source of regular income is either salary or profits, then you are working for money.
As long as you continue working for money, income flows; If you stop, the income stops as well...
Financial Independence is being able to meet your needs, even when you have stopped working for money!
It is when you have sufficient passive income, without having to work actively for your living expenses.
It is when your assets, including money, property, stocks, bonds and funds are working to create a passive income, instead of you having to work for money.
You may be young, or old, it doesn’t matter, if you have enough assets to generate a regular and dependable passive income, enough to pay for your needs it means you have achieved financial independence.
Your future largely depends on the decisions you take while handling today’s money. It also depends on your financial habits and knowledge.
While there is no one size fits all strategy to help individuals prepare for their future, there are a few common elements, suitably classified under each of the 8 steps discussed ahead.
These 8 steps can help you prepare for a financially secure and independent future.…