My Journey To Financial Independence During My Early 20s
Being financially independent at any age is a great success. I made it at 24 years old. Here are a few tips that helped me achieve my dream and that could help you as well achieve a healthy financial life.
1. Monetize your talents
Your economic security does not lie in your job; it lies in your own power to produce — to think, to learn, to create, to adapt. That’s true financial independence. It’s not having wealth; it’s having the power to produce wealth — Stephen Covey
Like I always say, every talent can be monetized, you just do not know how yet. Do a lot of research, and you will find that there are many ways that could provide a modest income by doing what you like most.
I love trading stocks, and it gives me so much pleasure doing so. Getting some income out of it makes me the happiest person ever too. Seeing my desire and talent materialize makes me feel more accomplished, and it inspires me to keep going no matter the ups and downs.
2. Live below your means
Money is a terrible master but an excellent servant — PT Barnum
No matter how much you are making, live like you did when you didn’t have as much. There is a reason why many rich people own Hondas and Kias.
Living below your means will create space for more savings that could potentially be turned in another source of income in the future.
3. Different sources of income
To become financially independent you must turn part of your income into capital; turn capital into enterprise turn enterprise into profit; turn profit into investment; and turn investment into financial independence — Jim Rohn
If you know how to write, monetize it. If you know how to edit videos, monetize it. If you know how to fix cars, turn it into an income. Whatever you do, turn it into money, and these different sources of income will add up into bigger amounts.
I used my talent of trading stocks, knowing five languages, etc., to turn them all into sources of income. You can do the same with whichever talent you have, and it will give you not only the cash flow but also the pleasure of earning from what you love doing most.
4. Save more
A good financial plan is a road map that shows us exactly how the choices we make today will affect our future — Alexa Von Tobel
As your income increases, save more. Every month save a percentage that no one can touch and that it is meant to serve you in the future.
In the book called The Richest Man in Babylon, George S. Clason says that a part that you earn is always yours to keep and that once you have achieved a certain amount, you make it work for you. You can make it produce even more money and bring you another extra source of income.
5. Get up and do it
More important than the how we achieve financial freedom, is the why. Find your reasons why you want to be free and wealthy — Robert Kiyosaki
Most of the people I know get caught up in daydreaming, at that moment where they will be their best version of themselves and do something big. The truth is that every day you are the best version of yourself.
No one is really ready for anything. Where I am from, we say, “the work you do will teach you.” Most of the things that need to be learned will happen during the journey, not before it. What you need to do is start your steps today.
6. Do not expect from others
There is no one who would guarantee you the security, financial independence, and the lifestyle you want except yourself — Haisah Alsya Joohary
It is important to maintain a strong sense of your goals and dreams no matter what stage in life you are in. Never give up on them, and keep in mind that the only one who can achieve them is you.
7. Win in silence
What people don’t know they can’t ruin.
Make your successful moves on silence. Start something new and earn without having to show off on social media to your college peers or others. Make your own calculations and enjoy all your victories with the ones who truly care about you and won’t bring you down for trying, or for making a descent amount.
8. Remove the negative people
The goal isn’t more money. The goal is living life on your terms — Chris Brogan
You will hear many times in your life that “you can’t do it” or that “you don’t have enough experience.” I heard it too, and I still made it to bring it five-figure income every month.
People see you from their limitations and perceptions. You see yourself from your world of limitless and possibilities. Go with your guts, they are always right.
Keep in mind that many people are simply jealous. It is one of the most ancient characteristics of humans in the world. Don’t judge them, simply create boundaries and move on.
9. Love yourself in good and bad
Loving yourself is like a muscle you build. It’s a choice you make, every single day… The more you build on that internal stability, the less your self-worth will be influenced by other people and external triggers — Amy Chan
Think of your desire of becoming financially independent as a little child. When you do great, congratulate yourself. In difficult days, treat yourself nicely and remember that back offs sometimes create momentums.
The fall will let you rest and bring you power to move up again, at a faster pace.
Keep dreaming, keep turning them into reality.
If you liked this post please give it a few claps. It inspires me to do more!
