FINANCIAL INDEPENDENCE

Posted by Silber on March 30th, 2021

Tightwad Todd – Helping You & Your Money Grow is an excellent resource if you are seeking financial independence. It is a personal finance website and Todd is a money coach that helps busy professionals spend less, save more, and achieve their dreams faster. You will find various financial topics on his website, including saving money, investing, budgeting, retirement, and more. Visit the Tightwad Todd website at https://tightwadtodd.com and you will be happy that you did!

Financial independence is the ability to have all the money you need right now, no matter what happens financially. Financial independence is often looked at as the goal of having everything you want with no effort. But financial independence is something that can only come to people who earn their own income and have the freedom to live their life the way they want to. Here are some ways to achieve financial independence.

Earning your own income is a combination of three levels of income: your salary from work, the net value of all your investment accounts, and your savings. Financial independence can only come to those who have all three levels of income working together in the same time frame. Passive income earned by simply being employed without needing to work a single job is often referred to as 'passive income'. The main benefit of this type of income is that it will not be affected by economic conditions. However, earning and living on a single income is often very demanding and will take a person outside of the 'passive' level of income spectrum.

Those who have the goal of becoming financially independent will want to start small and build up their investment portfolio over time. A good way to build your portfolio quickly is to use your retirement accounts. By saving in your retirement accounts, you can use the accumulated funds to invest in real estate, raw land, raw materials, and other areas where you can make money building a home or doing repairs that will improve your home's resale value.

In order to live the financial coach middle-class lifestyle, it is important to be both efficient and frugal with your money. Saving money and investing your income are the two key elements to achieving financial independence. You must be disciplined and systematic with how you invest your money so that you can make money from real estate investments, raw land investments, and other areas in your portfolio. You must be disciplined enough to cut your spending and develop a monthly cash flow that allows you to live within a set budget.

In order to achieve financial independence, you must set yourself a financial plan. This plan should include your long term and short-term goals. A great way to set your goals is to break them down into monthly categories like purchasing a new house or car, investing in a retirement account, or saving for a vacation. Having a monthly long-term goal will help you stick to your plan and have a reason to stay on top of your family's needs. Once you have a plan, you can then start looking at investments that will help you attain your long term and short-term goals. There are several options for passive income such as: stocks, bonds, mutual funds, real estate, rental property income, and passive income from a business.

With proper financial management and planning, being financially independent is never an unrealistic goal for most people. Today, many people who once were barely scraping enough money together to get by are now enjoying their first home, vacations, and retirement. For some it took years to reach their goals but for some, it took months. The important thing is not how you got there but what you are doing now. Take the time to plan and be dedicated to reaching that goal and you will achieve financial independence! Now that you know more about financial independence, go to the Tightwad Todd website to learn a lot more about the subject!