Most of us are intrigued by the idea of not having to work for the sake of money. The thought that you are the master of your own destiny brings a smile to even the most frigid face. Additionally who isn't stimulated by the idea of a spare million in the vault. So unless you are stimulated by the idea of your boss regularly hollering down at you, and you having to swallow it, reading on would not be too bad an idea.

  • Have Alternate Streams of Income :: The most important of all the gospels on the path to financial independence, is the need to diversify your revenue streams. Gone are the days when getting a job would be the ticket to a prosperous and happy future. With inflation at 7% and most investment avenues offering muted returns, having alternate streams of income would be an absolute must. These could be in any of the conventional forms like stocks, bonds, real estate etc, as long as they add to your investible surplus. New age platforms like Youtube, Amazon books also provide a potential lucrative market to tap for additional income.

  • Focus on growing Earnings over Savings :: Don't just focus on saving every penny that you earn. You may succeed initially but with the associated initial discomforts involved with living a frugal life, the drive to save may slowly wane. A far effective way is to target increasing your income, which would automatically lead to elevated levels of savings in absolute terms.

  • Control the desire to splurge :: Human Nature is inherently aspirational. The desire to live the best life that one can, sometimes overlooks the necessity to save for a better future. So the need for a necessity like a Cell Phone gradually morphs into the need to buy the newest Samsung,Apple Flagship after every product release, mostly by dipping into one's savings or investment corpus. This should however be avoided like a plague as this is the single most prevalent reason , which limits one's ability to achieve their financial potential.

  • Invest in yourself :: Investing in oneself is the most important investment that one can ever make. Here investing does not only mean a monetary investment, but also investing one's time in improving one's own self. Learn a new skill, learn about Stocks/Bonds, learn a new sport , read books by the greatest minds, grow your mind and you would see that you would evolve for the better. Sooner rather than later you would see your finances improve as a result.

  • Dream Big :: This one's more in the mind, but one must dream big. Have you ever met an accidental millionaire, one who never aspired for it. Well you haven't and the reason is, there aren't any. Until one dreams and aspires for it one can never achieve financial independence. It so happens that if you aim high enough , you invariably end up achieving a sizeable amount even in the worst of circumstances.

So cast your suspicions aside and set out on building a secure financial future for yourself, where you work not to make money, but to enjoy what you like doing. It is only when you work for the love of what you do, are you truly financially secure.

Arbind Kumar Roy

About Arbind Kumar Roy

Aspiring to be the best that I can be.
  • Kanchrapara