Financial independence is possible. Those are the two words everyone would love to achieve. Let's take a look at steps to gain financial independence in our lives.
Start with a Vision
Not trying to get philosophical with you, but you need to have a vision of your life when you are financially independent. By creating the vision of your ideal life will help when you are trying to save money for retirement. Of course, financial independence does not have to wait until you are 60 years old.
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Now take the time to imagine how different your life would be if you did not owe any money on your home, car or credit cards. How much money could you save every month?
The vision part is essential, but taking action is the most important step. Action is deciding to save a little more each month and spend a little less. Unfortunately today too many people do the exact opposite. Instead, they spend more each month by increasing their credit card debt.
If you have thousands in your retirement account, owe the same on your house, car and credit cards then you have not achieved financial independence.
The same is true if you have a zero balance on all your accounts including your savings or retirement accounts. Both scenarios are good, but also bad. Take some time today to create a vision of financial independence for your life.