STEPS TO ACHIEVE FINANCIAL INDEPENDENCE BEFORE YOU ARE 30
Financial independence is an ongoing journey that thrives on adaptability and continuous learning hence, staying informed about personal finance trends, economic changes and evolving investment strategies is crucial. As we progress in our careers and lives, our financial goals and situations change and that is why it is important to regularly review and adjust our financial plans to ensure they align with our evolving objectives.
In an interview with HT Lifestyle, Sonali Jindal, COO and Co-Founder of RING, advised, “Setting clear and attainable financial goals, both short-term and long-term, is the foundation. Breaking these goals into smaller steps provides a roadmap that keeps us focused and motivated. Effective financial management begins with creating and sticking to a budget. Tracking income and expenses, categorizing spending, and finding areas to save money allow us to allocate funds toward savings and investments. The principle of compounding serves as a powerful reminder that the prudent investment of even a modest sum can result in substantial growth over an extended period.”
She added, “Similarly, the value of seemingly small cashback and rewards, which may not appear substantial when first received, have the potential to grow into a valuable asset over time. Smart borrowing is another critical aspect of effective financial management. Smart borrowing, when used strategically for investments like education or a business, can accelerate wealth-building and asset accumulation, ultimately contributing to achieving financial independence. Remember that discipline, patience and a willingness to learn are key for success. By maintaining a steadfast commitment, you can position yourself for a future of financial independence and unlimited possibilities.”
According to Vivek Veda, Co-Founder and CFO at KreditBee, achieving financial independence by the age of 30 is a goal that requires determined action and purposeful commitment. In order to achieve the same, he suggested some advice -
- First, a solid foundation starts with smart savings techniques. Start this journey early and make a consistent commitment to save a portion of your income.
- Adopt a frugal mindset and realise that every rupee you save gets you closer to your financial goals.
- It is extremely important to develop a deep understanding of investment opportunities. Educate yourself on different investment methods and build a diversified portfolio. Be prepared to take calculated risks, because investments require patience and time to mature.
- The distinction between wants and needs forms the basis of lifestyle discipline. Temptations abound, but practicing moderation is key. Cultivating a lifestyle that reflects your financial goals ensures that your spending aligns with your true desires.
- Finally, the cornerstone is eternal self-improvement. Constantly invest in improving your skills and knowledge and secure your place in the dynamic labor market. This not only increases your earning potential, but it also acts as a buffer against future uncertainty.
He concluded, “It is important to understand that this journey to financial independence is a marathon, not a sprint. Today's decisions affect tomorrow's economy. By following these principles and maintaining unwavering determination, you can truly be your kingdom of financial independence. This perspective offers the freedom to choose your own path and pursue your passion with unwavering faith.”
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2023-11-08T09:55:00Z dg43tfdfdgfd