Hey guys, in this article, we will discuss five tips for investing money to become financially independent. So keep reading.
Recent articles on finance reveal that close to 60% of people in the US live paycheck to paycheck, and more than half have the necessary emergency savings recommended to tide themselves over when financial difficulties arise.
So, one of the primary lessons that are obvious is to live less than you spend monthly and put away money for both emergencies and retirement.
And regarding retirement, a solid 65% are way behind the 8-ball and will be working long after they plan to retire.
But it doesn’t have to be that way. There are solid tips for becoming financially independent. Here are some money investment tips to consider.
1. Save 20 Percent Of Your Income
Forgo a new car, a bigger house, expensive vacations, and more and instead save 20% of your income. It may seem like a stretch at first and require discipline, but millions do it. You can, too.
2. Do Something With Your Savings
Unfortunately, savings are not enough. Whether you put your money in a 401K or a savings account, inflation will eat up about 7 per cent of your money.
You have to invest, and one way is to start with Dan Hollings’s crypto training course to learn more about how to trade cryptocurrency.
But regardless of whether you take Dan’s advice and invest in cryptocurrency or stocks, bonds, Forex, or real estate, you’ve got to be doing something; otherwise, you are losing money.
3. Create A Part-Time Gig
For most people, more than their full-time paycheck is needed. Besides investing your savings, one way to become financially independent is to create a part-time business on the internet that may turn into a full-time passion.
Many people take up travel jobs, either via booking vacation packages for people, actually escorting groups of people to exotic places like India or Africa, or even traveling throughout the world and writing about it.
4. Creating An Online Opportunity
There are very few opportunities in the business world like creating an online business. The entry point is low, as low as about $50, and the potential profits are high.
Whether you are selling information, selling a product, offering to create websites for people, or taking advantage of literally hundreds of other opportunities, creating an online stream of income can start bringing in a trickle of income that can eventually lead to a flood.
5. The Multiple Marketing Route
We are reluctant to mention multiple marketing because it has such a poor reputation, but some people with the gift of being social themselves make a tremendous amount of money through multiple-level marketing.
This is not a career opportunity for shy people. Still, if you love to meet with people and have a good multiple-level marketing company backing you, it’s entirely possible to make well over $100,000 a year or more.
The Bottom Line
In 2023, the world is far different from the 1950s, 1960s, and even the 1980s. Jobs are not secure, and as people age, they become even less secure.
Take the time in 2024 to take the necessary steps to become financially independent outside of an 8-to-5 job.
I hope you enjoyed this article on five money investment tips for becoming financially independent. Thank you for reading!