Hey guys, in this article, we will discuss the 5 money investment tips to become financially independent. So keep reading.
Recent articles on finance reveal that close to 60 percent 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 percent are way behind the 8-ball and will be working long after they planned on retiring.
But it doesn’t have to be that way, there are solid tips to 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 percent 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 in a savings account, inflation will eat up about 7 percent 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 you invest in 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, their full-time paycheck is not enough. Besides investing your savings, one way to become financially independent is to create a part-time business on the internet, that will possibly even 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 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 even mention multiple marketing because it’s got 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, but 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 2022, the world is far different than in the 50s, 60s, even the 80s. Jobs are not secure, and as people age, they get even less secure.
Take the time in 2023 to take the necessary steps to be financially independent outside an 8 to 5 job.
I hope you liked this article on the 5 money investment tips to become financially independent. Thank you for reading!.