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Steps To Financial Independence For The Youth

It is one thing to have a job but it is an entirely different thing to be financially sound. Job security among the youth is usually a given and your field of study can lead you there but financial stability needs a more sophisticated approach.

Usually, being in your youthful ages and being financially independent seems impossible, here are some steps you can take to become financially sound:

Follow the money

You can’t save your way to financial independence. The first step is to focus on increasing your income continuously and repeating that. Start following the money and it will force you to control revenue and see opportunities.

Don’t show off

Buying luxurious stuff is a sure proof way of wasting away your hard-earned cash. When you begin to work and start earning some money, the temptation of showing off sets in; that is just a way to go downhill financially. Just follow this simple rule; you must have at least four times the amount you use in purchasing anything luxurious. 

Save to invest, don’t save to save.

The only reason to save money is to invest it. Put your saved money into secured, untouchable accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one, which is to increase income. Financial stability is all about investment not savings.

Avoid debt that doesn’t increase your cash flow.

Make it a rule that you never use debt that won’t make you money. Rich people use debt to leverage investments and increase cash flows. Poor people use debt to buy things that make rich people richer.

Outwork your competition.

Money doesn’t know about clocks, schedules or holidays and you shouldn’t either. Money loves people that have a great work ethic. When everyone closes from work at 7pm, just go the extra mile. Never try to be the smartest or luckiest person, just make sure you outwork them all.

Apply these steps and they will make you rich. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too. Good luck, God is on your side.

By: Obed Wiafe

Content created and supplied by: TikeseTen (via Opera News )


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