7 Tips to get you Financially Independent

The road to financial does not have to be a daunting one. With these 7 steps, you will be able to achieve that. Here goes!

Step 1: Be your very own CFO

Just as no one cares about your health more than you, so does no one care about your financial health more than you! CFOs are the ones who manage the finances of companies and in this case, you are your own company. Be the CFO and the keep the bottom line in mind!

Step 2: Set goals

Be it short- or long-term goals, you must set realistic, financial goals. A strict way of achieving them is to hold yourself solely accountable for the achievement of them.

Step 3: Avoid common investing mistakes

Don’t be reckless; overly confident; content in your unawareness; or procrastinate. These are recipes for sure failure. 

Step 4: Learn more, Make more

In order to make financial freedom a reality, you are going to learn more about money and the management of it. No one is saying that you should go to business school but at least be abreast with financial news. And if you have a lot more money, you can create a team of individuals to handle you money such as lawyers, accountants, advisers, etc.

Step 5: Discipline yourself

Living in a world that consistently bombards you with what it thinks you need and want, you going to have be stronger as to not fall for this. Figure out what you want vs. what you need and take of the latter first.

Step 6: Do extra

Maxmize your RESP, RRSP and TFSA contributions, tax deductions and employee benefits; be self-employed by having a niche job; split income with family members living under the same roof.

Step 7: Savings

Make sure to always have a savings in case of emergencies and well, common sense! You can’t be living paycheck to paycheck. What the company goes belly up or you unfortunately, lose your job?!

At the end of the day, you must protect yourself in such a way that you don’t go broke. That’s never fun.