Few Steps Needed To Achieve Financial Independence

Five out of every Five Nigerians have thought of achieving financial independence. No one wants to be broke all the time. Financial independence means that you will never be broke. Whenever you need money, you can easily make it available. It means you can take care of yourself and your family without any need to call on friends to borrow you money. In a country like Nigeria, this is a bit difficult due to the trending economic downturn and the lack of a stable business environment. Regardless, you have no choice than to be financially independent. Here are a few tips on being financially independent:

Have a steady source of income: This I believe is the very first step in attaining financial independence. Without a steady source of income it is incredibly difficult to live above water. You can achieve this by getting a well-paid job or owning a sustainable business. This first step is a no brainer.

Alternative source of Income: Relying on your salary from Month to Month is a difficult task especially in a very dynamic economy like Nigeria. You must have an alternative income that should augment your current source of income. Think about it? Even the richest man in Africa doesn’t have one business.

Ability to pay your bills: You can’t be claiming financial freedom if you haven’t had your bills paid because you don’t have the cash to pay. Financial freedom comes with financial responsibility. Once you tick this box you are on the right track already.

Acquire A Skill: Don’t just acquire any skill, but acquire money making skills. For example; web design, baking, graphics design, programming, etc. You can join the freelance community while you maintain your current job status. Meanwhile, you have to make a schedule so as to organise your time-inputs with the skill.

Make Your Money Work For You: This is the part where you invest your money in another income stream to generate more money from you.You can consider trading or invest in shares/stock. There are a lot of passive income streams that you can invest in, which could facilitate income generation for you. Please stay away from ponzi  schemes or yahoo yahoo.

Understand the power of small amounts: Every Naira that passes through your hands is a seed to financial freedom. The biggest mistake you can make is to think that you have to start with millions of Naira in your account. Achieving financial independence requires financial discipline. I heard of a woman who worked as a dish washer and made her purses out of used liquid detergent bottles.