9 Motivational Tips for Becoming Financially Independent

how to become financially independent

There’s no greater freedom than financial independence. Only with that status can you do whatever you want with your life.

One day you catch some sun in the Virgin Islands. The next, you’re funding a new project you’re passionate about. The world is your oyster.

Is this lifestyle just pie in the sky or can you actually achieve this level of stability? Believe it or not, you can.

The only thing holding you back is you.

In order to become financially independent, you need to find the right motivation. Not just dreams of yachting in Ibiza. You need the right desires to fuel you.

It takes a special kind of person to become completely free of financial constraints. Follow these 9 tips and learn how to become financially independent.

1. Figure Out What You Would Rather Be Doing

You know those bumper stickers that say something like “I’d rather be surfing?” The truly successful people in life are the ones that are doing what they’d rather be doing.

There’s no better motivation than a career that gives you passion. Imagine looking forward to work instead of dreading it. You’ll climb the ladder in no time because you’ll love what you’re doing.

The money you make will just be a perk of the happiness you feel.

2. Make Your Plan and Stick To It

If you want that dream job, you need a plan and tools to help keep you from drifting off track.

Get a notebook, and start keeping a detailed journal. Your journal will hold you accountable for all your benchmarks.

Let’s say your plan is to start a national fast-casual calzone empire. Ask yourself what the steps are to achieve this goal. Spread out those goals realistically over time and check-off each one when they’re completed.

Keeping to your plan will give you the confidence you need to thrive.

3. Destroy all Your Debt

Ever feel like you’re drowning in debt? Can’t get out from under your college loans, car payments, and credit card bills? These are heavy shackles holding you back.

Try not to let debt drag you down. Instead, focus on what you can do to pay it off.

Make a plan for how you’ll do that. Maybe that means taking a meeting with a financial advisor to help you figure out the steps you need to take. Perhaps you know what to do, and you just need a temporary side gig to pay it off faster.

Remember that though this step towards financial freedom will take patience, you can get there.

4. Save All Your Dough

To get to your goal of financial independence, you may have to suffer in the present to thrive in the future. Saving overspending is never fun, but it always pays off!

The delayed gratification is worth it in the long run. Fancy dinners will taste much better when you know you’re not blowing half your rent money on the bill.

Make yourself a monthly budget. Deduct the number of bills and essential spending from your income. With that total, decide what amount goes into savings.

The rest is all yours to spend as you please! But, be disciplined and don’t spend over that amount.

5. Make Your Money Work For You

Investing is the best way to grow your wealth. The richest people in the world didn’t get there overnight. They were savvy enough to know when and what to invest in.

Don’t jump in head first before you know what you’re doing. Just because someone says they’ve got a big money-making investment doesn’t mean they’re right.

Do your research and don’t be afraid to ask for advice from people who are experienced. If you want to learn about investing, you can read more here.

6. Always Have a Safety Net

The only way you can safely take risks in your investments is by having a safety net. One of your big bets is bound to go belly-up. You need to make sure this doesn’t set you back to square one.

You’ll want at least half a years worth of salary in your savings at all times. That sounds like a tall order, but this is the difference between thriving and going broke.

Don’t risk what you can’t lose.

7. Don’t Keep Up With the Joneses

Who cares if your neighbor has a bigger house? Or a cooler car? Maybe they can afford those things. If so, good for them. But, maybe they’re living beyond their means. Either way, don’t let it affect you.

How can you do that? By focusing on gratitude for what you already have. This attitude will keep you in better spirits and keep jealousy at bay.

8. Never Take Your Eye Off the Ball

Just because you’ve made money now, doesn’t mean that you’re set for life. You always have to keep up with what you’re spending and how much you’re making.

Some of the aspects of financial planning may be too complicated for you. There’s no shame in asking for help!

There are tons of qualified financial experts who can help manage your money. Yes, this will add to your expenses in the short term. But, these money wizards can make you even more cash in the long run.

Just be sure to do your research before handing over your money and trust to someone. Ask friends for recommendations and vet all potential advisors.

9. Believe In Yourself

Achieving financial independence can be a long process that takes drive and determination.

You may feel burnt out along the way. Be sure to focus on self-care, and ask for emotional support when you need it.

Your dream life awaits you. But, you have to believe in yourself enough to achieve it.

How to Become Financially Independent: The Takeaway

Learning how to become financially independent isn’t always easy. It takes discipline to save, pay off debts, or take the leap towards a new career. The good news is you’ve already taken the first steps towards your goals by reading this!

Want to read more articles that will encourage you to improve your life? Then check out this blog, “10 Tips to Become the Best Version of Yourself.”