How to Be Financially Free at Young Age

3 18
Avatar for Miika
Written by
1 year ago

Start Saving and Investing

If you don’t learn the importance of saving and the power of investing early on, your entire life you will remain in financial difficulties. When you have financial difficulties, your mental, emotional and physical health will be in a bad condition. Financial difficulties will even hamper your relationship. That’s why you need to teach your kids about money, so that they learn how to save money and how to invest money and build a better future. Sadly, a lot of parents cannot teach money management skills to their kids because they don’t have knowledge and skills with money management. Of all skills, money management skill is the most important.

Want to Retire Early? Here are a Few Tips

If you want to retire early, here are a few tips that you might find useful:

Build Passive Income Source

Retirement means you do not have to work actively to make money, you might not even have to work to make money in order to pay your bills. This will happen only when you have passive income sources. You can build passive income sourced through multiple methods, one by investing in stocks or equity, two by investing in real estate, three, by investing in a business, four, by saving in high-yield saving accounts, etc.

Build Retirement Finds

If you do not want to actively work to make money and retire, you need retirement funds. You can build retirement funds in a number of ways, one, by saving money in your retirement funds, two, by buying a term life insurance plan or any other retirement insurance plan, etc.

Move to a Cheaper Location

When you retire, you also need to minimize your cost of living because you will have limited income and money and you need to make the most of what you have. Therefore, you need to move to a cheaper location, which might mean moving to the countryside or moving to countries where the cost of living is cheaper than where you are living.

5 Financial Tips to Make You Financially Free in Your 30s

If you want to become financially free before reaching 40, here are the 5 financial tips that you will find useful.

Don’t work for money: If you work for money. You will be working hard to make money, but the day you stop working you will have no income. Therefore, make money work for you through business and investment.

Cut your extra expenses: Don’t live to impress other people, buy only what you actually need.

Take risks while you are young: In middle age and old age, you cannot take any risks, because one mistake and you will have difficulties in your life. However, when you are young you have the liberty to make mistakes as you still have plenty of time to correct your mistakes and learn from mistakes. You can make mistakes in your 20s but not in your 30s and 40s.

Don’t run for the money, instead aim for freedom and power: Life is not about hoarding cash, life is about improving the lives of people, and giving back to society. You must have the freedom to make choices and the power to give charity.

Never follow the crowd: If you run after the crowd, you might get scammed. A lot of people get scammed because they run after the crowd.

3 Things to Do Before You Turn 30

If you have not reached 30 years of age, here are the three things that you need to do.

Travel Solo: Travelling is not about just spending holidays in a new place. Traveling means you build your knowledge by meeting new people, and seeing new places. When you travel solo, it will change you as a person

Study abroad: If possible travel to another country to study. The experience will make you a new person, and an independent person. You also get to learn about new cultures and people. You get new opportunities and study a new curriculum. This is a fascinating experience that will help you in your later life.

Invest: You should start investing before you turn 30. A lot of people think that they should enjoy life first and they can wait before they start investing. A lot of people believe that they can enjoy life at a young age because on the other side of life (beyond 30) a hard work life waits for them. Start investing for your later life.

Did you notice how the first two connect to the third one? Travelling also means you are collecting resources such as information, photos, and videos that will help you to generate income later in your life. If you are in the developing world and you go to the developed world to study, you will find that it is easier to build your career back home. When you are generating income, investing will be easier.

5
$ 0.30
$ 0.28 from @TheRandomRewarder
$ 0.02 from @foryoubtc09
Sponsors of Miika
empty
empty
Avatar for Miika
Written by
1 year ago

Comments

I'm toying with the idea of moving to a place where living conditions are cheaper in retirement. For me, that would be moving to the countryside! I like natural living and growing my own food, which will save me additional costs. And it's a hobby I can enjoy. Still, a solid budget is needed for passive income.

$ 0.00
1 year ago

Thank you for this my friend. This is a must. It's a kind of preparation. Building retirement funds is really important, I agree my friend.

$ 0.00
1 year ago

Saving as early is also saving life for the future.

$ 0.00
1 year ago