August in Jamaica is marked by impressive displays of national pride signalling our political independence. The independence period ushered in a great level of self-reliance and autonomy for our people. But, like our homeland, at what point in time do you want to experience true self-reliance, autonomy and financial independence?
Financial independence is about having enough money to live the life you want and to do the things you want. Naturally, many say that this gives us the chance to become happier. But is financial independence an overrated idea?
What’s the real incentive behind achieving financial independence?
Many people aim for financial independence and freedom for different reasons including things like early retirement. This year, our homeland is celebrating 61 years of political independence. What would you want to celebrate at age 61? If financial independence is somewhere on the list, then here are some ways you can get there.
Greater Saving – Smaller Spending: Regular reviews of your spending patterns can help you find some saving opportunities. Look into how much you’re spending and develop a plan to improve your savings. Maybe we can skip a few days of eating out this week, and instead bank that buck. Pulling back on these seemingly small spends could get us some big banks later.
Cutting Consumerism: Do you ever have this inclination to keep buying more and more things than you actually need? That’s the driving force behind consumerism and it could very well be the barrier between how much you save and true financial independence. Besides, let’s be honest, there are so many things that you’ve purchased that you could have done without. So, before you pull out the cash or swipe the card, think carefully about the goods or services you’re about to buy.
Dismantling Debt: Clearing your debts such as those on your credit cards or personal loans is an important step towards gaining financial independence. Pay as much as you can towards these debts until the balance is paid off. Clearing your debts can give you more space to focus on building your savings, or simply just having peace of mind about your money.
Ideal Investments: We get that the global financial space can make many people feel some amount of discomfort with the topic of investments. But, focusing on an investment strategy is always a good idea, especially if you have some extra cash lying around. Reach out to us, or take some time and learn about some major investment strategies that will bring you some favourable financial returns over time.
Money Mood: Your money and your emotions often work in sync. Money has the ability to impact our relationships, our fears, or stress levels. If you’re serious about hitting the road to financial independence then it’s important to work on separating your emotions from your money by doing things such as budgeting, getting an understanding of your finances or simply having honest conversations with yourself about your money.
Achieving financial independence is priceless, and that’s what we want you to strive for. We know that it’s possible, so as you journey on this path, we can help you achieve it. For more on how you can achieve financial independence click here.
