Financial Independence (FI)
Why FI
Financial independence provides you with the freedom to choose how you want to spend your time, without having to worry about money.
Achieving FI takes time, planning and discipline. I have decided to give up what I want now for what I want the most: financial wellness and freedom.
6 simple steps to FI
1. Know your income – you may consider increasing your income
2. Know your expenses – cut your expenses. No one builds wealth by spending all their money
3. Set a budget – have a daily, weekly, monthly schedule
4. Pay yourself – automate your savings directly from your paycheck into a high-yield savings account
5. Build emergency fund – at least 3 months of living expenses
6. Invest – let your money work for you. Invest in index funds, ETFs, real estate