3 Essential Mindset Shifts to Achieve Financial Independence
Live life on your own terms.
the struggle for financial independence
You are not alone, if you’re feeling stuck - financially.
The reality is that 55% of young adults are still working towards financial independence, while only 45% have managed to break free. The journey to financial freedom can feel daunting, especially when you’re just starting out, but it doesn’t have to be that way.
paycheck to paycheck
Living paycheck to paycheck, relying on your parents, or juggling multiple jobs just to make ends meet—negatively impacts every aspect of your life.
It’s more than just a struggle to pay bills; it can create stress, limit your opportunities, and make you feel stuck in a rut.
Imagine being unable to pursue your dreams or take risks because you’re tied down by financial obligations. This dependence can lead to missed opportunities, stunted personal growth, and a constant feeling of insecurity.
Without financial independence, you might find yourself unable to live the life you want.
you are holding yourself back
Some might argue that it’s okay to rely on parents or to take it slow financially, but this mindset can hold you back.
Financial dependence isn’t just about having someone to fall back on; it’s about missing out on the freedom and control that comes with managing your own money.
When you depend on others, you might feel safe, but you’re not truly free.
Financial independence isn’t just a nice-to-have; it’s essential for living a life on your own terms.
how I overcame financial dependence
I remember when I was in college, earning just enough from my work-study job to cover the basics. It wasn’t easy, and I often felt like I was just getting by - and sometimes those refund checks saved me.
To gain financial independence, I got organized, built my credit, and most importantly, increased my income.
This realization didn’t come overnight—it was a process of trial and error, learning from my mistakes, and seeking out the knowledge I needed to succeed.
By taking control of my finances, I not only became financially independent but also gained the freedom to pursue my passions, take risks, and live the life I wanted. This wake up call was a major key to transforming my financial situation.
steps to achieve independence
Here’s how you can start your journey toward financial independence:
Get Organized:
Calculate Your Net Worth: Understanding where you stand financially is the first step. List your assets and liabilities to determine your net worth.
Create a Budget: This isn’t just about cutting expenses; it’s about building financial discipline. Budgeting helps you manage your money wisely, ensuring every dollar counts.
Build Your Credit:
Start Early: Apply for a credit builder loan and open a credit card. Use them wisely to build a strong credit history, which will help you in the long run.
Consolidate Debt: Once your credit score improves, consider consolidating your debt to lower interest rates and religiously make your monthly payments.
Increase Your Income:
Develop Valuable Skills: Focus on skills that can increase your income, like web development or videography. These skills will not only help you earn more but also make you more valuable in the job market.
Start a Side Hustle: Use your free time to start a side hustle that aligns with your passions and skills. This can provide additional income and help you achieve your financial goals faster.
If you are still unsure about any of these steps, I have videos on my Youtube page breaking down all of these concepts individually.
Getting good with money is not just about making more money; it’s about gaining the freedom and control to live life on your own terms.
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Luv,
Luv
Resources:
Thanks for reading. If anything from the post sparked your interest, please leave a comment - I look forward to responding! I’m deadass serious, I love comments.