12. Create as many sources of income as... - Deepstash

12.

Create as many sources of income as possible — your financial independence depends on it.

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Score a Two-Fer Toward Financial Independence

Lifestyle inflation is an insidious killer of your financial wellbeing and eventual financial independence.

What it is: allowing your expenses to grow along with increases in your income.

How preventing it helps:

  • Using increases in income t...

Why 20 percent is recommended

Assuming you're in your 20s or 30s and can earn an average investment return of five percent a year, you'll need to save about 20 percent of your income so you can reach financial independence when you're older.

Financial independence means that you can maintain your chosen lifestyle entir...

Make a Budget in 6 Simple Steps

  1. Gather every financial statement you can (bank statements, investment accounts, recent utility bills).
  2. Record all of your sources of income.
  3. Create a list of monthly expenses.
  4. Break expenses into 2 categories: fixed and variable.

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