Financial Independence - Deepstash
Financial Independence

Financial Independence

Financial independence implies not having to worry about money anymore, but rather focus on what you want to do, in your free time and your passions.

However, being financially independent is not to be perceived as having an infinite amount of money, so you should not spend everything in one go.

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In order to feel less stressed about your expenses, start doing the research on how to achieve financial independence now.

It will save you a lot of frustration that might emerge due to work while also making you feel more satisfied with your own life.

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In order to attain financial independence, consider some of the below steps:

  • invest your money into different projects, stocks. activities: diversification is sometimes the safest key to success
  • do your research thoroughly before investing your money anywhere, to avoid unpleasant surprises
  • increase your income by finding side hustle or getting engaged in new projects
  • manage your income by cutting down unnecessary expenses
  • invest in real estate: rent or resell properties.

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  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. 
  • Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.

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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 to plump up your savings lets you take advantage of compounded returns over time.
  • Second, keeping your expenses lower reduces the size of the nest egg needed to fund your retirement. 

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What early retirement means

Early retirement is not defined as when you stop working forever, but as having the freedom and flexibility that saving up enough money can give you if you want to leave a job.

The idea that when you retire, you are done working is an old school idea. Working is actually good for you. People that altogether quit working start losing their mental faculties and may die sooner.

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