May 10, 2020

5 SIMPLE AND EFFECTIVE TIPS TO BECOME FINANCIALLY INDEPENDENT AT THE AGE OF 40

They said that if you're still poor at the age of 40 then you're already poor forever. That is wrong, very very wrong, anyone can become rich at any stage of his life. There are lo of stories about millionaires who just become rich after turning 60 years old. I don't know how they do that but all I know is that it's possible to become a millionaire before the age of 40. It is possible to become financially stable at the age of 40, being financially independent is a choice, it will be created through small decisions that you made every single day of your life.

HERE ARE THE MOST EFFECTIVE WAYS TO BECOME FINANCIALLY INDEPENDENT AT THE AGE OF 40:

1. Create your own business.

Any kind of business will do, you need to have a passive income that will surely earn money because life will become easier if you have one. Push yourself, set a goal to at least create one or two passive incomes. It's ok if it's just earning a little, for as long as it is earning... you are good, you are financially independent. Anyone can start his own business. You don't need the experience, you don't need the money, all you need to have is tenacity and willpower. If you can just push a little bit everyday, if you can just start something from nothing, if you can just take risks and never give up then you will become successful. Your small business will thrive and it will become bigger and bigger each and everyday. You don't need to become a genius here, all it takes is the winning mentality and perseverance. Some people who didn't even reach high school or elementary are thriving in business, it's passion and hard work that will make you successful. If you believe it and you have no doubts then you will become successful.

2. Pay all of your debts including the smallest ones. 

I don't care if you only owe your friend 2 dollars, a debt is a debt. If you're not a good payer then you will never become financially independent. It's because you have a bad habit about money, not paying the money you borrow is a bad habit. Whether the amount of your debt is big or small, pay it, pay it as soon as you can pay it. Because it's your responsibility to pay it, even if you just borrowed a couple of dollars from your friend to buy a pack of cigarette... pay it. The issue here is not the amount of money being borrowed, some people will think that it's not of a big deal but the main issue here is you need to be responsible with your money, you need to be disciplined in how you spend and make your money roll because it will have a huge impact on you in the future. Because if you will not pay your responsibility then that's who you are, someone who cannot be trusted, people will not trust you if you can't even handle a small responsibility, it will become your identity and it's bad for the business, it's bad if you're trying to become rich.

3. Live a simple life, know your means.

Don't be too flashy, flashy people are broke. They're covering their lack of money with expensive things that comes from credit card or debt. Just making your life simple will make you very rich. Don't buy things that you don't even need at all. You will survive having none of those flashy things. Just because a random friend in facebook buy some nasty cool things doesn't mean you also need to buy it. Stop buying something that you don't need even if you have an extra money. Don't wish to become part of the cool kids, don't try to copy the lifestyle of other people, just be yourself, if you're simple then be simple, you don't need to compete with others. Impressing people will make you broke and unhappy, never buy a new car just to impress the neighbor that you hate, it will backfire on you in the end. You have to be really smart here, know your means, know what you need and focus on becoming richer everyday.

4. Save money as much as you can.

If you don't know what to do to make yourself richer, if you don't know how to create your own business or if you're too scared to take risks... save money as much as you can. That's it, forget about the wannabe and fake millionaires you saw on you tube about how to become rich quick. If saving money is your style then let it be your style, there is nothing wrong about it, it is slow but it is sure, it's not flashy and amazing but it is working. Why will you avoid something that is working? Life is not a race, getting financially stable is not a race. If you have a strong habit of saving money then you will do it forever, and even if you're not working anymore... you will find a way how to grow your net worth because saving money is addictive.

5. Invest in real estate or stock market. 

Real estate is the best way to invest your money. The price of lots keeps growing and growing every year because lots were limited and more and more people are trying to buy their own lots, it is considered as something that is running out that is why the price of it is almost doubling every year. Buy at least 2 to three lots and you're good, you're already rich, just take car of your health and you will never become broke again. Buy as much as lot as you can because you have nothing to lose here, yeah you cant touch your money but wait for 5 years after buying a lot and you will be amazed at how the price of it increases. It's a smart way to invest your money because you have nothing to lose here, all you need to do is wait and watch the price go higher and higher.

Stock market is another great way to make your money grow by just waiting and using time. Wait for 3-5 years and your money will have an interest that is much bigger than the interest from banks. You can gain 5-10% interest a year from stock market, and it's a number that banks cannot even give in half. 

1 comment:

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