Step 1: Start Saving

To achieve financial independence, you need to have a substantial amount of money saved up. Unless you’ve decided to never use money again, which is rare, you’ll definitely need quite a bit.

In the coming days, we’ll explore exactly how much you’ll need, but for now, just know that every bit counts. The goal is to have your capital or investments generate interests, dividends, and rent that will enable you to live without worrying about money or having to work again. Sounds nice, right?

There are countless saving tips available, from skipping coffee runs to cutting your own hair. I agree, the latter seems extreme, especially for someone like me.

So, how do I save money? For starters, I don’t actually own a house. Well, I do have two properties that I rent out. I use the rental income to travel. When traveling, I either camp, stay in hotel rooms, or rent an apartment if I’ll be staying for a while.

I also don’t own a car. I recently bought a motorcycle, but before that, I relied on my bicycle and public transportation. It might be less convenient, but it’s a sacrifice I’m willing to make to avoid having to work in an office again.

To reach financial independence, you need to start saving money as soon as possible. Begin by distinguishing between your needs and wants. Is that shopping spree really worth it, or would you rather achieve financial independence a day sooner? It might be challenging, like sticking to a diet, but if you’re motivated enough, the rewards will be tremendous.

This is the first step towards financial independence: set money aside for your financially free future!