Have you ever felt that sitting in your home day after day on a permanent Netflix binge sounds amazing? Or maybe sitting on the beach with a good book? How about traveling the world with no worries of how you’re going to pay for it?
You can do all of these, and so much more once you become independently wealthy.
What Does Being Independently Wealthy Mean?
There are many definitions of independently wealthy but here is mine. Independently wealthy is having enough income-producing wealth to cover all of your needs and wants without concern of running out of money.
Essentially, if you just have so much money you’ll never run out, or you own a business that you don’t have to work at anymore but provides enough income you are independently wealthy.
Earn More Or Save More
The truth is to really build wealth you need to do both at the same time. So here are a few ways to do just that.
Ways To Earn More
The easiest way to earn more money is to simply earn more per hour at your current job. If you have been there for a while asking for a raise. If you feel you won’t get it, start putting in some extra hard work and document it some way. In a few months after you have documented how much money you have made or saved the company present that to your boss and use it as leverage to get a raise.
If a raise is out of the question can you work some overtime? It may not be a permanent thing but it can help in the short term.
In addition getting a second job would be a great way to make more money. If you have a set work schedule it makes it easy to find a second job because you know what hours you’re available to work. Do you have every weekend off? Or all nights off? Then you can work at a restaurant or pizza delivery place. No, you won’t make as much money as your 9 to 5 but the extra money is extra money.
Possibly the best way to make extra money and to become independently wealthy is to start your own business. The good news is you don’t have to leave your day job to accomplish this, simply work on it on the side until it grows.
Ways To Save More
When people talk about saving money they will give lists of hundreds of ways to save money. Really though you only need to focus on your 3 largest expenses. Housing, food, and transportation.
Can you move into a smaller place? Or, can you take on roommates to help lower your expenses?
Do you need to go to a restaurant all the time? Or, can you cook from time to time to save money?
Is the newest and greatest car necessary? Or, can you walk or ride a bike at times? Maintaining the car you have is often a better option than getting a new car.
You Can Be Independently Wealthy
Maybe you’ve never dreamed of watching Netflix all day, reading, or traveling. But you do have dreams, you have something you would love to do if you were independently wealthy.
If you’re willing to make sacrifices and work hard then you can reach your dreams.
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