You can be poor living in a third world country but be wealthy having a loaf of bread. You can be wealthy living in a 10 bedroom mansion but be house poor stressing over having a 5-course meal at an upscale restaurant. Moreover, being financially independent is really about having it all. It would be ideal to have a combination of the situations mentioned above. However, to achieve this kind of financial freedom and personal happiness, you must be committed to it, says Astro Strategist cum Business Astrologer Hirav Shah.
What is Financial Independence?
According to Hirav Shah, there is no absolute definition of financial independence, though the most common sense of the term is that someone has enough money to live as they wish for the rest of their life without having to work. In another definition, financial independence should mean, within reasonable limits, the ability to live more or less as one desires to. It may not imply the absolute freedom to never work ever again, but it should mean the ability to quit a bad job, to start a new business, or go back to school without a great sacrifice.
Hirav Shah says, “Most people assume the key to wealth is a high-paying job. Yes, it’s easier to amass assets if you have more monthly salary, but one critical element to increasing your net worth is to spend less than you make. Spending habits are the reason a movie superstar making $20 million a year can quickly go bankrupt while a taxi driver can retire a multi-millionaire. Though it may sound cliche, it is a fundamental reality of money.”
Shah also says, “You must also be able to know how to enjoy your financial independence. Some people put in 60-80 plus hours per week with work but completely neglect their families while others totally consume themselves with their family that they never really get to work on developing theirs because of their obligations. Achieving balance in life between the two will allow you to possess true wealth and also be able to enjoy it.”
If you’re looking to have it all in life, here are 3 ways you can become Financially Independent:
1. Be Willing To Sacrifice It All
Most people are afraid to make sacrifices because they think they’ll lose something. The person who won’t buy a $15 book that will help them earn an extra $15,000 dollars. This is the same person who’s afraid of the cost, but still would go and spend $50/month on Starbucks coffee.
Before you can become financially independent, you must start from zero. You must be willing to pay the price and sacrifice. You must be able to handle the worst but expect the best. There will be times where you will have to delay self-gratification to focus on your bigger goal, which is always worth it in the end.
To measure and evaluate your risk, ask yourself two questions: “What is the worst thing that can happen if I take this risk?” And, “What’s the best thing that can happen?” Usually, the only reason that you wouldn’t take a major risk is that money is involved. However, you should be willing to sacrifice and take on risk to become financially independent, even if it’s your last dollar.
2. Focus Only On Money Making Activities
The number one wealth killer is when a person who has potential hangs out in places of poverty. Many times, people put themselves in places of poverty, which surrounds them with unsuccessful and unambitious people. Get away from those places. Dwelling along with the wrong people in poverty places will never make you financially independent.
Many people tolerate negative conditions like this. They don’t realize how much the subtle influence of gossip, violence, and drama impacts them. Moreover, if you’re not in prosperity, you’re in poverty. Find out how you can partake in money-making activities. For me, instead of watching sports on TV, I started visiting luxury vacations and expensive cars. I created a vision of my future life that I wanted for myself and It changed my life.
3. Use Your God-Given Talent and Gifts
Everyone is naturally gifted. Some people have many gifts, while others only have one. Nonetheless, you must realize your gifts and use them. Many times, people will downplay their gifts and even allow others to do them. However, you should cultivate your gifts and surround yourself with people who support them.
Finding your talents, skills, gifts, and abilities may not always be apparent. Since schools, workplaces, and religious institutions seldom encourage people to use their gifts, many people end up forfeiting them because of the financial and social pressures to conform. These pressures reduce us to settle for “fitting in” rather than “standing out.” However, at the end of your life, you will be held accountable for how you use your gifts.
The more you use your gifts, the happier and richer you’ll be. Your gifts will make room for you.
Hirav Shah concludes by saying, “Money is the tool that allows you to become more of who you are and what you want to be. Stop ‘surviving’ and start ‘thriving’. There are many advantages to being financially independent. Be prepared to receive better homes, cars, clothes, food, and friends. You will receive much power when you commit to your financial success and independence!“