We all want to be free of any kind of tension or worry in our present and future. We all want to achieve financial independence. Nobody likes to keep thinking, managing money or working in that job they don’t like. We all want to follow our passion or at least do things we like to do even if that doesn’t pay significantly. The irony is we can’t do that even we want to.
Such is the necessities and this is how the world works. We all have a minimum need based on our lifestyle and in most cases that minimum need cannot be completely fulfilled by our passion projects. This doesn’t mean we can never work on our passion projects and live the rest of the life doing that.
It’s just that we need to introduce a few changes in our lifestyle if we haven’t done so far. Changes related to our lifestyle, our way of savings and how we can make (more) money.
Let me introduce you to a minimalist lifestyle. So what is a minimalist lifestyle? It’s a way of being frugal and being content. Don’t mistake it by living below the means, there is a difference between being frugal and being a miser. Minimalism is a lifestyle where we choose to live with what we need rather than what we want. In the time of so much social media distractions and comparisons, it’s extremely difficult to be content with what we have. Being a minimalist is not everyone’s cup of tea, a person needs to have certain traits of a minimalist to accept this change in lifestyle.
There are so many people around us, their lives, their moments, their achievements, their success stories. It’s not difficult to feel bad about our accomplishments and become sad about it. The problem is that most of the people (almost all) don’t share the bad part on social media. No couple shares their fight on social media, no parents share the failed report card of their kids, no person shares their loan defaults and many such things. Minimalism is about knowing ourselves and our needs. It’s about understanding our needs and accepting who we are.
We all are part of this race, a race where there is no clear winner and no clear destination. The faster you run or the more distance you cover, you meet a new destination and a new participant in your race. The urge to become the winner in the race is killing us from inside. It’s time we take a pause and reflect on ourselves. We need to define our goals, our needs and wants, our source of happiness, and our directions. We all have a unique life, our unique journey, and our own timeframe to reach our destination.
Goals are always easy and rosy to discuss, somewhat rosy to plan about and extremely thorny to implement.
There is a relatively new phenomenon that is widely talked about. It was always there but for some reason, it’s getting quite popular now. This phenom is called F.I.R.E ( Financial Independence and Retire Early). It’s good to hear, isn’t it? The words of becoming financially independent and retiring early to work on passion projects or just spend time with family. rings bells in our ears. It’s possible, and a lot of people have proved it. Founders at blogs like Nerd Wallet, Reading my tea leaves, Nomadic Matt has done it slowly over time.
Becoming financially independent has two directions that can also be clubbed for better results if possible. The most common approach is to save more and reduce your expenses. If you are in a job you don’t like and you want to get rid of it, saving as much as possible is quite the need. If planned properly and executed with discipline, you can save 70% of your salary. Savings need not be an effort every day, it’s a discipline we all need to imbibe in us.
We can spend as much as we want or rather to say as much as we have. Savings is an art that takes time to be mastered. There are various ways to save from unnecessary expenses, which takes gradual effort and a lot of consistency. We need to put a limit on overspending. We need to understand and filter our monthly expenses based on whether they are required or can be avoided. Going through our bank transactions once in a while gives us a clear picture of how we are spending money. Based on our needs and future goals, we can alter our expenses.
If you are looking to get on board the journey towards financial independence, you can start with these steps towards financial independence. Financial freedom or independence is a long term goal and takes time to execute. We need to factor a lot of things in our master plan to become financially independent. Our future lifestyle, our planned expenses, health insurance, educations for kids, emergency funds, etc all need to be considered while creating any financially viable plan.
To retire early and become financially independent goes hand in hand most of the time. People usually plan to retire early and becoming financially independent is one of the pre-requisites of it. Early retirement has different notions for different people. Some want to retire to spend time with their family, some want to retire early to create their business while some want to retire to work on their passions like teaching, crafts, traveling, etc. It’s entirely personal and retirement never means to stop working or lazying around. Most of the people who retire either start their own business or work as consultants or in some form of voluntary jobs where they can give back to society.
Achieving financial freedom and retiring early is a dream which has two wheels. One of them is saving money and reducing expenses and the other is to increase your earning. If these wheels start moving together, you acquire the superpower to retire early than planned. Increasing income while savings can put more money into your bank account and can decrease your time to retire. We can increase our income in two ways, work hard and grow up the ladder or start a side hustle that can become a business in the future. The choice is quite personal and entirely depends on your own planning and goals.
There are different kinds of side hustles. Some prefer to start an offline business while some decide to harness the power of the internet to start an online business. Again this is a personal choice and entirely depends on skill set and field of expertise. We have an exhaustive list of businesses that can be started as a side hustle which can fetch a decent amount of money.
Many people consider income from online sources as fraud and it’s just hoaxes. There are thousands of examples that can prove how blogging can be a lucrative career, how content writing can be a lucrative career etc. There are many ways of earning money online in a legitimate way. Apart from blogging and content writing, skills like proofreading, drop shipping, VA, etc can also be started as a side hustle which can be converted into a full-time job over the course of time.
Most of the side hustles are done post office hours and from home. With the help of basic resources like computer/laptop and the Internet, skills like Digital marketing, photo editing, copywriting can be done from the comfort of your home. There are many skills that can make you rich when converted into a side hustle. You can find our exhaustive list of working from home ideas and choose one of them based on your interest.
A popular offline side hustle done by many people in metro cities is starting a cloud kitchen business. This is a business that requires less investment to start and can turn out very lucrative. Cloud kitchens are different than traditional restaurants and have their due advantage as a business.
We regularly put out posts about the minimalist lifestyle, personal finance to achieve financial independence and different ways to increase income. Our goal is to help as many people as possible to become financially independent so that they can do what they love to do. A change in lifestyle, the way we save money and how much we earn collectively decides our journey towards financial freedom.
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