Financial independence is a goal many of us strive for, and while it’s definitely one that’s possible to reach, it takes a lot of time and effort to do so.
In fact, records show that over 80% of America’s millionaires started with next to nothing, or in some cases, absolutely nothing to their name, only an idea and a will to turn it into a reality.
However, what’s often overlooked is that this wealth was created during a different time, and in an economic crisis like the one we’re staring down right now, things are slightly more difficult.
That’s not to say it’s impossible, just that you’ll be facing a few extra hurdles along the way compared to those that already amassed their wealth.
This article will go over what you should be doing if you’re planning for a future of financial independence, and how you’ll want to execute those plans.
Be ready to seize your opportunity
The number one thing to think about is whether you’ve got the means to turn your idea into something great should the opportunity rise up.
Naturally, this requires a fair amount of funding, but with some responsible budgeting, you could possibly save up enough to always have your plan ready for takeoff, and if the stars align, all you’ll have to do is put your plan to the test.
A lot of people struggle with executing their plans specifically due to not being prepared, although it’s hard to have money on the side if you’re dealing with bills and debts every month.
Prioritize settling your debt first, and once you’re done with that, you can focus on piling up money for that one perfect moment.
Desire and Decision
If you’re looking to succeed in the face of adversity, the first thing to take note of is the four Ds of success, the first two being Desire and Decision.
You must be able to desire something so much that you’re willing to make sacrifices to make it happen, and with a commitment of that caliber, you’re bound to find success one day.
Secondly, you’ll want to make the decision to change your life for the better, and you must make it with absolute resolve, as it’s the only way you’ll stick to it and follow through with your plans, despite any contingencies that may arise along the way.
If you wish to succeed, you must first decide that you’re committed to that success, and if you’re willing to give up anything to make it work, then your chances of achieving it may go up drastically.
Determination and Discipline
The second two Ds of success are Determination and Discipline.
If your goals don’t seem like they’re getting any closer at first, you must stay determined to press on, overcoming any obstacle the world may throw at you.
Finally, there’s discipline, which refers to the habits you’ll generate to keep yourself working towards your goals.
You can measure your progress simply by figuring out how dedicated you are to each of the four Ds we just mentioned, and once you feel that you’re improving, it will be a sign that you’re closer to succeeding than you were before.
The numbers don’t lie
Unfortunately, the statistics tend to throw off a lot of the people striving for financial independence in their old age, mainly due to how few Americans actually retire wealthy.
A survey found that out of 100 Americans, only a single one will retire with significant wealth, whereas a total of 4 will actually be financially independent.
It’s up to you to be in that 5%, and with proper care for your savings accounts and responsible budgeting over the years, you may just be able to accomplish it.
Around 15% won’t be financially independent but they will have some savings set aside to help them live a comfortable life in their retirement years, but the remaining 80% are practically dead in the water.
All they have to rely on our pension plans or salaries if they’re still able to be part of the workforce.
Not having a penny to your name after an entire lifetime of work is demoralizing, to say the least, but it’s a reality a lot of us are facing, so make sure to do everything in your power to not make it yours.
Why do people go into retirement without money?
As it stands, a lot of Americans retire around the age of 65, but the lucky few that managed to amass wealth before then can actually retire at a much earlier age.
In fact, there are dozens of stories of people that had enough wealth to retire but gambled it away on ambitious projects and poor investments.
Quitting while ahead is the name of the game, and you’ll want to remember that, as you’ll eventually be in the position to make a very crucial decision regarding your finances.
You may, one day, be facing the ultimate conundrum, being forced to decide between retiring early or retiring late, and you should know that retiring early is almost always the right answer.
Money loses value over time, and having it stored in a big pile is the last thing you want to be doing with it. Also we recommend casino online dinero real uruguay from us.
Instead, you should invest your money in assets that tend to appreciate over time, which will help you hedge against inflation.
However, if you notice that you’ve got enough to help you live a comfortable 30 years of retirement, why should you keep on trying to grow your wealth?
Of course, there’s never too much of it, but knowing when your finances may take a hit is crucial if you want to stay in the game.
Financial independence is a thing many Americans dream of, and sadly, it’s also a thing those same Americans never achieve, although it’s mainly their fault, for the most part at least.
As it turns out, most of America’s wealthier individuals created their empires with practically nothing, and their ideas grew into successful businesses over the years.
What says you can’t do that too, especially if you think you’ve got something that could change the world?