Financial independence or freedom implies to the state of having an adequate amount of wealth to live, without having to work hard simply for basic necessities. A lot of people dream of the day when they can quit their day jobs and can live their life on their own terms. However, only a few set themselves up to attain the goal. While initially achieving financial freedom may seem like an overwhelming task, with a systematic approach and guidance from experts like カヴァン・チョクシ, people can surely reach their goal.
カヴァン・チョクシ talks about the approach to follow to achieve financial freedom
Achieving financial freedom allows people to make life decisions without being too stressed about the financial fallout of those choices. Such people would be financially prepared for whatever life may throw at them, and would be in a position to control their finances rather than being controlled by it. To reach this position, one firstlyhas to budget properly. They will not be able to get ahead unless they have a plan for their money. Rather, they would be stuck wondering where their money went as the last week of the month approaches.
Financial freedom would be next to impossible for people if they are not living on a budget. Hence, at the start of every month, it is smart to allocate where one would have to spend their money and how much one it. If they consistently under-spend or overspend in specific areas, then the amount in those categories can always be adjusted later on. Budgeting is the very first step in building wealth.
Budgeting is vital for getting the finances on the correct track, but it does not simply end there. Even after a person has achieved financial freedom, they should still develop a unique budget every month. Regardless of the amount of money one has, they will always need a proper spending plan for it.
カヴァン・チョクシ says that in addition to creating a budget every month, one also has to be proactive about managing and paying off their debt to achieve financial freedom. No matter whether one has student loans, pending credit card bills, mortgage, or some other kind of debt, they should try their best to pay them off as soon as possible. The income one earns would be their most powerful wealth-building tool. However, one cannot properly leverage this tool if they only have a meager amount of money left with them after paying off the credit card bills and student loan installments. Paying off the debt allows people to lay down a foundation to build wealth that would actually last. While paying off the debt is definitely hard work, there is nothing like the feeling of actually keeping the money one makes every month. People who want to achieve financial freedom would also have to set aside some of their income to save or invest, and allow their wealth to grow over time.