How to Become Financially Free?
Many people ask me this question. In fact, wherever I go, people ask me this question. Everyone wants to be financially independent and free but no one wants to sacrifice.
Well, I am talking about sacrificing high consumption. People are hyperconsumers. If you want to become financially free than you have to plan and sacrifice today. If you Sacrifice today, you will become financially free tomorrow.
Each dollar you spend is first eaten up by a tax man. If you want to purchase a car worth of $ 68,000 than you have to earn $ 1,00,000. This is because tax man will eat major portion of your money first and you have to buy consumer items with rest of the money.
Rich and wealthy people (Millionaires) tend to think like this and that’s why they buy a second hand car which is 2-3 years old so that someone else has already taken a loss. Just tell me that, Is Luxurious Car more important than the Retirement Planning? Are you going to live in a car after your retirement or is your car going to give you dividends and cashflow after your retirement?
Than why not to plan your Retirement and Financial Future First? Smart people first plan for their financial future and retirement. First of all they build sufficient fund to retire and later on they go for luxurious items.
The only way of becoming Financially free is that, you start investing early. The more early you start, the more wealth you will be able to accumulate and thus more financially free you will become.