Eight best ways to Financial Independence /by Rohit Saran There’s more to financial
success than buying a hot stock, a good fund or prime property. But consider this: some of the most financially successful people aren’t necessarily financial wizards. Their claim to fame, and wealth, lays in what they do best—business, sports, entertainment, and politics…
Eight ways Balance ambition and realism A saying goes in English thus: “Reach for the stars but always keep one foot on the ground.” It’s more a piece of
advice that’s more philosophical than merely practical in nature and hence can be applied in every sphere of life. It is a fact that ambition can be overwhelming. While challenging yourself to reach the next peak, it can sometimes prove difficult to hold on to values such as
integrity.
It also might get difficult to stay in touch with reality.
Success, whether it is in business or in
investing, is really no reason to lose sight of reality.
Without risk there is no reward Every other reliable source tells you how you can beat the markets. But that is ultimately
self-defeating, because if everyone is following it, how can all of them benefit? Having said that, yet stocks are the best investment. They are the best way to beat inflation. One thing that emerges from most good financial advice is that you have to take risks to get good returns.
Don’t cut expenses; earn more The time and energy spent on plugging holes could be more constructively used in trying to increase income. One more piece of wisdom is we should not be selective in where we want to be. Because, first we must deserve where we are and then we must desire where we want to go.
Know when to give up support At some stage, every child has to learn to walk on its own. At first, it may stumble, fall and hurt itself. But it learns an important lesson—
self-sufficiency. Likewise, we should look for financial support the way real businesses do.
Build assets, and then indulge Firstly, we should build assets that are very rewarding in the long run. Invest in a property that appreciates remarkably and proves to be your best investment till date. So, everyone should concentrate on building wealth first. Other expenditure should not be priority.
The test of marketplace The fact that the biggest test of
sustainability is the test of the marketplace. For an idea to succeed it must be able to hold its own in the market. Fortunately, we are living at a time when it is not really difficult to find market acceptance for a good idea, which was not the case in the past. In fact, this is as true for companies as it is for not-for-profit organizations.
Start small Do not take loans that would take many years to repay. The strategy is to earn and invest the profits to expand the business. For advertising rely on word of mouth and customer feedback.
In business, all parties must succeed There is one invaluable business philosophy i.e. in business; there is no victory unless all parties come away feeling like they have won. One piece of advice is- always 25% of your income should be put in monthly savings account.
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