Three Habits to Financial Independence

Happy Thanksgiving and a great THANK YOU for everyone for your interest in my blog for the past years and for years to come!

Below is a forwarded writing about the journey to Financial Independence. In principle, this is exactly what I have been doing with a great reward for myself and my family. I wish it can be so for everyone who wants to become financially independent!!

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I was raised with some screwy beliefs about money. I was taught money was evil. I was told rich people are mean and underhanded. Worst of all, I had it hammered into me I must accept I would never be rich.

Maybe you can identify with that type of upbringing?

Here is what I want you to understand: money is devoid of consciousness. It doesn't sit there and think, "Oh, this person is deserving. Let me flow to him," or, "This person is undeserving. Let me not flow to him."

Rules guide the acquisition of money. These rules will work for anyone.

• Rule No. 1: Live on less than you earn.

If you consistently keep more than you spend, you'll have a surplus of money. Simple, right?

• Rule No. 2: Maximize your ability to earn from your current job.

Your single-biggest source of income is your current job. Most jobs will pay you more money as your skill rises.

So the quickest way to make more money is to improve your skills. Put yourself on a skill development track that will have you becoming world-class at your job.

If you don't know how to do this… no problem. Here's what you do…

Offer to take the most successful person at your company out to lunch. You'll ask this person about their work habits. Acknowledge their success and ask them, "What do you do that's different from everyone else?"

Don't interrupt them. Just listen and take notes. By the end of the lunch, you'll have the beginning of a blueprint you can use to become world-class at your job.

If your current employer doesn't recognize your improved performance, that's okay… Find another that will. Be sure to negotiate for more money. And never leave a job without having another one lined up first.

• Rule No. 3: Create multiple streams of income.

If you've nailed the first two rules, No. 3 is how you build your wealth.

This is where you invest in low-risk, income-producing stocks, real estate, or private businesses. Additionally, this is where you can incorporate a "side hustle" for extra income.

Side hustles include – but aren't limited to – Uber driving, Postmates/Grubhub deliveries, selling crafts on Etsy… buying and selling on eBay, etc…

You just keep reinvesting all your surplus capital into low-risk, income-producing investments, and lo and behold, in about seven years, you'll be rich.

Did you do anything wrong to get this wealth? Did you tread on anybody to create this wealth?

No, and no.

So you can see wealth creation isn't complicated. But it is difficult. It's difficult because we're bombarded with ads to buy stuff every minute of the day. That makes rule No. 1 – live on less than you earn – the toughest to acquire.

But without that habit, you can never create lasting wealth.