As we celebrate Zambia’s 59th Independence Day, I would love to share with you three very important principles that will assist you in your quest for your own financial independence.
By Valden Findlay.
Lusaka, Oct. 24 – Many people define financial independence as the ability to self-determine how much you want to earn in a given period. To not be restricted by money on how to live your life. For what you want to eat or drink and where you want to eat or drink from. When, where to and how you want to travel, where you want to live and what you want to wear and use etc.
Also Read: Sustaining a business in a struggling economy – Valden Findlay.
I find these definitions arbitrary and impossible to quantify or work with. So if you ask me, I define financial independence as the moment your passive income surpasses your reasonable day-to-day expenses.
Now this is reasonably achievable and you can set milestones and targets to achieve it. Let me, then, give you 3 easy principles to follow.
1. Change your approach towards business and, or work.
Allow yourself to be a channel through which money flows instead of being where it stops. The purpose of a car is not to make fuel. The purpose of a car is to get you somewhere.
Same as a company, the purpose of a company is not to make money. The purpose of a company is to provide a solution and achieve something. To advance a greater cause and money helps you to do that. If you allow money to flow through you, you’ll discover its real essence and you won’t struggle to have enough. The problem is that you treat money as an object. Money is just paper and it has no intrinsic value. Be useful. Provide solutions to real problems.
2. Generate sources of passive income.
To do this, you must be extremely disciplined in your investment phase of your life. Your investment phase is now when you actively generate income. It could be through a job or entrepreneurship venture.
You must save a little each time to invest in ventures that do not require too much input from you to generate income. Such as buying economically viable assets like real estate, etc.
The key thing is do not rush to start living on your passive income. Whilst you still have energy, hustle hard. Throw everything at it to make as much money as you possibly can whilst spending as little as necessary.
3. The rule of a hundred.
This rule states that if you do something, anything for a 100 hours in a year, that is about 18 minutes every day consistently. You’ll become better than 95% of the world in that field. Now imagine if you do it for an hour? Consistency and absolute commitment to your agenda is the key. Regardless of the setbacks.
Remember this. The first million is almost impossible to make. But the second million is inevitable. Because making that first million literally changes your psychological wiring. Your relationship with money, your approach towards business, and your understanding of life become that of a millionaire.
Happy Independence Day, and good luck in your pursuit of financial independence!
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