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This factor may be the most important in life. Financial independency will give you you the money to have a good time with the family,  and the time, to pursue a lot of things you want or to enjoy the retirement. Financial independency does not simply mean being out of all you debts. To be independent in life means to have an acceptable income to create a positive financial future. Financial independency is defined to know how the living can be  within the means, and having enough to accomplish the main goals. Becoming out of the debts is the first step to financial independency. There are three important factors which must be under control in life:

1. The first is gaining debt freedom

It is absolutely necessary to resolve your debt to get financial independence. You should make a important list of all of the debts you have. Then a list with amount of the dept, type, and interest rate should be written. It must be the most important goal to pay back all of the personal loans and also the credit card loans as soon as possible. The normal vehicle loans for example can either be paid back next or paid off over time. For the case your student loans have got not a high interest rate (a low rate means below 4-6%), then paying them back is not a priority. A mortgage is normally considered to be a good debt because of lower rates then other depts. Also paying mortgage back earlier is not necessary for financial independence freedom unless there exist a solution with the problems of the other loans. It may be a good thought to look for help to organize the pay off of the debts. Possibly you look for a help such as debt settlement or debt consolidation.

2. The second step is to control your expenses

It is necessary to learn how it is the best way to manage the expenses of your household. This is a big part of paying down all the debts you have got. But the management of the expenses ever is of importance, also for people who don not have problems with debts. An important fact is that your expenses ever should be at least 20 percent lower than that what you earn. This behavior allows everybody to answer to any surprises in the financial area. If you behave so it is possible to save and to invest money for projects of importance and to save for future events. If recently someone lives from paycheck to paycheck, or are possibly close to such a situation, make a list of all of the expenses and also the income and look  where a cut is possible. Also ever a possibility is to look, how a a improve of the income is possible. Accomplishing both gives naturally the most benefit for you. Once there can be seen a reduction of the total expenses, then there exist the possibility to use the difference to pay back recent debts, to contribute to savings and possibly also to take the money for the retirement.

3. The third step is saving for the future

It is really important have another behavior after dept are paid back. Once your debt is reduced to zero or near zero and your expenses are now acceptable, then you must save money for the future. There are the main three aspects to save money: The emergency fund, Investments, Retirement investments. For the case you have a retirement plan which recently works that uses matching funds, there should be a contribution of at least so much money that you receive the full match. If you are there then there should be the decision, how much more to contribute if you would like to do it. Then it is necessary to contribute to the plan anyway, if you do not have any matching. Due to the special behavior of compounded interest, there it will be very amazing by how the money will grow. Additional to the retirement, it is the best if everybody establish a personally emergency fund. In the ideal form this emergency money should contain so much money to cover the recent  life for at least three month’s expenses. It is ever better for you to save more money. When now the plans for savings  and retirement plans are in place, then begin to make investments in the stock market. Index funds (the best are ETFs´) are the best way to save money.

4. The last step is to enjoy the financial independency

After you have got financial freedom there will be now a lot of changes for you. You will no longer have the day-to-day stress. Nobody needs such stress but a lot of person have it every day. An important step has been done. There is no longer a worrying about bills which must be paid and there will be the wonderful  flexibility to take a vacation, the possibility to support the children and grandchildren and to, retire earlier than thought before. Financial independency and the cooperated freedom is more than a financial status, though. Financial independency is also a mindset.

13.08.2012



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