Achieving financial independence may sound like an impossible task, but with the help of our financial advisors in Johannesburg, the road to financial independence may just be a little smoother than you think.
At Olemera Financial Services, we don’t believe in using the word impossible. Instead, we believe that hard work, determination, and commitment to a goal can get you anywhere you want to be. Of course, a smart strategy for achieving your dreams is equally important.
But first you need to establish what financial independence means to you.
Financial independence generally means that you have enough wealth to live a comfortable life, with enough money for a comfortable retirement without the need to work a full-time job. However, the definition of financial independence can be re-shaped, giving it different meanings to different people.
You may feel that financial independence is being able to look after yourself and your expenses without depending on assistance from parents, family members, or partners.
Some might believe that their financial independence allows them to continue working (because they enjoy it) knowing that they have enough capital to cover unexpected emergencies without going into debt. Others just want enough money saved to have a dream destination holiday once a year.
For others, their financial independence means that they will be able to travel and enjoy life after retiring and some people just want enough money to support their family in times of need.
Financial independence can also mean that you are able to renovate and redecorate your home without going into debt and it can also mean that you are able to invest in property without taking out a massive loan from the bank.
As you can see, financial independence can take on many different meanings and your personal definition might be different to the examples above, or it could be a combination of them. Whatever it means to you, defining it is the first step to achieving it.
The next step is to go after it because, unless you inherit a massive fortune or win the lottery, achieving financial independence takes work. A lot of hard work.
The third step is developing your personal strategy. Just as there isn’t a single financial independence definition, there is also no single strategy that can be applied to everyone. Our goals, needs, desires, and financial circumstances are all unique, therefore, our strategies for achieving financial independence need to be personalized.
In our next article, we will be taking a closer look at what a financial independence strategic plan can look like. We will discuss things like financial objectives, tactics, assets, and perseverance and how these can all contribute to achieving your personal version of financial independence.
Financial independence can be defined and measured in many different ways. Defining it is important, but what’s more important is figuring out why you want it, how hard you must work for it, and how much you want to achieve it.
Establishing these factors will help you develop your strategic plan which helps you stay on track, measure progress, and celebrate milestones. All of which are essential stages to achieving your final goal.
Not sure where to start or how to define what financial independence means to you? Our financial advisors in Johannesburg are experienced and equipped with all the tools necessary to guide you along your journey towards financial independence. Contact us for more information.
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