73 Ideas for Financial Independence

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Freedom from debt, freedom from the rat-race … freedom to lead your life just the way you want to.

“Financial Independence is happiness” 😀 😀

On the eve of the 73rd Independence Day, here’s a set of 73 ideas that will accelerate your journey towards Financial Independence

1. Begin today. Your future depends on what you do today. Start with the resolve that your Day 1 is today, and you are taking action towards your financial independence 🤝
2. Trick yourself into saving 10% of your income ( Most people are doing it already. So hurry)
3. Take local transport 🚝 or car-pool as much as possible. It’s good for the planet and good for your wallet too. 👍
4. Read books on financial literacy. Our top pick is “Rich Dad Poor Dad” as a starter 📖
5. Pay your credit card bill in full ( Interest on unpaid Credit card bills KILLS ☠️ )
6. Financial literacy is your cup of ☕️ You can master it. #Believe
7. Consumer mindset (mindless purchasing) isn’t working for you or the planet. Think again, (and again) before buying the next thing from the supermarket or online shopping
8. Know the difference between saving and investing ( This will change your life) 👏 👏
9. Read about one of the top wonders of the world. “Compounding” 🤩
10. Meditate! Mindfulness helps 🧘‍♀️ Know, that it all begins and ends in the mind
11. Spend from the money you safely have. 💴 Avoid taking credit/loans
12. Have a solid emergency fund. It will take care of sudden expenses on a ‘rainy day’☔️
13. Have a view of the planned life changes coming up in the next 5–10 years. Are you ready?
14. Invest in learning. This determines your future-ability to have a steady income ✅ ✅
15. Pay your high-interest loans first ♟ (read: total amount for credit card bill, personal loan)
16. Use a budgeting app so you can understand where your money goes and optimise it
17. Know this term called “inflation”.This will change the way you look at the future 😍 😍
18. Invest to beat inflation🤓 ( Nothing beats this)
19. Learn about Mutual funds- your new best friend in investing👭
20. Know about “diversification”. But resist over-diversifying
21. Consider paying a financial advisor — only after a strong due-diligence though
22. Still confused about the First step ? Checkout JubiMoney.com it’s a free financial planner 🦄
23. LIC is NOT the only way to invest ( no matter what you were told at home)
24. Your parents are not financial experts and even if they are, do your own research. Times have changed drastically !!!
25. Yes. Bank account have hidden charges. Ask the banker🧐
26. Read your bank statements. Are you sure you know what you are paying for?
27. Do a tally of your expenses and statements ( Every machine errs, humans too)
28. Disciplined enough to use a credit card? Then use the perks — coupons, flyer miles ✈️ ( Use, no misuse ❌)
29. You need money to lead your life. Get serious about this. It’s fun to learn once you begin
30. Procrastination will lose you money. Start investing today
31. Learn about Direct Investing. It’s a way to avoid brokerages. Consider it, but very carefully
32. Be charitable ( what you give to others, always comes back in multiples) #Magic
33. Learn and spread the word on financial literacy with your family and friends
34. If it’s ULIP, you can avoid it for now — there are better options 👍 ( no matter what the sales guy is saying)
35. Use wallets like paytm, google pay to use the cashback 🤑
36. Direct mutual fund investments saves you money. But a financial advisor is an expert at this and good to consult
37. Check morning star and other such sites for top funds to invest in ✔️
38. Get yourself a min of 5 lacs of Health insurance 👌
39. Get health insurance for your family too 👪 ( Healthcare costs are spiralling)
40. Get a term insurance! It’s a necessity for your dependants 👶
41. Considering buying a home? Do give the rent or buy question some thought! Both have interesting pros and cons that you may have overlooked.
42. Know your Credit score
43. High Credit score= Cheaper loans = Access to more opportunities 😄
44. Pay bills and EMI’s on time for a high credit score 🎰
45. Never taken any loan or credit card? You don’t have a Credit Score.
46. To get started, get a credit card and don’t use more than 30% of credit limit.💳
47. Need urgent cash that you may need time to pay back? Go for a personal loan instead of delaying credit card payment. It should work out cheaper
48. Stay away from chit funds and other Ponzi schemes ( educate yourself to spot financial scams)
49. Realistic returns are best. Don’t go with the uncle’s promise of doubling-your-money
50. No SIP is a small SIP. It’s important that you start today
51. Use NACH mandate to automate 🤖 your investments
52. Have two bank accounts — to segregate your savings
53. You MUST file income-taxes every year if you are eligible
54. Tax planning is important! You can save money if you plan early 📅
55. Invest in ELSS to save tax. It gives returns, plus saves you tax-money 👍
56. Stay away from payday loans unless you need it for a very short period, it’s a small sum and it is your last resort
57. You will not get everything right at the first go. Try. Fail. Try again. Never lose hope ✨
58. Use what you have. If it’s broken, mend it! 🔧
59. If you don’t need something, sell or donate it.
60. Use coupons. Compare prices. Stop throwing away money
61. Have an investor mindset !
62. Pick a few days a week or month as zero spend days. It’s fun to try this 😊
63. Review your life goals. Money is important, happiness — even more!
64. Never forget things and people who made you who you are. Invest in them ❤️
65. Set a reminder on your phone to pay your credit card bills 📆
66. Also set another reminder for your overall financial review ✒️
67. Read,train, relax your mind. These investments always bear great returns
68. Review all your investments periodically 📅
69. CAMS is a consolidated mutual fund statement you can get online
70. Review options on how you can lessen all your debts
71. Don’t keep your money for safekeeping with your partner or under the mattress. A Bank account is for this. Or invest the money
72. Read. Network. Know where the future is going. That’s where the best money-ideas come from too 📖
73. Give it time. Watch things happen 😎 !

Here’s wishing you love, health and freedom from all your money worries !