Strategic Investing For Financial and Time Freedom

Active source of income is good, But if it is more than 80 % of your total income then it is dangerous. start building multiple streams of income as early as possible. If you have enough residual ( Passive ) income that allows you to live the life you want, without any worries about how you will pay your family bills or manage retirement life. Financial freedom is about control i.e. control over your own finances. Financial freedom is not always about being rich and having a lot of money.

Example if you are working in one organization, due to some reason you are not willing to continue and want to build your business around passion, if you have financial back in terms of passive sources of income for next 10 years then you are financially free.

Now good news is that investing is allowed by every organization and it is legal, so you can do it along with your job, during evening time.

Understand Where You Are Presently : Start early.

Write your SMART goals : Establishing SMART goals provides a clear roadmap for your financial aspirations. For example, a SMART goal might be to "increase monthly savings by 20% within the next six months" or "achieve a 10% return on investment by the end of the year.

Cultivate Save and invest habit : tracking expenses, spending less, and investing a lot is easier than, creating an additional source of income. Consider adopting the 50/30/20 rule, allocating 50% of your income to necessities, 30% to important spending, and 20% to savings and investments. This balanced approach ensures a healthy financial foundation while fostering a habit of consistent saving and investing.

Minimize debt : Debt is a significant obstacle on the path to financial freedom. You create a solid financial foundation that is conducive to strategic investing.

Remove all credit card life : Credit cards can be a double-edged sword. This not only reduces the risk of accumulating high-interest debt but also encourages a more mindful approach to spending.

Create additional sources of income : Start investing in Growth stocks at right time, you can aim for 10 crore portfolio. Learn Fundamental and Technical analysis which help you to find valuable stocks.

Having multiple revenue streams provides a financial safety net and accelerates your journey towards financial freedom. It is a decision that you will need to make on the basis of what works best for you.

By setting SMART goals, cultivating saving habits, minimizing debt, and creating additional income sources, you can lay a solid foundation for a secure and prosperous future. Read complete investment strategy with case studies in my book.

?? About the Author — Mr. Anil Hanegave has been an investor and trader for over 8 years. He is now an investing coach, assisting investors and traders through his mentorship programs. Anil has authored more than 4 books on investing and intraday trading topics. Visit his online platform at www.tradingdirtion.in for more details and to download a ?? free eBook on investing.

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