avatarFahri Karakas

Summary

The article provides a comprehensive guide on strategies for achieving financial independence through various income streams, savings, investments, and personal development.

Abstract

The article "How Do You Progress Towards Financial Independence?" is part of a series aimed at helping individuals attain financial freedom. It emphasizes the importance of creating multiple income streams, increasing earnings, and investing wisely. The author suggests a practical brainstorming exercise to identify the top 10 ways to generate wealth, such as starting a business, creating innovative products, investing in personal and financial growth, and taking calculated risks. The piece also references additional resources and YouTube videos for further learning on wealth accumulation and provides a call to action for readers to begin implementing these strategies immediately.

Opinions

  • The author advocates for a proactive approach to financial planning, encouraging readers to think creatively about income generation.
  • There is a strong emphasis on the importance of financial discipline, long-term thinking, and the compounding of assets and knowledge.
  • The article suggests that financial independence is attainable through a combination of entrepreneurship, investment in learning, and the development of marketable skills.
  • It posits that anyone can become rich by following proven systems and repeatable strategies, rather than seeking overnight wealth.
  • The author believes in the value of patience and consistent effort, advising readers to start small and gradually build their financial base.
  • The piece conveys the idea that opportunities for wealth creation are abundant, and one must be adept at recognizing and utilizing them.
  • It encourages diversification of income sources, including traditional employment, property development, and digital entrepreneurship.

How Do You Progress Towards Financial Independence?

The Top 10 Series — 2

Photo by Dominik Pearce on Unsplash

In this article, I will introduce a practical brainstorming exercise that will help you achieve financial freedom. How can you achieve financial independence in your life?

In this exercise, you will be thinking of the top 10 ways to make money and be rich in the long term. These might be ways to create multiple streams of income, increase your earnings and salary, create assets for the long term, and increase your savings and investments. What could they be?

  • Start your own business and sell it
  • Create innovative products and services to meet customer needs
  • Create breakthrough value and help lots of people
  • Treat your savings as tax (never touch them and invest them)
  • Learn financial discipline and planning (keep track of your budgets, goals, timelines, and investments)
  • Develop patience and a long term mentality
  • Compound your assets, investments, skills, and knowledge in the long term
  • Invest in your learning and development
  • Be an inventor and invent new things
  • Take reasonable risks for greater returns
  • Be better in recognizing and utilizing opportunities
  • Invest in start-ups or high growth companies
  • Sell your marketable skills and expertise
  • Buy assets that bring you value and cash in the future
  • Create creative assets (such as books, music, digital products, brands etc.)
  • Learn how to sell on Amazon and Etsy
  • Create crowdfunding opportunities on Kickstarter, Patreon, or other similar platforms
  • Build a portfolio of investments, stocks, and shares
  • Work in steady jobs, cut back on expenditures, save, and invest
  • Save 10K first and then increase it to 20K, and so on
  • Buy, develop, and sell property
  • Buy lottery tickets

Here are great articles that will give you an overall direction:

Here are more ideas and strategies from YouTube to make money through side hustles and multiple income streams:

Now, please think about your own ideas and projects to achieve your financial independence. Please make a list of small actions and ideas to put it into life. Please do this now — it will take just 15–20 minutes of your time; and this is totally worth your time.

Image Created by Author

Please take an action and do one of these activities right now (or today). Please implement all your actions in the next month or so. Do not delay. This is your opportunity and make perfect use of it.

Start small, repeat it, keep it consistent, keep learning, keep creating, keep growing, and compound yourself in the long term.

Fahri Karakas is the author of the Self-making Studio. You can explore more here.

Money
Personal Development
Personal Finance
Self Improvement
Inspiration
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