But, even with the substantial income that many individuals have, they still can’t seem to declare financial independence, but that’s really because of their uncontrolled lifestyle. The concept is easy enough, and in spite of a smaller income, individuals can relish this brand of independence. It’s seriously all about self-control and discipline.
One good case is the family that the T.V. show Inside Edition presented. While in the peak of the worldwide economic downturn, the family managed to become absolutely free from their house loan obligations within one year. Many, of course, questioned how the family survived particularly during such an economically unpredictable time. Very simple. The household got couponing very seriously, took benefit from all the discounts they could get and really made a lifestyle change so they could be totally beat mortgage responsibilities.
Worth noting as well is the strategy of making cash payments rather than using their credit cards. The matter with credit cards really is that individuals can obtain items with the “money they still don’t have.” This in fact turned out to be one of the reasons why many people in America were victims of the problems of the economic crisis - they had escalating debts because they kept on using their credit cards for their purchases. By doing cash payments, many people promptly become willing to hold back on their expenses.
Boosting your income is likewise a highly effective means of keeping the standard of life that you desire to possess. If you really like to travel, plan to work additional time to double your income or get yourself a part time business that you can take care of in your free time. Make sure to save for a rainy day as well and not use all the extra money you generate to increase your expenses. Increasing your residual income and lowering your expenditures is the quickest road to financial freedom.