As a financial advocate for millennials and young people, we had a conversation with Tomie Balogun about tips for Financial Independence. She had this to say;
‘’I want to be a billionaire, billionaire…eh..eh’’
I am not sure if it is the lure of designer items and luxury living that makes us all sing and dance to this song by Nigerian artiste, Teni or the nice rhythm that lures us all into moving on the dance floor.If you ask most people, it is the former. We all crave comfort and living life on our own terms. This is definitely not a bad thing to aspire too as life in itself is meant to be explored and enjoyed in every way.
However, we must caution ourselves lest we let the aspiration to financial independence lead us into activities that end up making us worse off or landing us in disgrace.
There are multiple levels to financial independence. The first level is financial security. You have financial security when you can afford the basic necessities of life such as food, shelter, transport etc living on income from your passive streams of income
This is critical before you can start thinking of financial independence. Often times in focusing on financial independence, it is easy to get overwhelmed with the number of zeros required to achieve true independence. I got overwhelmed as well when I realised how much it would take to achieve financial independence. Once we found a way to break it down into small, mid-term and long- term goals, it became more achievable for my family and I.
Here a few tips that can set you well on your way to achieving the first level of financial independence and financial security.
Get your Thinking Straight
“As a man thinketh, so is he.”
Your mind set will determine what you achieve because all things are formed from thoughts. Man is a thinking being and can originate thought. If you think you can achieve financial independence, then you can. It might sound simplistic, but the hard work is in believing this core principle even in the face of lack or economic issues. The right thinking about money and financial independence will change your life for good. So, study books about mind set, attend the right conferences to learn from those who have achieved what you want to achieve and see yourself move in the direction of your dreams.
Achieving financial security does not depend on your environment.
A lot of people believe their ability to achieve financial independence depends on their environment. It really doesn’t depend on that. If this was the case, we will not have the richest man in Africa from a country like Nigeria. It is also not as a result of simply saving. Frugality is not the means to financial independence. If it was, you will have to be frugal all your life to achieve financial independence in retirement
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ABOUT THE AUTHOR :
Popularly known as the Millennial Investor, Tomie Balogun is a certified Financial Education Instructor and the Founder of Green Investment Club. She is passionate about democratizsng investment opportunities for Africans, especially millennials.