Financial independence
Everyone has once thought of becoming rich, and having a huge bank account. Unfortunately, most of the time, this requires careful planning, consistent habits, and a large amount of self-discipline. Many have the misconception that in order to increase the digits in your bank account, you only need a large income. However, we strongly believe that your amount of cash outflow plays an equally important role in achieving your financial goals. Here are some tips to help you with maximizing your savings and using your savings to gain more wealth!

Cost, cost, cost

The lower your daily expenses and cost of living, the easier it will be to attain financial independence. By cutting down on your expenses and eliminating unnecessary purchases, you are able to continuously accrue a larger amount of cash in your pocket.

This source of cash can then be fully utilised during a rainy day or can be reinvested into other avenues to generate alternative sources of income.

Consider investing into long term stocks

Investing might seem like a risky activity to engage in. With pop culture constantly portraying investing to be a behemoth that only the rich can gain access to, it is understandable as to why many would be intimidated and reluctant to pursue this career. However, investing in certain stocks that have low risk, and high payouts might be the new go to! Read up on particular stocks that have shown tremendous potential for growth, large dividend payouts, and low risk.

Investing in them could potentially propel you forward in your financial independence goals!

Expect the unexpected

Nobody could have possibly expected the onset of a pandemic on such a catastrophic level, and nobody can accurately predict when the vaccine will be found. My point? We can never be certain of the future, and plans that we have now are constantly going through modification. If your plan for financial independence has no buffer or contingency, that plan is bound to fail. As a general rule, maintain a steady fund of 3 - 6 months of expenses in the case of an emergency. Do take into account the costs of inflation as well and that could incur a ten percent higher actual costs.

Plan ahead, and always expect the unexpected!

Financial independence is no easy feat, and not everyone will be able to accomplish it. But with careful, concise planning, and a strong sense of self-discipline to do your proper research and maintain your spending habits, it can be easily achievable for you.
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E-mail: hello@empala.co
Phone: +65 93 614 269
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