235 National Financial Literacy Month - Day 28 - How To Become Financially Independent

As we all continue recovering from the pandemic, we find
ourselves in a space that truly calls upon us all to work smarter
to become financially independent. Why?


With the cost-of-living crisis in our midst, we must all pull our
finances to the level to match the inflation rate. We all knew
coming out of the pandemic that the economy would be adjusting
and it is. 


The Federal Reserve raised interest rates by 0.25% in March and
we know there will be six additional increases throughout 2022.
Kitchen table issues take into account the increase in food
prices, gas, and goods. Investing in stocks, bonds, and other
commodities will yield dividends that will likely outpace the
inflation rate.


How to become financially independent:
Knowledge is power so study the stock market, have a section
with a financial advisor, talk to your local banker and learn as
much as you can about investing in stocks, real estate,
cryptocurrency, and more. Self-study is important because you won't
be going in blind and with a basic knowledge of what can help you
assist your family finances in navigating this inflationary
cycle.Start investing, there is no perfect formula and or secret
sauce, just get started. Why? The sooner you start investing the
more you will learn about the process. There is no overnight
success, invest from a long-run perspective meaning, you are in it
to win it in the long run.Prepare for life events that may take
place in your life such as marriage, having a family, moving or
going to college. The bottom line is this, just as no one saw the
pandemic coming, there will likely be other significant events that
come our way in the future. Preparation is the key and we all
received experience from COVID-19 and we know what to do if
something like this happens again.What about your spending habits?
Do you know how to establish a budget, financial plan, and more?
Once you establish your financial budget it will be a window into
becoming debt-free. You will be able to understand your spending
habit and make adjustments to work to become financially free.Work
to maximize your credit score. Your credit score is the byproduct
of your spending habits, credit card debt, personal and student
loans, mortgage, and more. Formulate a spending plan, an emergency
fund, and build your credit.Set aside money to help your family.
The awesome power of service to the family is priceless, so ensure
you have a purpose for working, saving, and building your family
one dollar at a time.Retirement is in your future, what you do
today has everything to do with your tomorrow. The sooner you start
to save, invest, and generate wealth the more you will have in your
golden days.

There is more, however, this will get you out the door when it
comes to becoming financially independent. Everything listed here
will help you, start today!