Things to do during your journey to financial independence
Starting your journey to financial independence can be very exciting at first, tracking your monthly cash flow, seeing your net worth change, learning about investing, and even planning what to do with all your wealth once you've accumulated them. After the initial excitement, you'll probably start wondering what else is there to do? Today I am going to share things that I've been doing since I started this journey to keep the excitement alive.
After a while, you might start getting tired of reading about the same advice, such as living within your means, paying yourself first or index investing. However, once in a while, you'll come across something that offers another perspective about certain philosophies. Even after reading lots of books, articles, journals, and watching the countless hour of the youtube video, I am still amazed at how much there is to learn about wealth and money. Alternatively, you can also enroll in classes to learn fundamental skills such as accounting. Regardless of what you do, continuing to learn about finance will keep you committed to this journey. I personally try to read a book a month; I use a library app that lets me sign out ebooks for free.
Talk about personal finance
Discuss personal finance and investment philosophies with anyone willing to listen and share. Sometimes, the hardest part about the journey to financial independence is being the only one to behave a certain way. By talking to other like-minded or supportive people, it'll reinforce the idea that you are doing the right thing. After all, if people around you are always going out to eat and you are eating leftovers from last night, it might be a little discouraging.
Find ways to increase your monthly savings
The first part is looking at your monthly spending habits and sees if there are any areas that you can be more efficient in. For some, finding ways to save money for monthly routine spending can be very satisfying. The second part, which takes more energy, is finding ways to increase your earning. This can be as simple as a second job, or, spending time on formal education to increase your monthly salary.
The main idea is to find ways to direct your desire and energy for financial independence. When you commit to financial independence, you start to become passionate about it, and if you don't have an outlet for that passion, it could quickly go away.