The Great Investor of all time, Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die".
Following article is short summary of the lessons I learnt about managing and using money as a powerful tool to achieve Financial Freedom. Trying to keep it straight and short.
Financial Independence is the stage in one's life after which one has enough money to enjoy rest of his/her life without working for money. It is also the stage where, one can enjoy the freedom of time; you are no longer required to work a job for someone else spending your precious time. You can retire peacefully and spend your precious time on your passion, on yourself, on personal growth. The early you start, the earlier you get free.
Financial Independence simply means Making your Money work for You.
So how do you achieve Financial Freedom? Building a passive income is the most successful method to get financial Independence. There are many ways to build passive income; viz.. 1- Investing in Equity 2- Investing in Mutual Fund 3- Investing in Real Estate 4- Rental Income 5- Business Partnership 6- Financial Independence, Retire Early (FIRE) Strategy
Early Bird gets the Worm Time period of investment matters a lot more than you think, even a single year at end will make significant difference. Starting early is Key to Financial Independence. Living example is Mr. Warren Buffett, who started investing in early 20's of his age.
According to Einstein, "Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.” It really does the magic.
Books and Refrences; you must check out: 1) 'The Intelligent Investor' by Benjamin Graham 2) 'The Little Book of Common Sense Investing' by J. C. Bogle 3) 'One Up on Wall Street' by Peter Lynch 4) 'Rich Dad, Poor Dad' by Robert Kiyosaki 5) 'How My Maid became a Millionaire' by Bo Sanchez 6) FIRE Strategy 7) Power of Compounding
Happy New Year 2022!! Keep Reading.
Akash Kharade Budding Investor, Stock Market Trader, Blogger on Quora
and Civil Engineer by Profession.