By Damon Cameron Jr
Do you want to achieve early financial independence? Financial independence is a worthy journey that you are fully capable of accomplishing. First you must answer an important question. Are you interested in early financial independence, or are you committed to early financial independence?!?! Awesome! In this blog, we will discuss five easy strategies to help you achieve early financial independence.
1. Pay Yourself First
The most important step to achieve early financial independence is to pay yourself first. The money you save every month can be invested into your next rental property or index funds. How much should you pay yourself? The ultimate goal should be 40% of your monthly income from your 9-5 job. 80% of Americans live paycheck to paycheck. If you fall under that statistic, find a way to save 10%-20% and slowly increase your savings rate throughout the year.
2.Track Your Income and Expenses
Do you track your income and expenses every month? This is important if you truly want to achieve early financial independence. Find 3-5 things that you pay for every month that you do not consume throughout the month. Can you cancel your Netflix subscription? How about your Apple Music subscription? The more money you can save every month the faster you can save up a down payment for your next investment property and get closer to early financial independence.
3. Educate Yourself
Most real estate investors fail because they never take the time to study their niche and strategy. Find 2-3 active real estate investors and model their journey to avoid some of the common mistakes new real estate investors make. Do not reinvent the wheel. Find someone who is where you want to be and follow their model to early financial independence. Books, audiobooks, podcasts and mentors are great resources for young people interested in real estate investing.
4. Set Goals
One question you must ask yourself before investing in real estate is; “What do I want?”. Determine the type of lifestyle you want real estate investing to provide for your life. Do you want an active role in your real estate business? Do you want a passive role in your real estate business? How many hours a week do you want to work in your business? Take some time to write down your goals about the type of real estate business you want to build.
5. Take Action
95% of real estate investors fail because they never get started. You must take action if you want to achieve financial independence through real estate investing. You will likely make mistakes early in your real estate investing journey, however you should never make the same mistake twice. There are several steps you can take before investing in real estate to avoid common mistakes and setbacks, however you must take massive action.
Incorporate these five strategies into your daily life to get closer to purchasing your first investment property and getting closer to early financial independence.