How To Smartly Live In The Terms Of Financial Security
The meaning of financial security itself is a long-term vision. It depends on how much you can grow your amount.
How to smartly live in the terms of financial security.
©Anubhavauthor
How can you achieve financial freedom as quickly as possible in your life, and how can you smartly expect financial freedom to be very strong for us, and how to see how this is possible? We will touch upon this deeply, very comfortably. Firstly, let's talk about some very basic fundamentals. First and foremost, you need an income source. Whether you create it through a job or a business, the game of investing begins when you have something. Because money begets money; these things start when you have something. When you have nothing, what can you do? So, first, establish your income source. And finding a job isn't easy, is it? When you have your income source sorted,
Now, see, this is not my personal advice; there are no hard and fast rules. I'm just sharing exactly what I'm doing. So, let's start with needing an income source. Now, you have to decide by which age you want to be financially free. For example, let's say you want to be free from money by the age of 40. Meaning, at the age of 40, you don't want to work for money anymore, and your life will be completely free, right? So now, as you've established your income source, now you have to set a certain amount that you can give, based on your risk capital. For example, if you keep this amount in your bank forever, like keep the minimum for a very long time, let's say in Indian rupees, you see, look at 500. If you're in America, you have to see it in dollars, right? Now, if you invest ₹500 every month in SIP, and you've committed to investing with discipline until you reach 40, now you have to see what your monthly expenses are. Meaning, how much are you spending per month, and how much will you be spending after 40 years of age? You need to keep this amount as low as possible compared to the amount you invested. So, if your monthly expenses are ₹10,000 now, after 40 years, they'll be ₹10,000, right? Now, you have to see what ₹500, which you've been investing for 40 years, would mean. It would have become quite a significant amount, right? Like, let's say it's become ₹7 lakhs. Now, if you divide this by 40 years, you'll see that you'll reach ₹4 lakhs. So, you'll have ₹400,000, meaning you can live your life comfortably without doing anything, and you'll still have some money left. So, you need to understand the meaning of this, adjust this amount according to yourself. So, when this amount has been reached, you are completely free from money, meaning you can do something or not, you can still live your life comfortably without the stress of money. Yes, there's no philosophy to becoming rich, but this is definitely a way to achieve financial security, which offers freedom. And freedom doesn't come from anything else; it's not fulfilled by any desire. No matter how many luxuries you add, your desire will only increase, so I prioritized security first. Secure yourself completely so that you can do something or not do anything, and your life can still go well.
But if your goal is that today you want to indulge in luxury, meaning you want a lot of money, then this is basically possible, but it's not possible through investing. Investing requires discipline. So, that a certain amount is compounding, it takes time for it to compound. Now, if you want to enjoy luxury in your 20s, then you have to try different things separately, start a business, try different things separately. Start your investing on the side, meaning, if your SIP is running, then start training it until it's ready for your retirement plan, then you can completely retire from money and start a business in your 20s. So, earn so much money that you can basically give your luxury what you want, see them in actuality, you have not studied anything in them, then you will try the answer yourself. So, now whatever I've said, there are no hard and fast rules; it's basically my understanding. So, you can take a concept, you can take learning, from my understanding. Thank you.
If you want to delve deeper into your thoughts and understand them in depth, I've also written a blog about it. You can go and read it, 'How To Reach The Depth Of Your Thinking. How To Understand Anything Deeply'. and you can also follow me on Instagram, where I keep posting self-help content. @blogs.anubhavauthor.
