Check out 6 ways to achieve financial independence - Smart Updates

Financial independence means you're never going to be broken. Whenever you need money, it's easy to make it available. Even if that is not the case, you can take care of yourself and your family without having to call your friends to lend you money.

For a country like Nigeria, this is a little complicated due to a trendy economic slowdown and a lack of a stable business environment. However, you have no choice but to be financially independent. Jumia Travel, the largest online travel provider, offers tips that can help you become financially stable.

Financial independence requires a disciplined spouse/bae

If you have a spouse that spends all your money on Indian hair, London bags, iPhones and the likes, you will never be independent. All your money will be going to the upkeep of your spouse and you will not have anything to invest. We are not saying you should not spend but be reasonable with spending and get someone who is not too demanding.

Live beneath or within your means

If you earn 20,000 as salary and you are living in an apartment worth 500,000 and eating food worth 2,000 daily, you will never be financially independent. The rule of thumb for financial independence is living within your means. Spend less even if you earn more and make sure you invest.

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Income is not wealth

That is one error that a lot of people make. They think that the more they earn, the more they are financially independent. Yeah, it's nice to get a high-paying paycheck. The reality, though, is that you're still working really hard to make the money, and yet you're still going to invest it.

You don't have anything beyond your immediate salary. What will happen if you lose your job? Try to do something outside of your job to make more money. Just ask yourself if you lose your job, are you going to be stable financially? If your reaction is no, you need to take action.

Fund your future

The future is very important. You have to prepare for it, You should always save money to enable you to deal with any unforeseen incident. Life is unpredictable. This unpredictability makes it essential to save.

Be an investor, not a trader

A trader is someone who wants to make a profit as soon as he/she can. They are never patient. If the business is not doing well, they abdicate it and venture into another one. But an investor’s plan is long term. They foresee a future of great profit and they are very patient as they work to position the business to attain profitability. So, be an investor, not a trader.

Diversify

A particular source of income does not have financial independence until you diversify. Don't put all the eggs in a bowl. Distribute that to another basket, and then you won't be relying on a single income generator.