India will celebrate its 73rd Independence Day on 15th August, 2019. The quantum leaps of the last decades paint a hopeful picture for India’s economy. The Indian economy aims to become a $5 trillion economy by 2024 (stated by EY in its latest edition of Economy Watch). Also, as reported by the India Brand Equity Foundation, India ranks 2nd highest in the emerging market for foreign direct investments. As the economy grows, so do your chances of being financially independent. On this Independence Day, start your journey to becoming financially independent.
Why Should You Aim for Financial Independence?
Uncertainties in life can come from anywhere. You may have concerns related to your job security, financial health of the future etc., which might give you sleepless nights[Something off here. Can we restructure?][Done. ]. This is why you need to aim for financial independence. If you are financially independent, there is nothing to fear. But what is financial freedom?
Financial independence is being able to support yourself without having to stress about earning. This means you have enough income from your assets, which can help you lead a comfortable life. Here are a few advantages of becoming financially independent.
1. Financial independence helps you secure your future and follow your passion
2. Spend more time with your family
3. Create wealth for the future and live a stress-free retired life
4. No dependency whatsoever
How to Become Financially Independent?
Here are a few crucial ways through which you can achieve financial independence:
1. Avail Loans for Goals & Emergencies
If you face any roadblocks in your journey for financial independence, then in such cases of emergencies, you can avail a personal loan. Personal loans in India are now readily available. They have now turned digital, which means that you can avail a personal loan online too. Personal loan apps have made the process of applying for a personal loan simpler. Indiabulls Dhani offers instant personal loans with competitive personal loan interest rates.
2. Invest Early and Smartly
As soon as you start earning, you can consider investing. Investing also helps you save for the future. So whether you open a savings bank account or start investing in mutual funds via SIP, keeping aside a little sum from your income can work wonders for you.
3. Set Proper Financial Goals
If you have started investing and saving, then you need a goal for it. You need to set proper financial goals and then maintain a disciplined approach towards achieving it.
4. Have Multiple Sources Of Income
Having multiple sources of income lets you create funds that can help you in any financial crunch as well as help you save more. As Warren Buffet once said,
“Never depend on a single source of income.Make investment to create a second source.”
Having multiple sources of income lets you create funds that can help you in any financial crunch as well as help you save more. Indiabulls offers one such opportunity where you can earn extra income with zero investment. Indiabulls Partner Program is where you can refer instant personal loans to loan borrowers. In return, you can make a commission which will be your income.
To know more about the Indiabulls Partner Program, Click Here.
5. Start an SIP
As mentioned above, investments in mutual funds can help you create wealth for the future. Taking the SIP approach can help you reap the benefits of rupee cost averaging. This means that you earn more value when the market is high and get more units when the market is down.
The key to becoming financially independent is to set out a road map and stick to it till the end. You need to plan things through. The whole process requires patience, smartness, and a disciplined approach. Start your journey to financial independence today!