Hey there, ever asked yourself “How do I achieve financial freedom in India” ask it another way that “How to achieve financial freedom at young age” or may be “How to achieve financial freedom before 30” or if I include everyone it will be “How to achieve financial freedom in 5 or 10 years”
At first let me tell you that you are not alone. For most people, achieving financial independence is a goal.
You can always love the profession you do and achieve financial freedom, some of the tips we encourage you to try that result in achieving financial freedom at a younger age or in 5 or 10 years in India.
Investing in the CryptoCurrency.
It is being predicted that cryptocurency is going to be the future of this centralized currency system. You can not afford to lag behind. If you can create long term wealth Investing some amount in cryptos at this phase. It will be the multi-bagger for you in the future and i don’t want you to miss on that.
To read more on Crypto and its benifits- Click here
Investing in Mutual funds or equity in SIP.
There is a fear in our country India about the Stock market or Mutual funds. This fear is created by mostly our parents and that too because they feel that it is gambling.
Well, doing an investment without knowing about its pros and cones or without even calculating the risk is a gamble. But as the world has changed and it has brought sources to every corner and you also can calculate the risk factor before investing in any stock or Mutual Funds.
So, what is the difference between a Mutual fund and the Equity?
Let’s imagine you built a company and your company’s valuation is 1000 Rs:
And your company offers 10 Shares to be bought in market each valuing 100 Rs, so it is your individual company in which anyone can invest and buy the share and it is under the equity.
But there are other companies that are performing well just as your company, so someone with a proper knowledge will create a bag and put similar companies that the expert thinks will definitely grow.
The bag created by this expert is called mutual funds.
If you want to be financially free you need to know about the returns these two investments can generate.
The equity market can generate more than 18% in a year with proper research and fundamental analysis.
If you want to invest in SIPs, it is the most favorable option for someone looking to achieve financial freedom at an early age of before 30.
It is a simple investment plan (SIP) in which you will have to invest a small amount of money from your savings every month.
If you want to calculate the amount, here is a SIP calculator: Click here
For investments I personally prefer and also suggest you to use Zerodha as it is well known for its services and is the most reliable platform.
If you want to download Zerodha : Click here
The mutual fund can generate more than 12% in a year with proper research and fundamental analysis.
Determining your goals
Financial achievement must be based on predicted investment returns. If you start saving early in life, you can avoid taking additional dangerous risks.
Predicted investment returns must be used to determine financial success. You may avoid taking more harmful risks if you start saving early in life. The attraction of compounding tells us that conserving a reasonable amount of money does not require a large sum of money. You’ll need to learn frequent saving discipline. The more time you have, the more productive the outcomes will be.
So try to define your Goals and needs at the end of this journey of achieving financial freedom.
Achieving financial freedom by one time investment
Many of us wait on spending for years after we start earning money, ignoring the value of time. It is essential to begin investing as soon as possible in order to achieve financial freedom at the target age. Mastering financial freedom will permit individual freedom.
You can always achieve financial freedom by just investing your hard work once in a while.. For example you can create content for a video on the internet. You can generate revenue with one time investment, creating content for articles and blogs also helps you to achieve financial freedom. You can always sit back and generate revenue in order to achieve financial freedom.
Generate values or content that can generate value
Generating values using your skills can be a great source of income for the lifetime, once you write a book and bring it to the market, it will bring money to you until the end of your life.
Some of the examples are:
- Creating or writing a book or content online
- Releasing a patent.
- A business model
- Photography, podcasts and videos
- Creating an Art piece
Earning enough money from your investments + Income from what you love = you have achieved Financial freedom
If you succeed in working for something you enjoy, and your job is an activity that you enjoy doing or that puts you in the zone, as many others have said, if it motivates you to learn new things about it and makes you wake up in the morning feeling lighter and brighter, with a big smile on your face while thinking about it. If any or all of these things happened to you while you were working, you had won financial freedom!
Every profession that you do requires a passion in it. Investing gets a lot easier after you’ve selected a goal that makes you happy. For example, if you are good at writing a book, photography, podcast or videos, writing blogs for websites and research papers.
Achieving financial freedom by following your passion is an icing on the cake. You can always achieve financial freedom by being happy and self satisfied by following your passion.
Here is a quote by Tejesvi:
“A real wealth is about FREEDOM”