Julius ApeguÂ Â
Financial independence means having more money flowing in without working for it than goes out for your monthly expenses.
It means having more choices and freedom. Not so long ago, a lady approached me, â€œJulius I have three million shillings, tell me what business I can do?â€
This lady was looking for a hot tip – a quick-fix.
To make the amount of money that exceeds your monthly expenses requires a well thought out investment plan.
Besides making money or investment is a process. Liken it to learning a new language. You don’t become fluent in it in a day.
The first step to financial independence is to determine what you want to have – your goal – a dream with a deadline.
All you have to focus on is what you want because what you want to have is a much stronger motivator than what you have to do.Â It’s your goal or what you want to have that determines what you become financially and what you will do to attain it.
Money may not be the most important aspect in your life but, it affects everything that is important; your level of healthcare, your and your children’s education, food, shelter and so forth.
Fear is the key reason many people don’t create businesses or buy shares or bonds.
Emerson said, “He or she who is not everyday conquering some fear has not learned the secret of life”.
The fear of loosing money must be looked at positively.
It should lead you to doing some study of what you think you can do according to your talent, skill and current resources.Â Not having money has been discovered to be even a stronger motivator, as it turns out to be a powerful reason to make one search for away and means to become a person of means.
Kim Kiyosaki, the author of Rich Woman has proposed for keys for making money.
First, arm your self with some education on the industry in which you like to engage.
Second, start small. This allows you to learn as you go.
Third, invest a little money first. Little money means little risk.
Fourth, engage in business in which you have knowledge.
Besides, if people study to become pilots why do you want to become a successful investor without study?
Mr Apegu is an enterprise development consultant.