For a majority of young Indians, financial independence just denotes being able to do whatever they want to do in life without the worry about the money.
However, just like a fixed deposit is only the first step towards getting a decent interest, being financially independent just won’t happen, you will have to take the journey to reach there.
Yes, if you are young India and want to achieve financial freedom, you may accomplish it with the right planning. It won’t be lightning or quick, if you take one step after another, you could reach out to the goals.
In the same context, let’s provide you four investment in India steps that will help you grab financial independence. Let’s start off, shall we? Let’s go!
Step 1 – Take control of your money
Taking the control of your money in your hand is pretty simple! All that you need to do is follow the basics – always make it a point to spend less what you make or earn each month.
Yes, the problem begins when you are spending more than what you earn, and that leads to unnecessary debts such as personal loan, further jeopardizing your financial independence.
Step 2 – Don’t spend all money
Now that you know where your money is going, it would be advised never to spend all your earnings. Why? Just no one can become rich if they continue to spend their all money.
Yes, there are situations in life where you need to spend all money that you earn. But, those situations are not a routine affair and rare!
Thus, make sure to make some tough decision (of not spending the entire amount).
And in just a few weeks’ time, you will see that your financial independence has gone up!
Step 3 – Develop a saving regime with fixed deposit schemes
Unless you don’t have a saving habit, you just can’t stand to achieve financial independence. As a result, try to invest in company fixed deposit schemes which let your money earn you back!
Yes, leading online lenders lets you put a minimum Rs.25,000 in a fixed deposit on which you can earn up to 8.10% FD interest rates as per your membership status with the lender.
You should also be investing in mutual funds, stocks, recurring deposits and other financial products to save and earn big and grab a bigger financial independence.
Step 4 – Enhance your working skills
One of the simplest methods to earn more money is not to put more working hours, but to boost your working skills.
You just can’t wait for your boss or manager to die so that you can take his/her position.
To take-home a fat paycheque, you will need to work harder by sharpening and nurturing your skills so that you get a better raise.
Seeing that a raise is still far away after your skills are ready to rule? Go and switch your job to get an instant raise.
The Bottom Line
Did you know that these steps that we discussed are tried and tested? Yes, you won’t believe, but Indians who have achieved economic dependence have implemented or deployed these steps as you read.
What to do if your earning is average? Open a fixed deposit with a leading lender online today and let your money earn some decent FD interest rates. You can also start off investing in mutual funds with a small amount to try to see if it’s working for you or not.
You can always take the help of a known financial consultant to get your financial independence on the right track. Good luck!