5 Things Keeping you AWAY from Financial Independence

Hey guys welcome back to the channel if you are new here welcome caribou my name is ivam tali and this is over 40 tv on this channel i talk about all those things that i think should be on your radar in planning for an independent healthy and financially secure lifestyle in your 40s so if those topics sound exciting to you and you’re excited in planning for your

Lifestyle when you are in your 40s then you want to make sure you are subscribed to the channel and also make sure that you hit the notification bell so that every single time i shoot a new video you do not miss out without much further ado in today’s video i’m going to be talking about five things that are keeping you from a life of financial independence and

Guys the thing with financial independence is that there is no one universal definition and it means different things to different people so some people define financial independence as not having any debt being debt free others believe that having an emergency fund is financial independence while another lot of people believe that financial independence is

Being able to retire early personally i define financial independence as being in that stage in my life where my assets generate enough income to cover a comfortable lifestyle for me and at that point working an 8 to 5 job will not be mandatory so that’s the life i am claiming for myself and i am claiming for you as my viewer so it doesn’t matter what financial

Independence for you is but here are five areas that could be holding you back from achieving financial independence so number one is not having clear financial goals if you are not planning for financial independence chances are you won’t even reach it the future is full of so many uncertainties but having an idea of when you’d like to achieve financial freedom

Financial independence should be your first step so for example do you want to retire before you turn 40 do you want to travel the world do you you know whatever your goals are for financial independence most probably are going to require a significant amount of cash stashed away so it’s important to start saving as soon as possible to make your dreams come true

Number two thing that is keeping you from attaining financial independence is not saving enough so it’s important to identify how much you’re currently saving and how much you need to save in order to retire when you want to or to reach another major financial goal so another way to make saving money easier is to automate it setting up an automatic weekly or daily

Or monthly or quarterly monthly transfer from your checking account into your savings account will take the extra task off your ready full plate so even if it’s as little as 100 as little as 10 000 kenya shillings it’s enough to start building a nest egg yeah number three thing that is keeping you from attaining financial independence is not paying off consumer

Debt so if you are carrying around a credit card or you’re having an i’m swearing loan or a full visa and you’re using it to buy stuff like cars or you know just paying the minimum on your mortgage and you know your student loans you have a help loan compound interest isn’t working for you but it’s working against you so creating an aggressive plan to pay off that

Quickly should be an abort priority for anyone who is serious about achieving financial independence in their 40s otherwise your money is working for your creditors and not you so if you prefer to tackle credit card debt first there are several debt management methods you can try so we have for example the debt snowball method whereby paying off uh you pay off

The card with the smallest balance first and then you work your way up to the card with the largest balance and then we have the debt avalanche method whereby you start by paying more um of the debt that has a monthly minimum on the card with the highest interest rate first so what you do you check all the different credit cards you have and then you pay um the

Monthly minimum minimum on the card with the highest interest rate and then you work towards paying off the card with the lowest interest rate both are highly effective methods and choosing one really just depends on your preference and the same applies to if you have an ensuring loan or you have a full visa or you have a bank loan or whatever other diamonds a lot

Of platinum credit loan you have you can work with either way either the snowball or the avalanche method number four reason or thing that is keeping you away from financial independence in your 40s is giving into lifestyle creep so a high income does not automatically mean that you’re gonna be wealthy as you move up in your career the temptation to upgrade your

Lifestyle to match your income will be ever present after all you work so hard so why not provide yourself with the latest iphone pro max 13 plus or the latest android phone yeah however if you continue to spend and live modestly you can put more money away for travel or for retirement with every pay rise that you earn so financial independence will be just around

The corner if you resist that temptation to keep upgrading whether it’s your home or your car or your electronics too much your income bracket number five last but not least thing that is keeping you away from achieving financial independence especially in your 40s is being driven by formal so fear of missing out aka formal is the modern version of keeping up with

The joneses and the genes except now you have access to the johnson’s social media profiles and then go on all kinds of fun adventures so social media is a great tool for keeping in touch for making money but it can also make you want to spend all your money on lavish vacations and clothes and spa treatments and shoes and handbags and all these other extravagant

Things so resist that urge and block all the junctions on social media if that’s what it’s going to take for you to be resistant or formal well guys that’s it for today in terms of the five things that are keeping you from a life of financial independence as usual if you found this video helpful please remember to give it a thumbs up leave a sweet comment below

For your girl and remember to share the videos with all other people that might be interested in achieving financial independence thank you for staying up to the very end of this video i definitely look forward to meeting you on the next one bye guys

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5 Things Keeping you AWAY from Financial Independence By Over40tv