Four layers of financial independence
that’s your first layer of financial independence is your own sovereignty.
And then the second layer is to get out of debt.
And for some people debt feels endless.
And the first step to getting out of debt is stop going into debt.
There’re many people who have written to us who flatten their debt in a couple of years.
Impossible debt.
Debt that was going to be endless.
They would die with this debt.
And once they see what the debt is doing to them in terms of the actual opportunities, the future opportunities of their lives, that’s the sort of link that we try to get people to make so that something in the future is more important than the immediate pleasure of buying one more tchotchke that you’re never going to use.
And the third level really is to get those six months of savings in liquid assets whether it’s bank accounts.
Someplace where you can actually within 24-48hours you could realize that money.
So that you have an emergency fund.
So that you are not tumbled back into debt as soon as something happens amiss.
You lose a job which, you know, many people now feel that even their very, very important and significant jobs are precarious.
And then over time the next layer of financial independence is you start to see that surplus savings can be invested in such a way that it throws off an income.
And over time if you become a systematic and sometimes obsessive saver – and you can see, you could chart it.
You can watch your passive income grow knowing money is your life energy, you track everything you buy.
And an easy way to do it if you don’t like writing in a little notebook every time you do a transaction is just use your debit card.
I said debit, not credit.
You use your debit card and your bank has a complete record of all your purchases.
Every month you take a look at your purchases, you sort out in categories that apply to your lifestyle.
You just look at that and you kind of tell yourself the truth about whether spending your life energy in that way makes a difference.
Understanding finance and keeping emotions controlled
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WHO I AM: I’m Deepak Kumar, I love to share what I learn through my journey of learning “Finance” I am commerce graduate and very passionate about investing, personal finance, passive income, and financial freedom,
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