the sure fire way of achieving financial independence
Post on 12-Mar-2016
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The Sure Fire Way Of Achieving
Financial Independenceby: Dan Cavalli
Business and Money Strategist
Finding work to earn one’s
way through life is sometimes
called financial independence.
This may be true to some
extent, but true financial
independence means not
having to rely on anyone or
anything financially.
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Theoretically, working for a living means that one is
independent of his parents’ support, but is still
reliant on his job. The “true” form of financialindependence could
hypothetically be achieved
instantly by winning the
lottery, inheriting a fortune,
or making a fortune
through the stock market,
an invention or one’s talent
and then retiring early.
However, unless a person
is exceptionally lucky or
has unbelievable talent, he
will have to work towards
financial independence just
like everybody else. Most
of the people who are trulyfinancially independent are the people who worked
for it.
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By working towards a so-called nest egg, these
people save enough money to live comfortably
independent of anyoneor anything. Another
term for this type of
people is retiree.
Aside from the filthy
rich, only retired
people are truly
financially self-reliant.
There is no dark secret to
financial independence. It
only means saving enough
money while working in
order to be self-sufficient
later. The key is in saving
money. Nevertheless, onecannot save by keeping money in a box safely hidden
in the garage and hope that the money will be
enough for a comfortable life later.
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In order to achieve one’s goals of
financial independence, one has
to save money in a bank and let
that money earn even more
money. Granted that there is a
small risk in keeping one’s saving
in a bank, one still has to take
advantage of the interest rates
given by the banks.
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A 3% annual interest may
not sound much, but
when interest is
compounded, a small
amount could turn out
much bigger in time. For
instance, a $200 depositwill earn only $6 at the end of the year under a 3%
annual compound interest. By the end of the second
year, that $206 will earn not only $6, but $6.36.
Going on, that $200 will have earned $68.73 by the
10th year and will earn $161.22 by the 20th year.
By this calculation, money earning a 3% annual
interest rate will double
by the 24th year. Using
this calculation as a
basis, it follows that a
person who deposits
money at the age of 20
will have doubled his
money by the age of
44.
If a person kept depositing
$200 every month at a
bank that gave him a 3%
interest rate until the age
of 60, he will have saved
over $100,000. These
figures are based on
minimum amounts just to
give an idea of how much
money could be saved.
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A 5% interest isn’t
unheard of and it is
very possible to save
more than $500 a
month if one really
tried. If the company
accountants wereinstructed to deduct $500 from one’s salary and
deposit it to his account, the employee would make
do with what he gets from his paycheck and will live
his life accordingly.
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In the meantime, his money would continue to grow
and by the time he knows it, he will have enough
money to be financially
•independent. So the
moral of this story is
simple: save money
and be financially
independent in time.
There may be short-cuts to self-sufficiency, but
saving is the only sure way to get there.
You can use all these
strategies to save
money, reduce debt
and improve your life
but it means nothing
unless you have a
foolproof method
automatically set up
to do it for you.
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DAN CAVALLI’s noted by the
“Financial Review” as one of
Australia’s “Internet’s Untold
Millionaires”. He is also the
author of the internationally
sold financial book,
"Blueprint for Making
Millions."
Get your FREE chapters here:
www.blueprintformakingmillions.com
About The Author
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