Elearnmarkets - Financial Market Learning
  • Courses
  • Webinars
  • Stories
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
Get Free Course
  • Basic Finance
  • Derivatives
    • Futures
    • Options
  • Financial Planning
  • Fundamental Analysis
  • Technical Analysis
  • Mutual Funds
  • Marketshala
  • Miscellaneous
Elearnmarkets - Learn Stock Market, trading, investing for Free
  • Courses
  • Webinars
  • Stories
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
Get Free Course
Elearnmarkets - Learn Stock Market, trading, investing for Free
No Result
View All Result
Home Financial Planning
5 Easy steps for achieving Financial Independence! 1

5 Easy steps for achieving Financial Independence!

Elearnmarkets by Elearnmarkets
April 16, 2024
in Financial Planning
Reading Time: 5 mins read
3
2.4k
VIEWS
Share on FacebookShare on XShare on WhatsApp

On this day, 15th of August we not only celebrate our Independence Day but we also celebrate living in an independent country which has given us so many opportunities to fulfill our dreams.

One of our dreams includes living a financially secured life and having the surplus corpus of funds when we retire.

As we celebrate our country’s Independence Day, we should also take out some time to think about our future and for achieving financial freedom too!

To achieve financial freedom, you can take assistance of Kredent Money App.

What is Financial Independence?

Financial Independence can be described as having enough resources for living without needing to work.

“To become financially independent you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.”- Jim Rohn.

If you achieve financial freedom, then you can focus on “living life” rather than focusing on how to earn to retire financially secure.

We don’t have to retire at the socially accepted age of 60. If we achieve our financial independence at an early age, we can retire then also.

Here comes to the concept of Financial Independence and Retirement Early (FIRE).

FIRE is a program that involves immense savings and investments which allows to retire earlier than the social acceptable retirement age of 60.

One of the most famous cricketer to follow this movement is Sachin Tendulkar.

He earned and saved enough to retire early at the age of 40 from his cricket career.

This method follows the principles of:

  • Cut your expenses
  • Save > 50% of your income
  • Invest efficiently

The basic approach to achieve FIRE is:

1. Keep track of your expenses:

This may sound simple but trust me we have got no idea where our money disappears.

We can keep a track of our expense by paying off it every month and then look at what we spend money on.

As simple as that!

Nowadays there are many applications available which help us to keep track of our expenses.

“You become financially free when your passive income exceeds your expenses.” ~ T. Harv Eker

2. Reduce your spending:

To achieve financial independence at an early age, start reducing unnecessary expenses.

For example: If you pay for your gym membership, then be sure that you use it. Many people pay at the end of every month intending to use it in the future, and they rarely do.

Even if you do use the gym then you may be able to cut this expense and simply exercise at home.

“If you want to be financially free, you need to become a different person than you are today and let go of whatever has held you back in the past.” ~ Robert Kiyosaki

3. Calculate your Financial Independence number:

As the FIRE rule of thumb, if your net worth is more than 25 times your annual expense, then you can be financially free.

This implies how much net worth is needed when we attain financial independence.

However, many people choose a higher factor for unforeseen emergencies.

how to achive financial independence

4. Achieve tax efficiency:

One should try to invest in those financial instruments where we can avail tax deductions.

These days there are many tax saving instruments available in the market such as ULIPS, New Pension scheme, ELSS which help us to avail tax deductions.

5. Try to invest efficiently and aggressively:

As FIRE people are younger and they have more time for recovering from down markets if they need to; then the key is to invest and capture the market returns as efficiently as possible.

“If you are not financially independent by the time you are forty or fifty, it doesn’t mean that you are living in the wrong country or at the wrong time. It simply means that you have the wrong plan.” ~ Jim Rohn

Overall, to attain FIRE depends more on the willingness to develop a financial freedom road-map and sticking to it.

Moreover, it’s not much difficult if you are ready to make some small important optimizations in your life.

From starting today, you can consider the above recommendations, plan your future, redefine the idea of retirement and achieve financial independence!

So on this Independence Day let’s celebrate Financial Independence!

Happy 73rd Independence Day!!!

Tags: basicenglishfinancial planningFIREinvestment in financial marketsSaving
Share22TweetSend
Get Kotak Offer Get Kotak Offer Get Kotak Offer
Previous Post

Significance of 3rd wave in Elliott Wave formation

Next Post

Difference between Volume Traded and Volume Delivery

Elearnmarkets

Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

Related Posts

Best Personal loan Rates
Miscellaneous

5 Strategies for Finding the Best Personal Loan Rates

May 5, 2025
282
National Pension Scheme
Financial Planning

National Pension Scheme- Retirement Scheme for all

January 9, 2025
6.2k
Shares or Mutual Funds - Which one is better for Investment? 2
Financial Planning

Shares or Mutual Funds – Which one is better for Investment?

January 9, 2025
2k
Debt Mutual Funds - Meaning and Types of Debt Funds 3
Financial Planning

Debt Mutual Funds – Meaning and Types of Debt Funds

December 3, 2024
1.8k

Comments 3

  1. Bullion Capital says:
    6 years ago

    Wonderful article on capital and savings. Thanks.

    Reply
    • Sakshi Agarwal says:
      6 years ago

      Hi,

      Thank you for reading!

      Reply
  2. b school delhi says:
    5 years ago

    Only wanna say that this is very beneficial, Thanks for taking your time
    to write this.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer

Elearnmarkets (Kredent InfoEdge Pvt. Ltd.) is a SEBI-registered Research Analyst (RA) entity (SEBI Registration No.: INH300007493). The information provided in this article is for educational and informational purposes only and should not be considered as an offer to buy or sell any securities or investment products.

The stocks, securities, and investment instruments mentioned herein are not recommendations under SEBI (Research Analysts) Regulations, 2014. Readers are advised to conduct their own due diligence and seek independent financial advice before making any investment decisions.

Investments in securities markets are subject to market risks. Please read all related documents carefully before investing. Investing in Equity Shares,
Derivatives, Mutual Funds, or other instruments carry inherent risks, including potential loss of capital. Elearnmarkets (Kredent InfoEdge Pvt. Ltd.) does not provide any guarantee or assurance of returns on any investments. Past performance is not indicative of future performance.

Elearnmarkets Logo

Follow Us

Facebook-f X-twitter Instagram Linkedin-in Youtube Telegram

Register on Elearnmarkets

Continue your financial learning by creating your own account on Elearnmarkets.com

Register Free Account

Download App

Playstore logo
Download on app store

Categories

  • Basic Finance
  • Derivatives
  • Financial Planning
  • Fundamental Analysis
  • Technical Analysis
  • Mutual Funds
  • Miscellaneous

Popular On Elearnmarkets

  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati

© 2025 Elearnmarkets. All Rights Reserved

  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling
  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling

Download Our App

No Result
View All Result
  • Article Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • ETFs & Mutual Funds
    • Marketshala
    • Miscellaneous
  • Language
    • Hindi
    • Bengali
    • English
  • Courses
  • Webinars
  • Stories
Get Free Course

© 2024 Elearnmarkets All Rights Reserved

Guidebook on Savings and Investment
A comprehensive guide book to start your investment journey
Download Guide For FREE
Trading Mentorship Program