Our heroes fought hard to free the nation from colonialism. Now, it is our turn to fight for personal independence, especially in terms of finances. Financial independence is the ability to live without worrying about money, having complete control over the future, and being able to make decisions without being burdened by debt. Here are 3 things you need to pay attention to in order to be financially free:
1. Building a “Fortress” of Independence, Emergency Fund
Just as a fortress protects against enemy attacks, an emergency fund is financial protection against unforeseen events. Whether it's job loss, illness, or home damage, an emergency fund ensures you don't have to go into debt to address these issues. Ideally, set aside funds equivalent to 3-6 months of your living expenses.
2. “Guerrilla Warfare” Against Debt, Strategies for Paying Off Consumer Debt
Consumer debt, such as online loans or credit cards, can be a very dangerous enemy. Strategies for paying them off include the avalanche method, where you focus on paying off the debt with the highest interest first, or the snowball method, where you pay off the smallest debts first. Both methods have the same goal: to free you from the shackles of debt.
3. Raising the Flag of Investment, Building Future Assets
Heroes used sharp bamboo as weapons. Our weapons in the modern era are investments. By investing in instruments such as mutual funds, stocks, or bonds, you are not only saving money but also making your money work for you. The right investments can be a shortcut to financial freedom with significant asset growth over time.
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