The duration of time people have been working from doesn’t determine how financially independent they can be. One could work for years and still live from pay check to pay check and someone else could work for a shorter time and be financially stable. Ofcourse, assuming they earn the same amount. There could be so many reasons for this but there are some strategies person A can put in place to earn him financial security like person B.

SPENDING ON WANTS NOT NEEDS: its routine for most people to spend on items they think they want from month to month. This habit can never make you financially stable. You just end up with items which continue to reduce in value without you making the best use of your money. Bills are crucial, they have to be paid. Aside this, you have to critically consider what your needs are and avoid your wants from time to time so that you can save something up.

ACCUMULATING LOANS: it is definitely unwise for you to get loans that you cannot afford to pay back, it’s understandable to get  loan for a business or project but a loan should be structured in such a way that you will be able to pay back without much stress.

NOT CONSIDERING FUTURE EMERGENCY: no one wants to have a problem but this is life and problems are inevitable. It is important to have something in place in case of emergency. Savings like this can go a long way in helping you avert terrible situations.

AVOIDING SCALE OF PREFERENCE: scale of preference is the list of your needs in the order at which they need to be solved. It is possible for you to have 10 needs and not be able to afford solving these needs. You have to know how to scale your needs in order of importance so as to know the exact problems you can afford to solve with your present resources.

AVOIDING BUDGET: this is also another financial killer as it prevents you from analysing all your needs and the equivalent money you can afford to spend on them.

Making the right financial decision is crucial. People are wealthy not because they earn a lot, it is because what they spend is lesser than what they earn. You can never be financially free if you spend as much as you earn.