How to become financially independent?

 How to become rich?

• Income - Start a job at a young age to fulfil your monthly expenses, and at the same time learn on the job which will be useful for you in the future. Once you gain experience start something related to your passion. Its better to start something related to your passion because it will keep you motivated. 

• Saving - Create a strong budget that includes a saving plan. When you start a small business, always keep a side some savings, and use it for your business when there is a capital need. Always have a budget which clearly show the expenses and the amount which is separated for saving. 
  
  
  

• Invest - Always get your savings work for you, careful choice of investment will help you to grow your wealth. While your work on your business to grow it to earn profits, your investment will work for you as well to grow your money. There are different types of investment options available. There are secured, medium risk and high risk investments, higher the risk, higher the profits or returns. mostly secured investments are such as Bonds, treasury bills, short term bank deposits, money market funds, preferred stocks, dividend paying stocks etc, and when it comes to high risk investments are such as IPO ( initial public offerings ), Venture capital, Foreign emerging markets, REITs ( Real estate investment trusts ), High yield bonds, Forex (Currency trading). These high risk investments are not suitable for everyone, there are high chances of heavy losses, but if the investment is done with good knowledge about investment product, then there are high returns. It advisable that you divide your investment into different category, If you dont have a good knowledge on investment then its better to go on a safe side by investing 40% secured, 40% Medium risk, and 20% high risk, but once you increase your knowledge about the risk then you can change the proportions accordingly.
  
  
  

• Protect - Always protect your money, this is important when you are investing in medium and high risk investments. Always plan for contingency and keep your investments protected so that if there are any unforeseen circumstances, you will have access to your money.

Side Hustle - Once your have established in your existing work or business, you can look for side hustle, which can bring some extra cash into your income. When you plan to do investments, always try to use side hustle income for investments, rather than using your monthly income to do so. Your savings can be used for secured investments, but for medium or high risk investments, we would advice you to use a side hustle income which will not affect your monthly survival requirement. 

• Knowledge - Never stop learning, continuous learning will increase the knowledge which will help in the day to day job, investments, or even the side hustle. More knowledge about finance will help you make right decisions for your investments.