This is a financial post by Ellie Jo.
Everybody, especially in this day and age, loves the idea of being financially independent. The emergence of coronavirus has witnessed the unfortunate closure of millions of companies, which means that many more people have been left out of jobs and ruined financially.
However, financial independence is not as far out of reach as you would think, particularly in times like these. Although it’s far (in most cases) from an overnight process, you can set yourself on track to achieve exactly that! Not sure where to begin?
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Consider investing in cryptocurrency
Cryptocurrency is still relatively new on the scene (or sometimes crypto, for short), and it is difficult for many people to understand the idea of how it works. However, if you give yourself the time to understand its purpose, what kinds of crypto are there, such as Ethereum, and how you can make money from it, there’s a lot of money to be made in cryptocurrency. There are many reasons for investing in cryptocurrencies, such as not having to send third parties any personal information, which many people are also careful about. Buying Crypto could just be the way for you if you’re looking for an interesting way to make money to put yourself on the road to financial freedom.
Keep track of your credit score
The second they hear about credit scores or reports, most people switch off, but they’re actually very helpful to your financial health. Simply put, if you’re trying to take out a credit card or loan of any kind, your credit score is a record of all your financial choices, which helps lenders to determine whether to trust you with their money or not. Therefore, your credit score will increase by changing your spending habits by paying bills on time, and even smaller acts, such as registering yourself on the electoral roll. The higher your credit score, the closer you are to financial independence.
Finish off your degree, or go back to school completely!
Some qualifications are required for most high-paying careers, and the more you have, the more likely you are to land a well-paid job that will help you save money on the path to being financially independent. School is not for everyone, and the primary reason many people resist going to university to further their career is also the anxieties that come hand in hand with it.
These three strategies can help you seize control of your money and start thinking about putting money in safe places, whether it be by saving or investing, so that you can put yourself on track and work your way to financial independence. Start your financial independence journey today!
Greg is a Chartered Financial Analyst (CFA) with 22+ years experience in Financial Services. He has held numerous FINRA Securities licenses (series 7, 63, 65, and 66), and is an expert on Investment Products and Financial Planning. Greg has 22+ years experience as a real estate investor and degrees in Psychology and Philosophy.
Greg has been quoted/interviewed in Yahoo Money, Yahoo Finance, USA Today, Authority Magazine, Realtor.com, Business Insider, and others.
Greg is an avid runner, and the father to identical twin girls and their awesome brother. His love of budgeting and his kids led him to join The Great Resignation in 2021.
Disclaimer: Any Financial Tips on ChaChingQueen are general and informational. Speak with a professional about your specific situation.