Financial Strategy || Sometimes You Need to Make Hard Decisions

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Sometimes financial independence may seem out of reach, but often that is a matter of perspective. We are used to a certain type of lifestyle, a car, eating out every now and then, that netflix subscription, that yoga class you take or that gym membership you seldom use. Now I'm not saying we need to punish ourselves and not do anything fun or worthwhile. What I am saying is that it's all about perspective and the financial strategy that goes along with that.

If you want to be financially independent, trying to sustain the current lifestyle you are used to may not be the best course of action. Instead you might need to change your strategy temporarily. Try to cut it down the minimum you need to still be happy, and even if you're not happy, maybe the minimum you need to survive. As long as your cashflow doesn't take a hit and keeps growing. What this new strategy would mean is that you have more savings now and can grow your passive income even faster.

This is why many financial advisors tell us to first try to eliminate things like loan payments, because these are big culprits of not allowing us to save, and therefore invest those savings in more lucrative ventures. So, it's all a matter of perspective and strategy, knowing what you really need, and what you don't need, for now. And then you can build back up to the lifestyle you are most comfortable with.

What's your financial strategy?

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