Achieving financial independence might have been a lofty yet unattainable goal all along, but in this day and age, it’s more than necessary. The global economy is in a standstill. There’s uncertainty everywhere. Gold prices have hit historic highs not once but twice. The US-China trade war is causing a massive upheaval, the rippling effects of which can be seen everywhere.

You are in the middle of all this, and you are on your own. Don’t expect government policies to fix all the problems. Policies taken to ease the tension are a stopgap solution at best and totally ineffective at worst. You need to achieve financial independence and be safe.

Is it even possible? To this, my answer would be YES. Here are the steps that could lead to financial independence:

Understand the risk

When you are going to do something challenging, the first step is assessing all the risks involved. A strategy that begins with risk assessment is unlikely to fail. Your odds of being affected by the global financial turmoil or any crisis arising from it as a domino effect are inversely proportional to your age, gender and employment status. For example, the risk is high if you are an unemployed millennial black woman. If you are a white man with a stable job in your mid 30s with no debt, the risk is considerably low.

Millennials and Gen xers are facing significantly more risks than people from the boomer generation. Most people from the boomer generation are retired, which means they are affluent and very few of them have any kind of debt. They had mortgage debt when they were young, which they paid off over all these years.

Remember, assessing risks means having an objective idea of where you stand. It’s the first step. The next step is creating strategies. Here it is:

Retire early

As described in the preceding paragraph, the risk is minimal for boomers, many of whom have already achieved financial independence. The risk is quite significant for millennials and gen xers. If you belong to any of these demographic categories, aim to retire early.

The more you stay in the 9 to 5 corporate atmosphere, the less are your chances of doing something different in life. By different, I didn’t mean setting up a new tech company and becoming the next Google or Microsoft. What I meant was growing your own food and building your own house without a mortgage. These are baby steps but when you take them you stop leaning on large corporations for survival.

Why is this important? You ask.

Precisely because the large enterprises would be badly affected when worse comes to worst. Downsizing, massive layoffs and pay cuts may be on the cards for people working in those companies. Don’t wanna be one of them? Start investing in physical assets. It’s impossible unless you retire early and amass all your money for this purpose.

Something as simple as buying a few acres of land and farming your own food requires time and effort. Retiring early means you have a lot of time in your hand and can put in a lot of effort.

Invest in appreciating assets

I am not going into the difference between appreciating and depreciating assets as that would be too elementary. After an early retirement, consider investing your money in assets that you are sure would gain value in the near future.

Silver, gold and platinum are among the most sought after appreciating assets. When an economy goes downhill, investors in droves pour their money into these assets because they know these assets would only gain value and never lose it. The problem with precious metals is that even buying them in small quantities will cost you a lot of money. This is why many people invest in gold or silver ETFS and not in actual gold or silver. You can do that as well if you know when to square off all your holdings.

Land is also an appreciating asset. The value of land tends to increase with time unless the land is situated in a remote place or in an abandoned area. Land can be used for several purposes. It can be used for farming, manufacturing or simply as a place to stay.

No new debt

This tip is only for people with outstanding credit score. It might sound like a no-brainer but people whose credit scores are over 700 are at an increased risk of falling into the debt spiral. Let me explain how.

Those with poor credit scores won’t get any loan, at least not from any reputed lender. The upside of this is that if there’s ever a sovereign debt crisis, those people would not factor in. But people with existing debt – especially if their debt amount is huge – would find themselves on a frying pan.

Wondering how all that is related to having a great credit score? Having an excellent FICO score means being approached by various lenders and resisting their tempting offers. If you can flat out say no to them, more power to you. But if you can’t, then I suggest you better start practicing it.

Best Tips to Get Financial Success in Your LIfe

It is better to take a resolution at any point of time to work for improving your financial condition. Many people think continuously in taking out ways that how they can improve their financial condition for a better lifestyle and future and they seldom reach a point where they actually start on the journey of financial resurrection.

Given the current situation where dealing with the tough times is more than a challenge and there is no guarantee that if you are hit by the recession once you will not face it again.

Here are some points below which may help you to improve your financial condition in the long run.

#1 Get paid what you’re worth and spend less than you earn

It is better for you to understand your own value and determine that where you are working is the best thing you are getting or you can get some better job as per to your qualification. If you are being underpaid for the efforts which you are applying inside and outside your company then it can affect your course of life negatively.

You will never face difficulties if you spend less on whatever you earn. There are many people who do not have control in their spending and hey keep on spending more than they earn and later face difficulties when they get into deep debt. You can save a lot if you have a control on your hand and cost cutting in various expenses can add up to your savings.

#2 Stick to a Budget

It is better for you to make a proper budget of your expenses and necessities and stick to it. This thing will bind your hand and you will be having fix expenses which will stop you from spending money in unnecessary things. You can even look for alternatives for your necessities which will add up in your savings.

#3 Pay off Credit Card Debt

Credit card debt is the most common debt by which every single person is struggling. A person should be careful while using credit card. Credit card are for the time when there is an emergency and you are out of cash, you can use your credit card that time and pay off your bill and later pay to your credit card company. There are many people who use their credit card in purchasing unnecessary things and later face difficulties to pay off their debt.

#4 Contribute to a Retirement Plan

It is better for you to plan your whole life fiancés much before so that you don’t face difficulties in your old age time. If your employer is providing you facility of 401(k) then you should contribute in it with your employer to save good amount of money by the time you get retired. The saving of life after retirement is very important and it is better for you to start saving for it as soon as possible.

#5 Have a Savings Plan

Pay yourself first! This is the most common thing and you must have heard it many times before. If you look up for all your expenses and then think to save from the rest of the amount then you are not going to save good amount of money. It is better to make a fix plan of saving 5 10 or 15 percent of your income per month for saving to have a better future. You can save thus saving money in different accounts and don’t use that account for other purposes.

#6 Invest!

If you saving enough for retirement and for your future use then you can invest your money in various bonds, shares or real estate to get better returns.

#7 Maximize Your Employment Benefits

You can use up all your employment benefits to save good amount of money. These employment benefits are like contribution to your retirement, health insurance, children’s school fees and many other allowances which can save you money from spending it outside.

There are many ways by which you can save money for your future. It is really important to do so, as to get a better lifestyle and a secure future you should manage your finances in such a way that you can live your life smoothly and peacefully.