Things Millennials Should Do To Become Financially Independent

As we get older, we realize that financial stability is a must status to make us millennials independent in terms of living. Some of us also have responsibilities to fulfill.

But what should a millennial do to attain this kind of "status quo"?

Is it hard to achieve?

Then here are some of the things we should remember to achieve and maintain this specific goal.

As they say, financial stability refers to the ability of someone to provide for the needs, not just for himself, but also for his family or for the family someone's planning to have. It is the ability as well of someone to manage his finances considering the ever changing economy, and controlling financial risks he may encounter without affecting or totally damaging his net worth.

Being financially stable is a very exciting part for every millennial's life for this is the phase where we are being able to learn on how we must take care of our hard earned money. 

In this article, we will acquire more of knowledge on how we must take care and what to do to attain financial stability.

First of all...

1. Having a stable job.

This must be your primary source of income. Your bread and butter. We, millennials are thought to be hard-working and passionate when it comes to our respective professions. We give our best to every roles that we fulfill, and we see to it that our jobs are done in a very professional manner. And as a professional, we also must be professional in handling our hard-earned money. We do not want all of these to put to waste since this is the outcome of our blood, sweat, skills, and knowledge.

If you are someone who does not want to be an employee, then putting up a business for you to operate is a perfect thing for you to do. But, in putting up a business, you must risk your all for it to succeed. Grow your money into something profitable by exerting your effort, knowledge, skills, and most of all, your talent in making such unique crafts that you enjoy yourself doing. May it be baked goods, cooking your recipes, or putting up a very trendy clothing line that will surely love by your target markets. These all can make a good business.

2. Doing part-time jobs.

For some of us, having a full-time job or a business is sometimes not enough to sustain our needs. We think of what other source of income we should try or to go through for us to be able to save and pay for the unending bills we are providing monthly. In this case, having a part-time job is an effective way to have an extra source of money. Part-time jobs are mainly jobs that require a portion of your regular time, in most cases 5 - 30 hours per week. This should not exceed up to forty (40) hours every week.

Having a full-time job, business, and a part-time job does not always mean that you are financially stable already. This is the aspect where you will take care for the fruit of your labor. Given all the resources that you made, these easy steps will surely make your finances in good condition.

1. Opening a savings account.

This step is very easy. Never let your earnings just sit in your wallet or cabinet. You can sometimes grow it by opening a savings account or a bank account to make your money secure. Some banks offer interest rates in the long run for your money to grow. In this modern era, there are a lot of digital banks and e-wallet that you can find on the internet without spending even a dime.

2. Avoiding debts.

First of all, you can't be financially stable if you are having debts. There is nothing wrong with borrowing money as long as you pay it on time. You do not want to have a bad reputation with just small money that you borrowed. You must think as well the welfare of the person from which you borrowed money. After all, they also have bills to pay. So have the initiative to return it.

3. Avoid impulsive buying.

We sometimes get to buy a thing we do not need. But before you punch it to the counter, assess yourself and your existing money. And ask yourself "Do I really need this?' if not, then return it. As an adult, we must prioritize the things that really matters. But then again, it is not bad as well to reward yourself for the hard work that you exerted.

4. Never live beyond your means.

We sometimes have that mentality of living to the extent that our budget became compromised. Always remind yourself to never exceed to your means. This basically thought me to just prioritize what really is necessary to the lifestyle that I have. Do not always put your feet to the shoe that does not fit. Because you will end up and your finances being hurt.

5. Pay bills ahead of time.

This will prevent additional charges to the initial bill that you should pay. Always pay bills on or ahead of time.

6. Getting a life insurance.

This does not always mean that you are preparing for "dooms day". Never be afraid of getting a life insurance just because you always think of death. That day is very inevitable for us humans. Not unless you are born with multiple lives. Just like how we plan on having a family, we must also prepare for our death. We do not want to be a burden to our families someday. This is aspect should be planned as well.

That's a wrap! I hope you learned something from this article. Here's to being a financially stable millennial.