One person asked me how to be self-dependent other than a job? But the hidden question is how to be self-dependent financially?

I always tell that everyone intends to be self-reliant to have freedom at the core. However, people perceive it differently. So, everyone has different dreams.

If you pay close attention, all of this is rooted in money.

So, you need to focus on the money part. 

What You Have to Know to be Self Dependent Financially

You assume making more money is the solution for everything. So, you hop from one job to another for a 20-30% salary hike at once. However, after 10-20 years of your job life, you feel empty. The reasons are many, but I don’t want to stretch this matter further.

You assume making money is hard, but my dear friend, money-making is simple. However, you have to learn how to spend money.

I will share two stories with you.

You have to apologise as I failed to find the story of a woman who turned into a crorepati in her lifetime (I don’t remember the age as I got to know this story between 2014-17). She is a maid, and she saved some from the little money she gets paid. She deposits all of her savings in a bank account. It continued till she could work. Once she decided to withdraw all of that amount. When she checked the funds in her account, it shocked her and everyone else in the bank. The reason is the amount is in crores in her bank account. It is all due to the compounding of the money she saved.

On the other hand, there is a story of Sushil Kumar, who won 5 Crores in KBC. How do you feel if you get 5 Crores? Yes, you feel unstoppable, and you can lead your life peacefully. However, the situation is different in the case of Sushil Kumar. Even though he won such handsome money, he is selling milk for survival.

Lesson from the Stories | Money Management

It happens when you lack financial education. — Even though you have great fortunes, they will vanish over time.

If you pay close attention, the person whose pay was less amount became a crorepati. However, another person who got crores vanished all of that money due to poor management of the funds.

Steps to Follow to be Self Dependent Irrespective of the Profession

1. Save before spending. — Sometimes, you may not have any money if you want to save after spending. Moreover, it’s possible. I saved 10% of my income, irrespective of my situation, for a whole year and donated it.
2. Live in your means. — You can save more money if you do this. Moreover, you can invest this money to build cashflows.
3. Build an emergency fund.
4. Don’t focus on a single source of income. — What if you lose your job suddenly? Americans do multiple jobs. But, we Indians don’t want to do anything else due to exhaustion from a single job. Moreover, it happens due to stretching of the working hours. Your side hustle has the potential to replace your full-time job as well.

If you do all of this, you can build assets that will help you be self-reliant irrespective of your profession.

Final Thoughts

Money management is a game. If you know how to play it well, you can achieve anything. But if you don’t, you may end up in a 9-5 throughout your life.

I hope you found value in this post. Did I miss anything? What are you going to implement from now? Do let me know by commenting below. I am following all of the steps.