Gaining Financial Independence

Discipline, Tolerance and Production. The watch words of our beautiful twin island, Trinidad and Tobago.  As a body politic, these words apply to every dimension of our lives. One such dimension in particular is our financial lives. We tend to spend a great deal of time mentally juggling mechanisms that will allow us to competently pay our expenses and still remain with sufficient disposable income to invest and recreate ourselves. We make it our duty to strive toward gaining Financial Independence with the impetus being the fear of falling victim to financial impotency.

So how can we achieve Financial Independence? In this post, I will explain what it means to be financially independent and spotlight how our key watchwords – discipline, tolerance and production – can help achieve financial independence.

Financial Independence is the status of having enough income to pay our living expenses for the rest of our lives without having to be employed or dependent on others. When we have self-discipline, tolerance and focus on productivity, we will be able to attain that level of independence that we seek.

Self-discipline serves as a vital stepping stone on the path to financial independence. Self-discipline is when we are able to rein in our feelings and conquer weaknesses. In other words, it can be seen as self-mastery. It is restraining our feelings and desires with the intention to enhance ourselves. In order to climb atop the mountain of financial independence, we must learn to exercise self-control. This means that we should not attend to every want that circulates around the circumference of our minds and construct a scale of preference. A lot of life’s financial goals can be lost by failure to find our self-discipline. To achieve our financial dreams and goals, we must exert efforts of persistence and self-discipline.

Akin to self-discipline is tolerance. Throughout life there will be detractors and naysayers who will seek to dissuade and lure you away from meeting your financial goals. I urge you to be tolerant of each other’s opinions and practice due diligence always. What may be right for one person, may not be right for another. Consider consulting a registered investment adviser who will provide you with the information you need to make wise investment decisions for you and your family.

The journey of financial independence can at times be a test of patience as it is not a ‘get-rich’ quick scheme. Financial independence does not signify that we are “free” of the responsibility of handling our financial resources. In fact, the reverse is true. When we acquire complete control over our finances, it echoes that we have produced sufficiently, as wealth does not simply drop from the skies.

Practicing self-discipline, tolerance and being productive, may very well be the tools that we need to become financially independent, think about it!

Happy Independence Day to the national community of Trinidad and Tobago!