How to Become Independently Wealthy  [The Steps To Take]

We’ll take a look at the steps you can take to drastically improve your own financial situation and progress toward becoming independently wealthy.

What Is Independently Wealthy?

Being independently wealthy means that you have achieved enough wealth that you do not need any financial support from another person and you do not rely on or need income from employment.

According to various surveys done by financial institutions, most people feel once you have reached $2 million+ in net worth you can consider yourself wealthy. However, that number can vary pending on the cost of living and your views on money.

Independently wealthy net worth

How to Become Independently Wealthy

The very first step in working towards a better financial situation is to get your spending under control. Here are a few specific things that will help. - Create a Budget - Track Your Expenses - Cut Costs

1. Spend Less Than You Make

How to Become Independently Wealthy

If you have consumer debt like credit card debt, car loans, student loans, or other personal loans, paying down that debt should be a priority (especially the high-interest accounts).

2. Eliminate Debt

How to Become Independently Wealthy

After reducing expenses and eliminating debt, you’ll have a higher savings rate (the percentage of your income that you’re saving) and more options for investing.

3. Invest with a Plan

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