The next important thing you must do is increase what you own. By that, I don’t mean buying more cars or boats or furniture. I mean buying assets that are likely to appreciate.
You should also put at least 80% of the extra income you earn into such assets.
Appreciating assets include quality stocks and bonds but also real estate and entrepreneurial businesses. Being financially independent is not about having a big house or driving new cars or taking fancy vacations.
There are millions of people who have expensive houses and cars but who are financial slaves. You don’t want to be like them. You don’t want the stress.
Being financially independent means having more income than you need and owing far less than you own. Being financially independent means knowing that you won’t be harassed by bill collectors or embarrassed at the supermarket.
It means you have money put aside to take care of any emergencies that come up, and it means a savings account that gets substantially bigger every year.
The hardest part is recognizing the chains that are binding you — earning less than you spend and owing more than you own — and deciding to do something serious about them.
The decision to be financially free is yours.