A Journey to Financial Independence

 

By Min Zan

In fact, it has been a long and winding road. It’s a journey that has taken me through ups and downs, suc­cesses and failures, and plenty of learning experiences along the way. But through it all, I’ve remained committed to my goal of achieving financial independ­ence, and I’m proud to say that I’ve made significant progress toward that goal.

Financial independence means different things to differ­ent people, but to me, it means having the ability to support my­self and my family without rely­ing on a traditional job or pay­check. It means having enough passive income streams to cov­er my expenses and provide a comfortable lifestyle, without being tied down to a 9-5 job or the whims of a boss.

I grew up in a middle-class family, where money was al­ways tight. My parents worked hard to provide for our family, but there were times when we struggled to make ends meet. I learned the value of money at a young age and quickly realized that financial security was im­portant to me.

As I got older, I started working part-time jobs to earn some extra cash. I saved as much as I could and spent my money wisely. I didn’t want to end up like so many people I knew, living paycheck to pay­check and struggling to pay bills.

After graduating high school, I attended college and majored in business. I knew that I wanted to work in finance, so I took every finance and ac­counting class that I could. I also worked part-time while in school to help pay for my ex­penses.

Once I graduated, I land­ed a job at a financial firm. I was excited to start my career and earn a steady income, but I quickly realized that the corpo­rate world wasn’t for me. I want­ed more freedom and flexibility in my work and didn’t want to spend my life chained to a desk.

After a few years of working in finance, I decided to take the leap and start my own business. It was a scary decision, but I knew that it was the only way I could achieve the financial in­dependence and flexibility that I craved.

Actually, my journey to fi­nancial independence started when I was in my early 20s. At that time, I was fresh out of college and working a job that paid me just enough to cover my bills and student loan payments. I knew I wanted more out of life, but I didn’t know how to get there.

I started reading personal finance blogs and books, and I quickly realized that the key to financial independence was to live below my means and invest as much as possible. So, I began to cut back on my expenses and started investing in stocks, mu­tual funds, and real estate.

Over the years, I faced sev­eral challenges on my journey to financial independence. One of the biggest challenges was stay­ing motivated and disciplined. It’s easy to get sidetracked by short-term pleasures and for­get about long-term goals. To overcome this challenge, I cre­ated a vision board with pictures of my goals and dreams. I also joined online communities of like-minded individuals who shared similar goals and provid­ed support and encouragement.

I also faced the challenge of unexpected expenses and emer­gencies. Life is unpredictable, and things happen that we can’t control. To prepare for such sit­uations, I created an emergency fund and insurance coverage to protect myself and my loved ones.

The first few years were tough. I had to make sacrifices and give up some of the things I enjoyed, like eating out and travelling. But I kept my eyes on the prize and continued to save and invest as much as possible.

Over time, my business grew and became more profita­ble. I was able to hire employees and expand my services, which further increased my revenue. But even as my business grew, I remained focused on my ulti­mate goal of achieving financial independence.

One of the key strategies that helped me achieve financial independence was investing in my future. I knew that I couldn’t rely solely on my business in­come to achieve my financial goals, so I started investing in stocks, bonds, and real estate. I educated myself on invest­ing and made sure that I was making informed decisions. I diversified my portfolio to min­imize risk and took a long-term approach to investing.

Another important strategy that helped me achieve financial independence was living below my means. Even as my income grew, I didn’t let my expenses grow at the same rate. Instead, I kept my expenses low and saved as much as I could. I lived in a modest apartment and drove an older car. I cooked most of my meals at home and didn’t spend money on unnecessary luxuries. I also avoided debt as much as possible and paid off any debts as quickly as I could.

As time went on, I started to see the fruits of my labour. My investments started to grow, and I was able to earn passive income from rental properties and dividend-paying stocks. I started to feel more and more confident in my ability to achieve financial independence.

Of course, there were set­backs along the way. The 2008 financial crisis hit me hard, and I lost a significant chunk of my investment portfolio. But I didn’t let that discourage me. I continued to invest and held on to my properties, and even­tually, the market rebounded, and my investments started to grow again.

One of the keys to my suc­cess has been my ability to stay disciplined and focused. I’ve al­ways been a saver, and I’ve nev­er been one to splurge on fancy cars or expensive vacations. I’ve always tried to live below my means, and I’ve always been mindful of my spending.

Another key to my success has been my willingness to take calculated risks. Investing in stocks and real estate can be risky, but I’ve always done my research and made informed de­cisions. I’ve also been willing to pivot when things haven’t gone as planned. For example, when I realized that the rental market in my area wasn’t as strong as I had hoped, I pivoted to short-term rentals, which have been much more profitable for me.

Over time, I’ve also learned to be more patient. Achieving financial independence is a mar­athon, not a sprint, and there have been times when it’s been tempting to try to take shortcuts or make hasty decisions. But I’ve learned to be patient, to trust the process, and to know that slow and steady wins the race.

Looking back on my journey, I realize that achieving financial independence is not just about money. It’s also about mindset and lifestyle. It’s about being intentional with your money and your time and being willing to make sacrifices in the short term for long-term gain.

Today, I can proudly say that I have achieved financial independence. I have enough savings and investments to support myself and my family without relying on employment income. I have the freedom to choose how I spend my time and resources. I can pursue my passions and interests without worrying about financial con­straints. My journey to financial independence has taught me several valuable lessons that I will never forget easily.

Reference: (True story told by one of my dearest friends abroad