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Financial Independence

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Some simple rules I made for my finances to get closer to my financial independence:

I promised myself to never take debt for the following things : I will always buy them cash
1. Food and clothes
2. Electronic devices (phones , laptops, tvs etc)
3. Furniture
4. Holidays or travel
5. Any lifestyle related spending
6. Supporting family

But I am willing to take debt, manage it and pay it off for the following:
1. Property
2. Car
3. Business

With finances, it is important to have rules, have a plan, and know your limits. But before all this understanding where you want to be and having clarity of your goals is key.

Define your financial freedom and financial independence ( don’t copy others) and work from there.

Financial Discipline

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As the new generation, we lack financial discipline and financial management so much so, that even with better opportunities and better jobs we are still struggling financially.
Instant gratification, competition and envy of other people’s lives makes us live way beyond our means.
Our parents had little income to work with but you know how they were able to take 5 children to school and still maintain a household? Financial discipline and “knowing usizi lakho” and face it.
People take loans, credit cards and overdrafts to go to vacations they do not afford, rent properties they don’t afford, take kids to school they do not afford, buying luxury brands they do not afford, all in the name of fitting in the elite squad or getting attention.
Until we learn good management skills , great discipline, some of us will never see or smell financial freedom in this lifetime .
Sharp ke 👍🏽