by Angela Diggs

Created on: January 09, 2009   Last Updated: January 29, 2009

The steps to financial independence consist of dedication, hard work, maturity and endurance. These are the qualities an individual will need to take serious strides toward economic liberation. One may come in contact with various obstacles and challenges that will attempt to divert them from financial freedom. However, it helps for one to be prepared to do what it takes to get to their desired destination.

Financial independence originates with a concrete decision. It is the choice to take control of your finances so you can achieve financial success.

I once read a book called "Repositioning yourself" by Bishop T.D. Jakes. He explained that in order for one to achieve a certain level of prosperity, an individual should modify the trajectory of their existence. He explained to do that they'd have to be in the right place at the right time. Financial independence is not a destination, it is a journey. It takes perseverance in the face of adversity.

Deciding to be financially independent is more than increasing your current income. It is choosing the future over the present and deciding to set aside money for your future. Set your mind above what you see. Create the life you desire rather than settling for the one you have. When your mind is focused on it, you will not let anything deter you from the path.

Once your mind is made up, education is next. Saturating your mind with financial knowledge will give you the tools to make the correct decisions about your money. Surrounding yourself around successful individuals increases your chances of prosperity. Realize how powerful the mind is. Everything that enters it helps or hinders its potential. It helps to develop a financial library. I suggest reading books such as "Woman and Money" by Suzie Orman and "Rich Dad, Poor Dad," by Richard Kyosiki. I also recommend watching the "Suzie Orman" show on Saturdays. It comes on CNBC. I watch her every weekend for advice. Once you amass some financial wisdom, you can begin implementing the following steps.

1- KNOW EXACTLY HOW MUCH YOU EARN

You must know where you are before you decide where you want to go. Once you know how much you make, you can begin taking the necessary steps to arrive where you desire financially. Get a copy of your pay stubs. Find out what your net annual salary is. This is the money you bring home after taxes.

2- KNOW YOUR OUTCOME

This is the currency you spend on bills like utilities and food. This also includes your monthly mortgage or rent payment. Include

• 1
• 2
• Next Page >>