What percentage is the ideal amount to save to achieve financial independence?
Date: Mon, 05/07/2018 - 21:42
What percentage is the ideal amount to save to achieve financial independence?
Try to save 10% of your
Try to save 10% of your income every month. This is the minimum amount you should try to save. You can open an automatic savings account so that 10% of your income gets automatically deposited into it every month. You can't waste it.
If you can save more than 10%, then that is even better.
Dear, at first tell me how
Dear, at first tell me how old are you? If you are young, then you should start saving as much as possible right now.
Well, saving 10% of monthly income is a good start, but it is not enough to achieve financial independence.
You should set aside 20-25% of your income to grow.
Also, work hard to earn more, you may require you increase your net worth by doing multiple jobs.
Don't accumulate debts, follow a budget to manage your basic expenses.
Build an emergency fund of 3-6 months of savings to avoid surprising expenses.
Start contributing money to a retirement account.
Once you save a good amount, make investments.
Give yourself treats to stay focused on your FI (Financial Independent) goal.