It’s interesting that 47% of adults define themselves as financially independent before they hit their thirties, and that number doesn't rise much over time.

Today I’m going to share with you some tips that you can apply NOW that can get you on the fast track to become financially independent.

According to the 2015 Fidelity Investments Money FIT Women Study, 80% of women confess that they feel uncomfortable with dealing with their finances and are fearful they may fall short of all of their financial goals.

Financial independence is as rare as black diamonds, but if you have a pickax and the willingness to dig, you can have both. Neither arrives at your door uninvited, though. You have to want it, be it, and live it.

1) Pack Away Your Fear ~ slay the dragons that have kept you stuck going nowhere fast.

How would you feel if a mysterious stranger arrived at your doorstep right now and offered you your dream job, all the way at the top of the ladder of your field? Maybe that means the chance to become the best chef in the world, or maybe to be the most successful software company in Silicon Valley.

There is just one catch: your success would be instantaneous.

Terrifying, right? Success is scary because it makes demands on you and requires you to operate at your peak.

Now the first step for you to achieve financial independence is to have a serious heart-to-heart talk with yourself and get clear on what that would look like including:

Acknowledging your current financial situation
Specifying what to give up to get to where you want to be
A realistic assessment of the obstacles in your path
Defining and prioritizing the goals that will set you up for financial success

Financial success is scary so, in the words of Bill Cosby, “you have to decide you want it more than you fear it”.

2) Climb Every Step of the Ladder

Now that you've answered those questions, you can plan the steps between today and your ultimate goal.

If you tried to climb a ladder 2 or 3 steps at a time. What would happen? You would probably find it difficult to get to the top and dangerous. You have to Climb Every Step of the Ladder. You don't get to fly to the top rung of a ladder.

You have to climb it one step at a time, and the same things hold true to achieving financial independence. You have to climb each step to reach the top. And to make that happen you have to define what financial independence means to you and practice one skill at a time.

Becoming financially independent isn't a giant leap to the top by focusing on one single goal but a combination of sub-goals. This is because your financial life is multi-faceted. You will have to categorize each goal that represents all aspects of your financial life including:

Increasing your income
Managing your spending habits
Creating a clear picture of your debt
Defining your savings requirements
Getting clear on your investment objectives
Implementing a legacy plan for your heirs

Once you have your goals listed and categorized you will be able to keep focused and on track to achieve your ultimate goal of financial freedom.

Now, I know how easy it is to get sidetracked so think of this as your commitment to a new you that is financially secure. And affirm yourself to this new commitment every day by repeating “every day I move closer to my goals and dreams”.

3) Commit to Living Frugally

To lose weight, you have to use more energy than you consume and to gain wealth you have to spend less than you earn. That doesn't fit into many people’s idea of living a good life. The average card-carrying household carries around $8,000 in debt. We are a world of consumers, so we are not always good at leaving cash in our accounts at the end of the month.

When you live a frugal life you can have confidence that you can manage any unforeseen expenses and that you can fund your dreams. Living frugally is one of the most important keys to financial independence, so it's a skill that you need to practice.

It revolves around one habit: delaying gratification. The journey to financial success requires sacrifices and that means you need to cut out every expense in your budget that is not absolutely necessary. It could include giving up your annual vacation or your fashion-forward lifestyle, spending less on gifts, and canceling unused services such as Netflix and Pandora.

4) Diversify Your Income

Most people talk about having a diversified investment portfolio but rarely think about diversifying their income. If you truly want to be financially independent a diversified investment portfolio isn’t the only way.

You have to diversify your income as well.

Because of COVID19 the world economies and the job markets are not as stable as they were a couple of decades ago. You have to be prepared to ride out the ups and downs.

The more passive income sources you can include in your monthly income, the faster you will reach financial success. So when you have cash languishing in low-interest savings accounts, turn it into a workhorse for you, by thinking strategically about where you place your money.

For example, if you are an entrepreneur, look for ways to diversify into unrelated sources of income. Turn your money into a racehorse by allocating it to passive income sources such as investing in someone else’s business.

If you have a full-time job, work on creating a side business. A side gig helps you keep a healthy and steady cash inflow for savings and debt reduction and it may also become a fallback replacement if you lost your job.

Guaranteed lifetime income streams are like money in the bank. I don’t know about you, but that’s music to my ears, GUARANTEED LIFETIME INCOME!

Aim to have two and preferably three to provide the security of a guaranteed cash flow, regardless of what happens in the economy or the stock market.

Money can be terrifying. Nobody buys a house or a stock without feeling some fear. If you can learn to sit with the discomfort of new spending habits- you will find the new, improved kind of comfort that comes with success.

That feeling is worth the sacrifices. I promise! And if you have challenges and would like to delve deeper into these tips, just contact me.

5) Check Your Goals Regularly

Goals change. Habits are lost. Lifestyles evolve, so goals can lose their relevance. Financial independence demands commitment to your written plan and that includes goals for each financial category.

So, put this on your to-do list: Review your objectives to make sure that you are on track and laser-focused on becoming financially independent.

Many of your goals will remain the same from year to year, but you need to reassess your progress and renew your motivation, so commit to reviewing your position at least once a year.

Money can be terrifying. Nobody buys a house or a stock without feeling some fear. If you can learn to sit with the discomfort of new spending habits, you will find the new, improved kind of comfort that comes with success.

That feeling is worth the sacrifices. I promise.

PARIS Financial Planning specializes in providing financial planning solutions for women.

Contact us for more information about our education, management, and wealth-building services.

Take the first step. Let's get acquainted. I listen and inquire about your goals, past and present experiences, and family concerns.

Tell me your story and I will design a plan based on your goals, your purpose, your values, and what's important to you.

Schedule your FREE 30-minute Strategy Session Today!

PARIS Financial Planning provides women conservative strategies to grow their wealth during accumulation/savings years to protect their wealth during their retirement years and tax-advantaged strategies to distribute their wealth during their life and upon their death.

"I am on a mission to revolutionize women's relationship with their money."

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