El Cinco De Mayo and Five Ways To Financial Independence

May 5th, 2008 | Stacey | Passive Income, Financial Freedom, Financial Independence

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On el Cinco de Mayo, we are thinking about financial independence and five ways to reach our goals. Though el Cinco de Mayo is about victory in battles that lead to the formal Independence Day in Mexico on September 16, many think of it as a freedom day.

A freedom day involves financial and personal independence, which are closer than you think. Here are five ways to get started:

Know what you owe. Get a handle on your expenses, bills, mortgages, loans, liabilities and everything you owe to everyone so you have a bottom line to work with.

Make a list, check it twice. Find out your assets, make sure you have insurance for them and list them so you know what you would need to replace in an emergency.

Show me the money. Figure out if you have savings anywhere and how much you would be able to put together in cash for a rainy day.

The “b” word we all avoid. Make a budget and stick to it. Include all your expenses including clothing, food and gas as well as savings.

Get passive. For once, getting passive can work for you. Find ways to earn passive income through affiliate marketing, creative endeavors and other business ventures on the side so you can generate extra income.

Financial independence is something we can all celebrate once a plan in put into action.