If you’ve made it this far, you’re in darn good shape. You are probably self sufficient when it comes to income through a combination of income streams and investment income. It’s worthwhile to consider the other areas of self sufficiency in order to improve freedom and security for you and your family.
While you could write at length on this topic, this page will serve as a primer in the various areas of independence to consider, research and pursue.
Additional Financial Independence
If you’re set in terms of income and investments, you may want to consider a few other risks to your security. In recent years, we’ve heard far too much about a potential “financial system collapse.” With the topic fairly fresh in our minds, we need to consider and prepare for the scenario where it actually did collapse. For example, what if you couldn’t take any money out of your bank account? What if ATM machines were useless? What if your online brokerage account was inaccessible? Yes, these might be far reaching, but why not consider the possibility? Perhaps, keeping some cash in a safe in your possession is a wise decision. Other ideas might be to keep some silver and gold coins in your possession.
Security
If the economic conditions worsen, you could potentially see an increase in crime. This coupled with the lack of municipality budgets which will affect police funding might mean you need to take your security into your own hands. You may want to consider ownership of a firearm and receive the appropriate training for using it.
Additional Skills
If you’re financially free and have some spare time, you should definitely consider expanding your skill set. Being able to fix things at home (and not pay somebody) is a great opportunity. Furthermore, in the event of an emergency of a deteriorating economy or society, you might not be able to call a service person to come and fix something for you.
Being independent means not having to rely on others, I encourage you to brainstorm what this looks like in your life. Think about the various aspects of day to day life and consider how you can become more independent.
Jump To Another Step In This Guide:
- Step 1 – Assess Your Situation & Set Some Goals
- Step 2 – Get Out Of Debt
- Step 3 – Smart Money Management
- Step 4 – Boost and Diversify Your Income
- Step 5 – Reduce Housing Expenses
- Step 6 – Make Your Money Work For You
- Step 7 – Protect Against Inflation
- Step 8 – Invest In Cash Flowing Assets
- Step 9 – Pursue Complete Independence
- Step 10 – Make Incremental Improvements
