If someone asked me for advice on how to pursue financial independence, I would have to say that it’s not a formula you follow and it’s not one thing that will propel you into financial independence. It is a combination of multiple habits that one would need to consider that is tailored specifically for you. There are common habits that many adopt and could be labeled as a standard. I specifically said “habits” with an “s” so it’s plural. It takes more than one financial habit to reach financial independence.

A habit is defined as a settled tendency or usual manner of behavior. The keyword here is usual manner which means it needs to be something you repeat on a regular basis or consistent. Over the many years I’ve been on this journey, I’ve learned new financial habits along the way. I learned habits that I adopted and contrastingly I let go of habits that did not support my financial independence goals.

Early on I was good at saving. However, I was constantly struggling with falling for the temptations of buying. I had a good consistent income so in the back of my mind I would say to myself you have enough to afford it. Why not get it?

Here are financial habits that I’ve adopted which helped put me in a position for financial independence.

Reduce Spending

Before you spend your money, ask yourself questions such as do I need it? Will it make my life better? Will I regret it? Asking myself these questions has helped me spend on the things I actually need. It made me realize I don’t need everything even if I am able to afford it. I was able to keep more money in my pocket for other purposes.

Spend more time with like-minded people

I’m fortunate that my wife and I have similar, if not the same, vision and financial goals. Spending more time with her and other like-minded people allows me to have conversations, learn other’s habits, share ideas, and build a unique financial independence strategy that fits me.

Invest and save consistently

When you become net positive meaning that your income is more than your spending, you will have money leftover. Take that remainder money and either save or invest. You want to be consistent allowing your money time to grow and compound.

Continue to educate yourself

There’s so much financial information out there. People are sharing their habits, views, techniques, and so on posted on social media, blogs, or other avenues. Continue learning and apply what you feel best is right for you. The economy is also changing everyday so it benefits you if you can keep up with the news as well.

Learn patience

Financial independence is a journey. It may take you 1 year; it may take you 30 years. However long it takes you, patience is a virtue to adopt. When the market goes down, don’t panic. Be patient for the market to rebound. Historically, every dip in the market will be followed with a gain. Be patient and don’t overreact.

Treat yourself

You work hard sacrificing to support your financial independence goals. Sometimes you need to treat yourself once in a while. This helps balance your sanity so you are not always focused on saving saving saving. This journey isn’t meant to burn you out so take opportunities to treat yourself whether it’s going out, taking a trip, or spending on an item that you won’t regret.

These are habits that I’ve learned over the years that has helped me with my financial independence journey. I’ve been able to keep more money in my pockets, fund my investment accounts, and learn new strategies. Without these habits I would not be in the position that I’m in now which is almost reaching financial independence. If you are interested in following my journey, email subscribe here to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.