Financial independence is the unfulfilled dream of many. It’s the end of mandatory work, and the beginning of doing the things that make you feel good, grow as a human being and just enjoy life to the fullest. Or, if you want to choose a different path, financial independence is what will allow you to devote your life to the greater good and the wellbeing of others.

Either way, financial independence is the thing that allows you that choice. Without it, you’ll do little more than juggling the time and resources you’ve left with as you work towards your dreams. It’s not an ideal position to be in, so let’s see what are some things you could do to transition towards financial independence.

Figure Out What’s Keeping You Tied Down

The very first thing you should figure out is how much money you need every month. To be able to become financially independent, you will need a sustainable way to increase your wealth. One of the ways to do that is to have a couple of steady sources of income, but that only works if you’re not spending each cent you earn.

Often enough, the thing that’s keeping people tied down is that they don’t know that wealth is something you create with time. You might consider putting a sizeable chunk of your income into wealth creation each month, to ensure that you reach financial independence as quickly as possible. Whether it’s through savings, investing in real estate, or making other long-term investments, you want to stop thinking about the immediate and short term and start working for the mid- and long-term.

Know Your Taxes

So, you might not have to become a certified accountant, but you should strongly consider hopping over to Big Law Investor and finding one. If you don’t, you might be losing on important opportunities during your wealth-creation process because you didn’t know how to work the tax systems to your advantage.

There’s a lot you can do with tax-advantaged accounts or tax-free accounts that can help you optimize your tax footprint so that you pay what you need to pay and use the rest to build your financial independence.

You’ll need a decent income before you can be truly financially independent. You’ll also have revenue streams while you’re independent, and all of that together will be liable to taxation. It would be in your best interest to structure your financials in a way that makes use of all the advantages of the tax law so that you’re left with as much money as possible.

Find a Partner Who’d Be in on the Project

If you have a family or plan to start one, you should ensure that your partner understands what it takes to become financially independent. They should understand that this is the type of project where all the benefits come a bit later, and the sacrifice and planning have to start right away. They should be okay with living that kind of lifestyle for a while until the freedom part kicks in.

Some people won’t be able to do it. Some find comfort and security in working for a salary and have no desire to live that kind of life. That’s good for them – they have the right to choose the life they’ll live in. But if they’re going to be a part of your life, they should know what they’re getting into. And that means they have to share your financial goals, too.