Reduce expenses again or increase investment income
The fifth financial milestone is security, which involves creating a reliable source of income to cover basic living expenses. This can be achieved through investments that generate a steady cash flow, such as rental properties or dividend-paying stocks. The goal is to create a passive income stream that covers all basic living expenses, so that individuals no longer need to rely on traditional employment for income.
Secure your future financially by saving for retirement early. Use tax-advantaged retirement accounts to maximize your savings and reduce your tax bill.
