Technically, personal economic independence is defined in the dictionary as “the income threshold at which a person can live without relying on the support of others.” At this stage, the economic agent can purchase required, and even desired, goods for personal advantage. Realistically, stream of successful execution of economic works by the individual is the only way to reach personal economic independence. The main ambition of this article is to portray the roadmap towards the actualization of a stable income stream, and hence, economic independence. I will try to reach the focal point of the paper by providing a simple technique to realize the perfect profession, a proper method for execution of economic work, and effective tips to overcome hurdles during economic struggle.
Opting the Right Profession
There are boundless economic works available in the modern world. Needless to say, the invention of internet and technology has further introduced oodles of online works as well. Selection of the right profession is duty of the economic agent. How may he/she opt for the right profession? Jeff Goins, author of the bestseller, The Art of Work, gives answer to the question. He offers a stunning approach to discover the purpose of life. Once the purpose is realized, one can consequently comprehend the right profession. Jeff writes: “when you pay attention to your life and the lessons it can teach you, you won’t feel so lost. Your story will seem less like a series of disjoined events and more like a beautifully complex narrative unfolding before you. You will understand each setback, inconvenience and frustration as something more than what it appears to be. And perhaps, as you listen to it, your life will speak.”
Jeff, in his case, listed out a few memories from his life and during the exercise, he was able to grasp his purpose; to become a writer. An economic agent, at the outset, can also implement the example of Jeff. He/she may note down some memorable events from the past and after thoroughly judging the worksheet, the agent will perhaps identify his/her purpose as well.
Execution of Economic Work
An economic work requires three steps for its execution; acquirement of marketable financial skill(s), setting up financial targets, short run and long run, and implementation of financial skill(s). Firstly, it is binding on the economic agent to gain knowledge and establish skills relating to the profession he/she chose. Peter F. Drucker, an American management consultant, in his book, The Practice of Management, inscribes the situation of lacking financial intelligence: “if he (the worker) lacks information, he will lack both incentive and means to improve his performance.”
Secondly, realize what you want in future and set up financial targets accordingly. A rational economic agent must have purpose(s) to earn monetary benefits; aimless chase of wealth without any specification of income stream is wrong. Lastly, put the acquired financial skills, proactively, in application to realize financial targets.
