Personal Economic Independence – Concluding Remarks

Concluding Remarks:

The road towards personal economic independence is incessant stream of successful economic works by the economic agent. The above-given work approach will certainly attract success in economic works. In short, economic independence means effective planning, strategic workmanship, patience and wisdom during the economic struggle.

← Hurdles during Economic Struggle

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Personal Economic Independence – Hurdles during Economic Struggle

Hurdles during Economic Struggle:

Human beings are weak. They make mistakes time and time again. Despite this weakness, God has gifted powers, latent and patent, to move forward. Economic agents can wisely use these powers to offset their financial mistakes.

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Personal Economic Independence: Execution of Economic Work

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.

← Selection of Profession

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Personal Economic Independence – Introduction to Economic Independence

Introduction to Economic Independence:

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 my recent posts is to portray the roadmap towards the actualization of a stable income stream, and hence, economic independence.

I will soon be 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.

← Economic Work – Nature & Definition

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Personal Economic Independence – Nature & Definition of Economic Work

Economic Work – Nature & Definition:

Human life embraces multiple needs and countless facilities for normal living. Basic human needs include healthy food, fresh water, proper clothes, right sanitation, complete shelter, necessary medical aids, easy transportation and appropriate education. The innate human nature extends the individual’s contentment boundary towards countless paraphernalia of life, such as, aesthetic dressing, delicious foods, magnificent residence, superior education, unlimited medical assurances, and so on and so forth. In order to fulfil both, needs and facilities, money is the fundamental prerequisite. Proactive efforts are indispensable to earn money units. Namely, a work for the sake of monetary reward is called an economic work.

← Introduction to Independence                      Introduction to Economic Independence →

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