Everyone wants to be financially independent. And as an immigrant, you can attain financial independence by adjusting your lifestyle and tweaking some things.
Whether you migrated into the United States, Canada, United Kingdom, or any other European country, you’d agree that these countries are better than the African countries.
In the Western world, you’ve got more chances of hitting your goals and achieving financial independence. To be financially independent, you’ve got to know money management techniques.
Here’s the thing — money management is a skill. And like every other skill, it can be learned by constant repetition and practice.
Here are three money management techniques you can learn from other successful immigrants.
1. Educational Choices: Having the right education will go a long way in your wealth creation journey.
Education should not only be seen as a way of getting enlightenment. It should also be considered as an investment. And like every business investment, your education should have a high return on investment (ROI).
While in the United States, you should get a degree. If you have one already, you can go for your masters — good education is a long-lasting investment because it holds the future to your career growth.
One more thing — you should be selective of the kind of courses you study. Although all courses in the University may be of value, not all courses are of high demand in the market.
Remember, the essence of having a good education is for career or entrepreneurial growth, ultimately leading to a better source of income.
You cannot have a better source of income if your field of study is not in high demand.
2. They Understand The Value Of A Dollar: Every penny counts and you should be able to keep proper records of your expenses.
Aside from their frugal nature, most successful African immigrants come from an unstable environment. And what may be seen as poor or modest in the United States may be seen as rich in Africa.
For instance, owning one car in the United States may be seen as a sign of struggle, but in most African countries, individuals who own vehicles are usually from the middle class or high class — a car is a status symbol.
Therefore, as an immigrant, you’d feel comfortable walking down to your office/business place, taking the subway train, and living in a single apartment.
Furthermore, successful immigrants have no problems buying cheap foodstuffs from the local grocery store.
If the fruits and food items are all beautiful and healthy, then go for it — there’s no shame in that. And trying to fit in or be cool is not healthy in the long run.
3. Hustle: Let’s face it, you’re here to hustle. Hustlers (immigrants) built the United States. And if you’re not ready to work your butt off, then you should probably come back home.
Becoming financially independent takes real work. One way of fast-tracking your wealth creation process is by working in two or more jobs.
Because your day job won’t cut it!
Taking a second job or starting a business is the only way to go.
What’s more, migrating into any western country is a sign of courage. It shows you’re strong enough to face the unknown, but to attain financial stability, you’ve got to foster more courage, roll up your sleeves, and be ready to go the extra mile.
Do you know of any money management techniques or hacks? Use the comment section to share your experience with us.