If you are formally employed consider paying yourself a 13th cheque. What do I mean? The idea is to gradually reduce your dependence on a job for survival by creating additional income streams which pay you an annual income equivalent to one month’s salary. For example, if you earn ugx 1m per month at work, then create a side hustle that pays you at least 1m per year.
We can stretch this concept to a 14th cheque. At this rate, we now have 2 months covered by additional income streams outside work. If you add one additional month of income each year it will take you 12 years to fully replace your salary. We can accelerate this journey by adding two months of additional income every year. This strategy will take you six years to fully substitute the salary from work. An even faster approach is to strive for three months every year and within four years you will have replaced your annual salary.
This strategy is essentially within reach of every working person. So how do you start? You save 20% of your current salary and then invest this cash in various side hustles which can generate at least one month of additional income every year. Repeat this every month until you achieve your financial goals.
Ultimately what you are trying to do is reduce dependency on the job and establish multiple income streams which can lead you to financial independence which is the point at which you no longer need a job to lead your chosen lifestyle.
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