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What percentage is the ideal amount to save to achieve financial independence?

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I have heard about financial independence and for that you need to save a certain amount. But my question is, what percentage of my income should I try to save every month?

Try to save 10% of your income every month. This is the minimum amount you should try to save. You can open an automatic savings account so that 10% of your income gets automatically deposited into it every month. You can't waste it.

If you can save more than 10%, then that is even better.

Sub: #1 posted on Tue, 05/08/2018 - 00:31

ditchdebt ditchdebt

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Dear, at first tell me how old are you? If you are young, then you should start saving as much as possible right now.

Well, saving 10% of monthly income is a good start, but it is not enough to achieve financial independence.

You should set aside 20-25% of your income to grow.
Also, work hard to earn more, you may require you increase your net worth by doing multiple jobs.
Don't accumulate debts, follow a budget to manage your basic expenses.
Build an emergency fund of 3-6 months of savings to avoid surprising expenses.
Start contributing money to a retirement account.
Once you save a good amount, make investments.
Give yourself treats to stay focused on your FI (Financial Independent) goal.

Sub: #2 posted on Tue, 05/08/2018 - 23:27

Sanders Patricia Sanders Patricia

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