Do You Want Financial Freedom in 2022?
***Disclaimer – I’m not a financial advisor, just a normal guy with financial success. The information shared here is purely for educational purposes only***
How would you define financial freedom? It might look different for each person. For some people, it means they can live off of X amount of dollars each month and never have to work ever again. For another, it means they don’t have to wake up early to work for somebody else. While for others, it simply means getting out of debt and having the opportunity to build some personal wealth for the future.
However you define financial freedom, it is certainly something that is achievable by everybody. It does require a lot of hard work and planning to get there, and possibly some luck, but it is certainly within the grasp of every individual that is willing to work for it. And believe me; it’s worth working for since almost everything in life has some ties to finance.
Define Your Goals
The first thing is first, define specifically what financial freedom looks like for you. Is it being able to live off of $100,000 a year and do very little work or no work at all? Is it just being able to work whenever and wherever you want as your own boss? Is it financial freedom in retirement or within the next 5 years? 10 Years? 20 Years?
Is it to be free of all the nagging debts are it student, credit card, and medical debts? Whatever your end goal may be, be sure to define it clearly so you know what you are trying to accomplish.
Get Rid of Bad Debts
What? There are good debts and bad debts? No one ever told me anything about this. Yes! Not all debts are created equal. Some debts will suck the life out of you and put all your hard-earned income into their/their company’s pockets.
A common example of this would be high-interest credit card debts. Pretty much all credit card debts have horrible shark loan types of debts that will just eat you away figuratively and literally. If you carry a credit card balance from month to month, get rid of it as fast as you can because you won’t be getting rich with that straddle unto you, you will make someone else rich though.
High-interest student loan is another example of a debt you want to pay down quickly. All it does it just empty your bank account. You want to get rid of it so you can put your money elsewhere so that it can grow.
The reason why these types of debts are debilitating is that they suck away your money like a black hole and will never grow. You need to be able to put your money in assets that will grow over time so you don’t have to work overtime to grow your wealth.
Try to Set Up Multiple Income Streams
In order to really be freed from working for someone else all your life, it’s a good idea to start some side business so you can grow your income. It can start out small like a side hustle and grow into something that can even replace your full-time income. Many full-time YouTubers start out doing it part-time before their income became so lucrative that they can quit their daytime job and focus on creating more content for YouTube.
I started out doing affiliate marketing and rental properties while I was working full-time as an IT system administrator. Once those income streams took off and were more than replaced by a daytime full-time job, I quit my job and focused on growing my business. It’s still one of the best decisions I’ve ever made in my life!
With the internet and the opportunity to connect with people on the web more than ever, perhaps there’s never been a greater opportunity to make money online with your own business. There are so many things you can try, such as providing a service online, start a print-on-demand business, affiliate marketing, blogging, drop shipping, becoming Amazon or eBay sellers, and the list goes on and on. The point is there are many opportunities out there. It’s up to you to make it happen.
Work Hard and Be Passionate
It takes a lot of hard work to run a business and be successful with your own business. Expect to work harder than anyone else when you are first starting out. Once you have figured out how to be profitable with your income stream ideas, things should get much easier down the road. But the initial start to your side business will take quite a bit of work.
It’s important that you like what you do and are passionate about it. The passion will continue to drive you when you don’t see the results right away. Using YouTube as an example again, some YouTubers spent years creating content before their content finally clicked with the YouTube viewers and they were able to make a lucrative living off of their content.
They will tell you that most other content creators gave up too soon and it’s important to be consistent and passionate about what you do. If it’s so easy to be successful, then everyone would do it. It’s the hard things that are worth doing and you are often time rewarded handsomely for it.
Work Hard and Work Smart
Besides working hard on your ventures, be sure to be smart about how you spend your money and time. You definitely should be reinvesting some of the money you earn from your business back into the business. I would also highly recommend starting putting money aside for your retirement, and if there’s any excess, start investing them into a brokerage account or other type of assets like real estate that will grow over time.
It’s important to let money and assets work for you or you will work till you die and have not much to show for it.
In Conclusion
Financial Independence is something that is achievable through hard work and smart planning. Some people have achieved their goals in their 30s over even their 20s so it’s definitely possible.
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***Disclaimer – I’m not a…