Four Major Ways to Financial Freedom
Financial freedom is obtained by owning your sources of income & having more than one stream of income. This used to only be true just to obtain wealth but it’s necessary now- just to survive. I’m sure you won’t disagree that nowadays it is not uncommon for a person to have to work more than one job or that households will need more than one source of income just to sustain itself. More often than not, when people seek another source of income they turn to traditional methods.
They go out and get a J.O.B.
This results in them having to exchange their time (per hour) for dollars. The major flaw in doing so is that you have to be present to make the money. So the reverse must also be true. If you don’t show up, you don’t make money for that time period. One tried and true method of obtaining financial freedom is through residual income. You put forth the time up front to set your plan in motion, then you collect recurring payments. While these are not the only ways to residual income, they are the four major ways of becoming wealthy (lottery aside lol) and they are:
- Investments: Accumulating shares, CD’s, stocks, bonds etc
- Real Estate: Property Ownership, Rental Properties, etc.
- Business: Traditional & Internet Based
Now, if you have no money to invest right away in any of those areas above then there are a few things you must do first. Here’s what I did to get my business off the ground, finally give corporate america the middle figure, and give myself a fighting chance at financial freedom.
- I made my J.O.B (just over broke) my #1 investor: You have to invest in yourself and start a business. If your only income right now is from a job then you need to start accumulating money. Learn to live off of very little of your income. If you need to cut expenses, then do it.
- I paid myself first: Have at least 10% of your income from all sources automatically put into an account separate from the account your living expense money is in. Save at least 3-6 months worth of living expenses first. Once you achieve this, then start using that same 10% to fund your business.
- Hustle While You Work: Maximize your downtime by brainstorming and planning what business you want to start or what you have to do to take the one you have to the next level. Take a break from the latest housewives of XY & Z, Empire, etc. Time is your most valuable resource and we constantly spend it on things that do not make us any money.
- Believe in yourself: For the love of humanity, stop thinking that you do not know enough to start your own business. Not only do you have gifts and talents inside of you right now that people will pay you for by way of owning your own business but you’re currently using a skill set to make someone else rich at this moment.
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