FINANCIAL FREEDOM ANYONE?
OK so we have all heard of financial freedom but what does it actual mean? Well the truth is that it often means different things to different people, but ultimately it is about having enough time, money and resources to do what you want in life.
Many people have great salaries and even lots of money but these same people often have a real lack of time to enjoy it. Those who are financially free not only have the money to do the things they love but they have time as well.
Society encourages us to work hard, get a job and earn a good living but this does not necessarily bring satisfaction in life. People who earn more often get a bigger house, a bigger car for example, which then swallows up their earnings. It is great to have a nice house and material things but it does not necessarily bring about a enriched and rewarding life.
THE NEW FINANCIALLY FREE ENTREPRENEURS
There is a new trend of entrepreneurs emerging who see time as having equal value to money. From a young age it has been ingrained into us to get a good job and work hard and we end up adopting this approach to the online business world too. It can be great to start making money online or via a self employed business but if we are not careful we continue to trade time for money. When we trade time for money we start to become a slave to our business and before long we are working 100 hour weeks just to keep up with the work load.
The new rich understand the concept of developing passive income streams. These can take a while to set up but once they are up and running they need little to no input in order to continue to keep producing an income.
LEVERAGING YOUR TIME
As you develop your business you should always have in mind the goal of automating the process or outsourcing the more basic of tasks. Be mindful that if you continue to trade time for money you can never really get rich as there are only so many hours in the day. The super rich understand how to leverage their time and to automate their businesses. They also know how to use money to make money through sound investments.
FOCUS ON THE END GOAL & CREATE PASSIVE INCOME STREAMS
I set up am amazon associates website a while back and it started making a small amount of income on a monthly basis. Not a great deal of money, somewhere between $50 to $100. I got involved in another business opportunity and did not work on the site for 3 to 4 months. When I finally got round to checking how it was doing I was amazed to see that the monthly income had actually increased. Not by much admittedly, but the amazing thing is how it kept going and continued to produce a monthly income for me with absolutely no input from my part.
I spent 5 to 6 months setting this affiliate website up and it continues to make me money to this day. You may think that spending 6 months of your time to produce $150 per month is not very impressive but to me it is absolutely worth it. In fact I set up another site shortly after that which took even longer and only earned me $100 per month but I was still delighted with the results.
WHY IS PASSIVE INCOME IMPORTANT?
The reason why this passive income is so much better then trading time for money is that you can continue to build on your portfolio and there is no limit. Also lets multiply $150 by 12 months… this is a total of $1800. Now lets multiply this by 10 hears, this gives us a total of $18000 for 6 months work! Starting to see why this type of income is so valuable?
This is not the best part however, the real value in a passive income is the fact that the money comes in regardless of your input. Yes It may take a long time to get set up but once it is up and running it will most probably work for you for the rest of your life. Also these types of business can also start to take on a life of their own and actually grow by themselves with little to no input from you.
I have a friend who actually made close to $20,000 per month by setting up niche websites that would make him anywhere between $50 and $200 per month. Once he set up a website and it was making him money he left it alone and started on the next one. This way his income portfolio just grew and grew over time.
Want to know how much time he spends on his business today? Last time I spoke to him he told me that he only spends 3 to 4 hours per week. He now has enough money to do what he wants to do, which for him is to travel the world. He now has TIME and Money. This is true financial freedom!
WHAT IS FINANCIAL FREEDOM REALLY?
Most people think financial freedom is about having millions in the bank, so much that you no longer have to worry about money. However the new rich know that this is not true. It all depends on what is important for you in life and how much you need to fund it. A passive income of $5000 per month can be enough for some people to be able to quit their jobs and live the life they want.
NOW GO AND CLAIM YOUR FREEDOM?
I hope you now have a better understanding of the importance in attaining financial freedom from reading this blog. Now go and claim your freedom 🙂
Start to day with my step by step guide to financial freedom…..
I wish you every success with your business. If you liked this article or if you have any questions then please submit your comments below.