Financial freedom means different things to different people. Some folks define financial freedom as being rich. Others might say it’s making a lot of money at their job. But what does it really mean?
For me, financial freedom will come when my passive income exceeds my expenses. What that actually means is that I no longer have to go to work each day. Passive income continues to come in whether you are at the beach or at home sleeping.
Think about it. Can you just imagine for a minute what your life would be like if you had enough money to cover your expenses each month without having to ever work at your job or your business?
That is a goal that is fully attainable!
Taking the First Step
One of the first things you have to do is sit down and figure out exactly how much money you need to live each month. Put down everything you spend money on; yes the trips to Starbucks count. Be brutally honest when you do this.
Once you have the “number” you can begin to think about strategies to get you there, and you can begin to formulate a plan.
Passive Income Streams
There are many different passive income streams, but my two favorites are real estate and information/affiliate marketing.
I have been investing in real estate since 1998. It is one of the greatest wealth builders known to man. Building a strong rental portfolio can bring you positive cash flow month after month, year after year while your tenants pay off the mortgage on your house. Years down the road you can sell that property for a big chunk of cash. There are also many tax advantages to investing in real estate.
There are many creative ways to invest in real estate that require little or no money of your own to get started.
Information and Affiliate Marketing
Information products are things like newsletters, e-books, and audio and video products to name just a few. You can create your own products, or you can sell other people’s products which is called affiliate marketing. Affiliate marketing is the way most people start out. This typically does not require any investment of money, just your time.
I hope this has opened your mind to the possibility of attaining financial freedom in your life. I will go into more detail about each of these topics in the future.
Where can I get help?
If you would like to get a jump start on your financial freedom I can recommend a couple of resources to get you going. I use both of these products myself, and I can honestly say that they have been extremely helpful.
If you want to create your own roadmap to financial freedom check out the “Financial Freedom GPS” by Shae Bynes. It’s excellent! Shae will lead you through the steps needed to end up with your own personal roadmap.
If you are just lost on where to begin; if you have no idea how to go about developing your own passive income strategy, then you need to head on over to “The Diva Money Club”. There you will find monthly lessons that will teach you step by step how to build a real estate business and an online business. You will also find a lot of other folks just like you that are just starting down the path to financial freedom. The goal of the Diva Money Club is to teach you how to replace a $50,000 income in 12 months. How awesome is that!
Get started today! Don’t look back one year from today and wish you had begun this journey a year ago.
Nice post, Sharon!
It’s interesting as so many folks really don’t have a grasp on the subject of personal finance. Yet, there are many who are eager to start investing without having a solid foundation. It’s so dangerous. Many are after the quick buck due to our culture of convenience. Even to this day, I still re-read many personal finance books that have helped me understand the topic of finance. With each read, I learn something new every time as I see things from a different perspective. It’s nice to see folks like you and Shae who are passionate about the importance of learning about personal finance. And, “Financial Freedom GPS” definitely gets a plus in my book to help those on their journey to financial freedom! 🙂
Like you, I re-read many of my books. I agree that it seems like as you gain experience and your business grows, the (same) information is useful to you in a different way than before. Not having an understanding of the financial aspects of real estate investing is down right dangerous. Thanks for stopping by. I enjoy your blog and the experiences you share.
Sweet! 🙂 Thanks for the plug and so glad that you’re finding both Financial Freedom GPS and Diva Money Club helpful!
You’re quite welcome maam. You know what they say … it takes teamwork.