How To Gain Financial Freedom
Financial freedom means that nothing finance wise can hurt you, this includes large bills like medical expenses or repairs, and losing your job would have no effect because the money you make on the side is so much more than what you get from your actual job.
The freedom aspect can be seen as the freedom to do and have whatever you want material wise. You can travel to distant places, you can enjoy nice hotels and resorts, you can eat the most delicious foods. You can have a fast car, a beautiful house.
This is what everyone wishes they had, the choice to live life on their own terms and not to be beholden to an employer or a debt collector.
Financial freedom also indirectly helps your relationship with your family, you don’t have to rely on anyone for financial support and you are never arguing about how money should be spent. In fact, you can be the source of financial support for your family and be their safety net in case something goes wrong.
There are many benefits to being financially free, and no it won’t solve all your problems but at least you’ll be very comfortable while solving them.
Ways To Achieve Financial Freedom
There are a few ways to attain financial freedom, one of them is to save up enough money and use it as a safety cushion to shield you from financial disaster.
While this is a smart thing to do, and everyone should be saving regardless, it is a little slow and once the cushion is gone it’ll take a while to build it back up.
The second way to attain financial freedom is to invest your money wisely and eventually it’ll pay you dividends that act as a second income that you can spend freely. Again, everyone should be doing this but it takes quite a while if you are on a normal income below six figures.
The last way to reach financial freedom is to creating one or more additional streams of income, yes investing can do this but it takes years until you have something that can sustain you.
If you have multiple streams of income, you can quickly build up the money it takes to use the first two methods.
If an unexpected expense comes your way then you can quickly eliminate it with your safety cushion (and the cushion is easily replaced), if you want your extra money to work for you then you can invest it in the stock market.
This is the basic frame work to go by if you want to have financial freedom.
What Is The Best Way To Create Additional Sources Of Income?
In my opinion, for a beginner (someone who has never tried to create a second stream of income) the easiest and fastest way is through online business, specifically affiliate marketing.
Yes there are other ways, like dropshipping and consulting but those methods are more for experienced marketers because of the complexity.
You could also do freelance work on sites like freelancer or upwork but in my experience it takes a long time to establish credibility on those websites and that time can be used to build an income that doesn’t require you to trade your time for dollars.
Do research on how to start an affiliate marketing website, then use the extra money to first build a safety net for unexpected expenses, after you have a safety net you can use the extra money for investing.
After you are happy with all your investments you can use your extra income for what ever you want. Eventually after scaling your websites to a large size you can sell them or use the money to pay for people to build other websites for you to have.
Always use the extra money you have to buy more assets, that way you keep growing your income and eventually your job will seem like it’s not even worth the effort to get out of bed.
Originally published at https://forgefinancialfreedom.com on September 14, 2019.