First of all. Hello Guys, welcome to a new post of The Improvement Terminal. This post is about how to achieve financial freedom and live a stress-free life.
What is financial freedom?
Financial freedom is a state or phase in life where an amount more than your expenses (monthly or yearly) is getting deposited in your bank account (through passive income) without you actively working for it.
Some examples of passive income can be
- Rental income
- Website income
- Affiliate Marketing
- Dividend Income
- Online Product Selling or Course Selling
- Selling your books and e-book online
Everyone is born in the world to serve a definite purpose and money should not be a driving factor in that purpose. The valuable work you plan to achieve is beyond money and greater than it. Therefore, the early you get financially free, the more value your work will add. Financial freedom does not mean you will not work anymore. Financial freedom just means that you have stopped working just for the sake of money. There is something more valuable in it which is beyond money, money is just a by-product.
Warren Buffet quotes this “ If you can’t earn while you sleep, you have to work until you die” and he himself is involved in charitable work to add value to society.
What it makes sure?
- Mind free attitude towards expenses
- You don’t have to choose between what you love and earning money
- Going to work will then become a choice rather than a necessity
- Enthusiasm for doing what you like is more because money is not the driving factor
To become financially free you have to start thinking how an investor thinks. As told by Darren Hardy in his book “The Compound Effect” that every action you take is an investment whose benefits you will reap in the future. Once you start thinking like an investor, as a result, your decision will get better.
Achieving financial freedom will not happen overnight it will take time, it is just that you have to take action and be patient.
Financial freedom can be achieved by
Build multiple assets that give you continuous passive income. In other words, don’t rely on just 1 or 2 sources have at-least 3 sources which generate enough money to fulfill basic necessities and with time start to increase it to as many as possible.
Some great books to get an idea of financial freedom
For instance, I have seen a gentleman who started with his book, with time his book started selling and generating cash flows. After some time he started a blog and then he started his online course and launched his startup also, so within the time he started increasing his passive income and he became financially free. If he can, we all can make ourselves financially free, just think of the right idea to start. Therefore, start taking actions and start on the path of financial freedom.
In conclusion, everyone should work towards financial freedom rather than retirement.
Thanks for reading
Read my post: Baby steps to financial freedom
Link to Tony Robbins channel
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