What Are You Aiming For?
Have you been wishing to earn a bigger paycheck for years for a better future? Do you have debt that has been bothering you subconsciously? Do you wish you could pack your bags and just leave you job? Then you are very much like most people out there.
I was also stuck in a similar situation as I’ve passionately written about previously? I guess the answer to all our money related problems, would be financial freedom.
I’m going to achieve financial freedom in 5 years or less. How will I do that you ask? Well first of all, I have no other choice. I don’t want to end up working in a cubical and struggling every month, being slightly miserable every day because of my job.
This motivation alone is my main cure. But to be a bit more specific and to help you guys out as well, I will pull out a few points you might want to take notes of.
What most people fail to realize, is that they believe, that having more money will get rid of more problems. The reality though, will prove those people wrong.
If you are bad with money, having more of it will not solve anything. You will automatically spend more of it without even noticing it. Therefore, the first step to financial freedom is getting rid of that issue first.
Find out why you struggle every month. What is it you spend money on that you could easily live without. Do you go shopping too often or is it nights out you go too wild on?
Simple Steps To Follow
A few steps you could take, to have your spending habits under control, is to start setting aside money. I’m not talking about putting $5 in a piggy bank either.
#1 Set up your internet/online banking, so that every month when your salary hit’s your bank account, it automatically gets put to your debt (if you have any) or into some investments in the stock market.
Definitely get rid of your debt first if you have some!
Don’t be afraid of having no knowledge at all about the stock market. You don’t need to be a stockbroker or financial advisor to invest. Read more about how to invest on my previous post. If you really want financial freedom, I would really encourage you to get involved with it.
I like to play with compound interest calculators to see how much I will have in a certain amount of time. Try it yourself and you might want to put away more money on a monthly basis.
The power of compound interest is not to be taken lightly. It is probably the best thing that could happen to start getting your money growing.
#2 Now that your debt is being paid off monthly and you are finally getting started with investments, forget about that bit. Don’t check your balance every month. The money is gone and you won’t touch it until 20-25 years maybe. Don’t even touch it for emergencies.
This should not only clear your mind a bit but it should give you a better focus on achieving financial freedom.
Your next step should be making a list of goals. If I were realistic, this step should be number one, but the first point listed to me, should naturally be the first thing that’s happening. You can never start too early with investing and I wish I did before I was born.
Make a list of all the things you want to achieve. Set up long term, medium term and short term goals. Make them realistic as well.
It’s really important to know what you are fighting for.
If your dream is to own a house with a nice car parked outside, you can have a monetary goal. If your goal would be to be “rich” you will end up fighting endlessly because you don’t know what rich means in numbers.
#3 Because you have one main source of income hopefully (your job) and you now have a passive stream of income building up (your investments) it is now time to spread your sources a little bit and get a third stream going.
Try investing in real estate or open your own company. There are thousands of reason as to how opening your own company can benefit you. I however just want to advise you on creating your own little business for a different stream of income.
Start A Side Project
To speed things up a little and in order to not depend on one stream too much, I highly encourage you to start a new project.
Take a little ‘risk’ and set aside 1-3 hours a day or several hours week, to work on a side project. I’m sure you have that time to spare.
You might be wondering what on earth you should open? You’re not good at anything and you have no skills to create anything either?
That’s where you’re wrong. First of all you shouldn’t doubt yourself so much. I hear it from people all the time that they can’t do this or that, and I speak from experience when I say that we always talk negatively to ourselves.
Secondly, everyone has something they are good at. If you can’t figure it out straight away, ask friends what they think you do best. Maybe you’re a really good helper or have many great ideas.
You could also start a mind map and do some research on yourself. You might want to proceed with the mind map as following:
- What are your hobbies
- What do you enjoy doing
- What particular things are you generally better than others
- Do you have any expertise
- What skills or knowledge could you pass on
Branch out from there and soon enough you will have something to work on.
Once you know what you’re good at, start a business in it. The fact that you are good at it or that you enjoy it, will make the work so much easier.
If you still don’t know how to monetize your skills or passion, keep reading and I will show you how you can!
Nothing Will Change Unless You Take Action
So now that you have your passion set and your skills, it is time to get your side project and business running.
If you want see financial freedom and you’ve made it this far, it won’t be much longer until you’ve achieved this.
Without further suspense, what I’m trying to lean towards is affiliate marketing. With affiliate marketing you have the opportunity to turn any passion into a business.
What’s great with being an affiliate is that you have no real risk in your business either. You don’t own anything, you don’t have to deal with customer servicing and you don’t need to supply or stock anything either.
All you have to do is promote a product related to your passion.
If for instance you are a bodybuilder and have a passion for keeping fit, you can easily create a site around that subject. Show people how you keep fit. Maybe you can teach them your routine workouts or your diet and promote the supplements you love taking.
If you love your pet, you can build a site around your desired animal. Show people what cages you keep your rabbits in and promote them. Or what food to feed your cat.
Animal clothing is always a huge market as well.
Like I said, anything you like, have a passion about or you’re good at, can be turned into a business now.
If you want financial freedom, you need to get up and do something. You won’t achieve it by working for the rest of your life. Taking a risk which is barely a risk, can only bring you more fortune.
For more information on affiliate marketing and how to successfully create your business read my review on my the tool that taught me how to get involved in this business.
I spend a few hours a day on my site to achieve my goal. What have you done so far?
Thanks for reading and leave all your thoughts and comments behind. Have you achieved financial wealth yet? If yes let me know how you managed. Did you take a similar approach or did you do something completely different?
All types of comments are greatly appreciated.
Thanks for reading,