Let’s talk now about financial independance. Jim Rohn describes it as the ability to live from different resources. I think it’s pretty accurate. And I also think it should be every person’s goal, at least from those who live in a capitalistic country. If you rarely heard about it I recommend you read carefully because what I bring you today can save you a LOT of time and money, that means time.
Photo by cohdra at Morguefile.com
Now, what many people think when they first hear “financial independence” is: You’ve got to be a billionaire. But it really doesn’t take too much personal resources if you want to live modestly. If you want to have a costly life it is going to take more resources, therefore more time, but it doesn’t depends on how much money you earn. The thing here is what you do with your money, they say poor people spend their money and save what’s left, when rich people invest their money and spend what’s left. It’s just a shift you have to go through if you want to stop giving your time to someone else as soon as possible. So think a minute about stop working where you work or just save money and go live in the country-side or travel alone for a while just to have time for yourself. Just think about it. Most people start a carreer or keep working at a job they hate because they didn’t do a deep research about what they want. If you take some time out to think what you are really good at and wich abilities could you develop to offer value to the market, you could become really good at anything and make a living out of that. If you are really good then you could make some serious money and you dont need to have a title. We live in a time of history where technology and globalization are showing us that experience and knowledge are so much important than just a title. If you keep dedicating your best hours to an unwanted job or making money mostly to pay for something you don’t really need it will be so much harder to study the marketplace and create a plan to learn different skills (as a language or communication skills) that could rise your income.
Photo by cohdra at Morguefile.com
There are many different ways you can invest your money today, but I think the most profitable right now are criptocurrencies. It is such a new field full of possibilities and applications that if you do a few months of research you can 10x your money in a fairly short period of time. Some other options are Index founds, good option to tap the power of compound interest, you can think of them as mutual funds but the difference is they are not actively managed so their ROI is much higher. The most known and spread company is Vanguard, where you will be able to invest in different stock indexes around the globe. Warren Buffet said it’s the more convenient way to invest in stock if you don’t have a wide knowledge of it.
You’ve got to be clear on what’s the budget you are going to assing to these passive income options. It depends on what kind of life and revenue you have, and the pace you want to grow at. If you don’t have a list of goals I highly suggest you to make one. It is one of the best ways to become wealthy. It is like an inner dialogue with yourself that magicaly makes you realize certain things you wouldn’t otherwise. My favorite quote from Jim Rohn says: “Formal education will make you a living, self-education will make you a fortune”. He was one of the richest persons of United States so you can count on it, personal development is the key to financial freedom.
Photo by GaborfromHungary at Morguefile.com
We need both formal and self education.
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