Every year, I used to ask myself. What is financial freedom? How do I get it? Even if you don’t talk about it, being financially free is something we all hope to accomplish.
Most people use a figure to measure financial freedom. When you’re earning a lot of money, you’re considered financially free. However, that mentality is completely wrong. If you follow that mentality, you will never be financially free.
What Is Financial Freedom?
There is no absolute answer to this question because it varies from person to person. However, most people interpret financial freedom as having enough money to live off with no worries.
Financial Freedom means you have time to do what you want such as: spending time with the kids, going on vacation, waking up whenever you like because you are not restricted to money.
While most people view retirement as financial freedom and it’s great, but not everyone can truly be financially free after retirement.
You must first create a financial planner for yourself while you’re working and sadly… not many people are able to follow through on it.— If you live in California like me, you’ll understand how difficult it is to save money.
How much money do you need per year to be considered financially free?
Here’s my answer: It doesn’t matter… you don’t have to be rich to be financially free.
You can be financially free as long as you don’t need money from your active income to pay for your living expenses.— An active income is basically your regular day job.
Here is Why Being Rich Doesn’t Mean You Are Financially Free
Let’s say you make $200,000 per year! That’s a good chunk of change, but what happens if you get sick or lose your job?
Well, chances are you’re going to stress about it because your bills will keep coming in regardless of you being employed or not. Your saved funds will not last forever. Eventually, you will have to make money again.
How Do You Get Financial Freedom?
As I previously stated, you can be financially free if you don’t need money from your active income to pay for your living expenses, but how can you pay for your living expenses without a job?
The answer is quite simple!
What you need is a way to make money without selling your time for money. This can be accomplished by running a business.
It sounds quite easy, but most business requires a large amount of money to get started. Fortunately, the power of the internet has allowed many people to leverage it and generate millions of dollars with very low upkeeping costs.
How Creating An Online Business Will Help Get Financial Freedom
An online business allows you to work at home and generate money for yourself while you’re sleeping. It’s not a 100% passive income because it still requires work.
For example, I have to spend at least 8 hours per week to produce content, market my content, answer emails, etc.— That sounds far easier than a regular 9 to 7 job though right?
There are certain aspects of the website that produces 100% passive income such as my opt-in page, Google AdSense, Sponsorships, Affiliate offers, etc.
The whole idea behind this is so even if get sick or lose your job, the money will not stop coming in because your Online Business will always be there.
Interested In Starting An Online Business? What I Don’t Recommend As A Beginner
Making money online sounds like a cool venture, but I don’t recommend quitting your job right away because running an online business/blog/website is not going to get you rich quickly.
It’s easier said than done when it comes to making money online, so my advice is to keep your job as the primary income. What you get from your online business is what I consider supplements.
In the end, what you want to accomplish is totally replacing your regular job with your online business.
Are You Ready To Start An Online Business? Let’s Get Started!
Starting an online business can sound quite scary if you don’t know what you’re doing. And there are lots of people out there ready to take your money away from you.
That’s why I only recommend products, services, and courses that I personally use. In this case, I recommend checking out Wealthy Affiliate.
Wealthy Affiliate is an affiliate marketing educational platform. There, they teach users like yourself how to make money online through affiliate marketing.
But only sign up as a free member. You don’t need to pay a dime to get started. Check out its online entrepreneur certification course.
Complete a few lessons and build your very own website before you upgrade to their premium membership. That way, you can test drive their services before spending your money.
There’s absolutely no reason to waste your money if starting an online business is not for you.
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