December 2020 – Achieving Financial Independence

Financial independence (FI) is a popular term today. In fact, there is an entire movement called FIRE, Financial Independence Retire Early. Members primarily consists of young people who want to save enough money so they don’t have to work any more. While FIRE is a goal that many young people have, anyone can achieve this goal regardless of age or background.

FI doesn’t necessarily mean you have a lot of money. It means your passive income (money you don’t have to work for) exceeds your costs of living. If your passive income exceeds your costs of living, you have freedom. You don’t have to work anymore if you don’t want to.

FI provides the opportunity to shape your life the way you desire. You can spend your time how you want to, or create a career you enjoy doing. You aren’t trading your time for money anymore.

Here are a few of the strategies members use to achieve this goal:

1. Cutting costs. Cutting costs isn’t just buying less or spending less on personal enjoyment. It’s being resourceful about how to spend money without dramatically changing your lifestyle. For example, if you’re active duty military you can get a free Christmas tree this year through a program called Trees for Troops. If you’re working from home during these winter months, you could get a space heater for your desk and lower your thermostat. You can shop at the farmer’s market for produce. There are many different ways to cut costs and save money without a change in routine.

2. Use every advantage. FI pursuers have some things in common. They never give up and they use every advantage they can. For example, they take advantage of everything their employer has to offer: retirement match, disability insurance, Health Savings Accounts (HSA), legal services, and stock purchase plans. If there are local government programs that provide inexpensive internet or free public transportation, they use it. If there’s a way to get free entertainment, they enjoy it. FIRE is all about enjoying what you have and using all resources available.

3. Additional streams of income. Building a stream of income is building something that is passive and scalable. If I need to make some extra money immediately, I can deliver pizza or drive for Uber. However, that’s not passive and scalable. It also requires you to be in physical proximity with others regularly, and this is something many are trying to avoid. Building an additional stream of income is about putting in effort to build an income that doesn’t require work anymore and can continue to grow.

While building a passive income is important, many of us need to increase our income immediately. One method I’ve found to be successful at helping others increase their income is through Clickearners.

This program enables you to work from home at your pace. If you want to learn how to be an online virtual assistant, this can help you a lot. This can supplement your income to help you reach those financial goals at low risk.

Increasing your income through additional work is a viable method for achieving your financial goals. It can be a way to make additional money in the short term in order to build that passive income in the future.

Additionally, if you want to take your financial certainty and success to the next level, I can help you directly when you join my membership program. We’ll develop an outstanding plan to prepare for your financial future.

Don’t forget to pick up copies of The Money MissionTax Saving Strategies and The Blended Retirement System.

Have a great weekend, and I’ll talk to you again very soon!

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