I like to think of financial independence as the ability to generate income outside of a steady paycheck that comes from a 9-5. Once you've developed the ability to earn income without the use of an employer, you get to chose how your life is lived versus feeling forced to have to work for a paycheck.
I'm not here to tell people to quit their jobs. Actually, I suggest that folks start building the habit of building financial independence while still employed. It's a muscle that must be developed so having the safety net of a steady paycheck is comforting to have as you build your new revenue streams. You might be asking yourself, "if paychecks are so reliable what's the need to even have other streams of income."
It's simple.
- Job security isn't guaranteed.
- Technology is phasing out certain jobs at an alarming rate.
- As time passes, companies are constantly looking for fresh, new talent which greatly increases competition for the job you want. For every job posting, hiring managers receive countless resumes.
I've heard personal experiences from folks who lost their jobs and spent an extended period of time unemployed. What they went through (having no real income for months) is my worst nightmare. I never wanted to experience that first hand so I made it my mission to develop the skillset of earning income outside of a regular job....and you should too.
How?
There's no single answer to this question. But my advice is this....start by earning money on the money you already have now. Move your savings to a high earning online savings account ASAP. Don't have any savings? With no savings, you become the definition of living paycheck to paycheck. Your very first goal IN LIFE should be to build up your savings. Most of the high-interest online banks only require a few dollars to open a savings account.
No excuses.
From there, I advise you to set an income-earning goal to generate enough income to pay your lowest bill. Maybe your goal is to earn enough to fill up your gas tank, pay your cell phone or get your nails done. Whatever that dollar amount of your smallest expense, that becomes your new earning goal. In the beginning of any endeavor, most people don't earn much and become discouraged. But if your goal is to earn $50.00, and you reach it, you'll be excited instead of feeling down on yourself for not earning the elusive six figures right away. The first day I started earning money online, I earned $0.17 and it was my happiest day ever!
No matter how little you earn, you have to just start. So many people stand on the shore admiring the ocean instead of dipping their toes in the water. Don't wait until you're in a financially unstable position to start building your income streams. Now is the time.
One of the biggest obstacles to starting is knowing "how" you'll earn the money. In the past, a lot of people were stuck on what kind of side hustle to launch. But nowadays, we're exposed to countless ways of making money. It's about finding the avenue the most resonates with you. I like to write so I made my first few pennies from an old blog I launched when I had no idea what I was doing.
The thing I want you to remember is that the method you use to start earning may not evolve into a viable, long-term income source....and that's ok. The point is to get you started on your journey of being comfortable launching various streams until you find the one(s) that work. One way to get comfortable with creating income is to surround yourself with others who are on the same journey. It's easy to find groups of people and gurus sharing their money-making ideas. Here's one piece of advice, don't buy any courses/programs until your idea is launched. If you have nothing in place, buying a course may just be another form of procrastination. Use that money to launch your own thing instead.
If things work out, maybe someday you'll achieve the dream of out-earning your paycheck but that can't happen until you earn your first $1.00. The new year is around the corner, perhaps this is the year that you develop the skill of earning money in a new way. Wouldn't that be nice? It's absolutely possible, it just requires taking a step away from your comfort zone.
As the cost of living continues to rise, you might notice that your pay increases aren't sufficient to meet your growing expenses. Relying solely on a steady paycheck may become an outdated way of earning income. Housing prices are rising, groceries aren't cheap, to live comfortably, we have to focus on increasing our earning power. All we need is a bit of focus and time and we can completely change our financial situation for the better.
How?
There's no single answer to this question. But my advice is this....start by earning money on the money you already have now. Move your savings to a high earning online savings account ASAP. Don't have any savings? With no savings, you become the definition of living paycheck to paycheck. Your very first goal IN LIFE should be to build up your savings. Most of the high-interest online banks only require a few dollars to open a savings account.
No excuses.
From there, I advise you to set an income-earning goal to generate enough income to pay your lowest bill. Maybe your goal is to earn enough to fill up your gas tank, pay your cell phone or get your nails done. Whatever that dollar amount of your smallest expense, that becomes your new earning goal. In the beginning of any endeavor, most people don't earn much and become discouraged. But if your goal is to earn $50.00, and you reach it, you'll be excited instead of feeling down on yourself for not earning the elusive six figures right away. The first day I started earning money online, I earned $0.17 and it was my happiest day ever!
No matter how little you earn, you have to just start. So many people stand on the shore admiring the ocean instead of dipping their toes in the water. Don't wait until you're in a financially unstable position to start building your income streams. Now is the time.
One of the biggest obstacles to starting is knowing "how" you'll earn the money. In the past, a lot of people were stuck on what kind of side hustle to launch. But nowadays, we're exposed to countless ways of making money. It's about finding the avenue the most resonates with you. I like to write so I made my first few pennies from an old blog I launched when I had no idea what I was doing.
The thing I want you to remember is that the method you use to start earning may not evolve into a viable, long-term income source....and that's ok. The point is to get you started on your journey of being comfortable launching various streams until you find the one(s) that work. One way to get comfortable with creating income is to surround yourself with others who are on the same journey. It's easy to find groups of people and gurus sharing their money-making ideas. Here's one piece of advice, don't buy any courses/programs until your idea is launched. If you have nothing in place, buying a course may just be another form of procrastination. Use that money to launch your own thing instead.
If things work out, maybe someday you'll achieve the dream of out-earning your paycheck but that can't happen until you earn your first $1.00. The new year is around the corner, perhaps this is the year that you develop the skill of earning money in a new way. Wouldn't that be nice? It's absolutely possible, it just requires taking a step away from your comfort zone.
As the cost of living continues to rise, you might notice that your pay increases aren't sufficient to meet your growing expenses. Relying solely on a steady paycheck may become an outdated way of earning income. Housing prices are rising, groceries aren't cheap, to live comfortably, we have to focus on increasing our earning power. All we need is a bit of focus and time and we can completely change our financial situation for the better.
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