You likely can’t get rich overnight. But if you’re willing to plan and save, financial independence can be yours. A few tips for future financial success include: 1. Think long-term with your work, your time, and your investments and 2.) Turn your money into passive income, or earnings that come from an endeavor you don’t have to be actively involved in.
I Can Wait to Get Rich
A rich person thinks to the distant future, a poor person only thinks to the weekend.
I want to be rich, so I plan ahead. I consider how everything I do today will affect tomorrow. When I started investing, I did it to save for retirement. I’ve always had it in my head that it would be smart to sort of “frontload” my life, for lack of a better term. I planned to save like crazy while young to have an easy retirement.
So, in order for me to take care of myself and reach financial independence (I should be financially independent by 30), I focus all my money-making efforts on the long term. This means no going after the quick buck. Everything is sustainable. A dollar here and there doesn’t make me happy unless I can keep up that source of income. For my freelance writing (shameless plug), I work to create quality material in order to gain long-term clients. My investing style is the same. I need to make money for the long term.
I wasn’t born rich, but I’ll get there someday. I know I have to wait a bit until that day comes. And, to me, that day will come when I reach financial independence, or when I’m able to live comfortably off 100% of passive income.
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How I Nurse Side Hustles
Side jobs are fantastic. But they can be time-consuming.
So, lately, I’ve been short on time (sorry if I haven’t replied to your email yet). But I haven’t been short on opportunities (thank you for your emails). I’ve learned the art of outsourcing a select few tasks and it feels great.
What I’m currently doing is building up different side hustles until they can turn into passive income. After they turn passive, I enjoy having my mind freed up to move on to something else. For instance, I may build a website from scratch, but once it starts bringing in money, I may outsource different aspects of the site to other people. I know how to do these things myself, but if I can make more money focusing my time on new ventures and pay a VA to do the boring stuff, then so be it.
I’ve just started learning about actually handing off the baton — and, I gotta say, I love it! At first, I didn’t like letting anything out of my control. But thanks to Tim Ferriss, this way of building up passive income makes a lot of sense.
Note: More to come on my Journey to Outsourcing. Right now, I’m only earning approximately $600/month off completely passive income. I’m still pretty proud of it although I have my head bent down, charging forward, looking for ways to produce more and more passive income. I’m kind of a baby when it comes to posting my total income reports. Would you like to instead see my Passive Income Reports? Heck, I think that may be a grand idea. Comment below, yo!
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If You Forget About the Present, the Future Won’t Come
This is a disclaimer if you aren’t a regular reader of this blog: Please don’t think all this talk about the future isn’t making me happy and successful at this moment in time. First off, I don’t do any jobs that don’t make me happy. Life’s too short for that nonsense. I also do not save to the point where I am angry at people who drive BMWs. And building up income for the future is actually pretty rewarding in the present. The peace of mind is one of the greatest feelings ever!
I have so many small incomes coming in that there’s basically no way I can go broke. Can 12 income streams really dry up completely all at the same time? As Kevin McCallister said in “Home Alone”: “I don’t think so.” Unless a zombie apocalypse really happens. But in that instance, you’ll find me holed up in a barn loft, surrounded by ammunition, canned food, and bottled water — lookin’ through my scope for the walking dead.
Step 1: Make lots of money
Step 2: Turn that “lots of money” into passive income
Step 3: Reach financial independence
Step 4: Make this step whatever you want it to be!
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