There are many ways to define financial freedom. It can mean different things to different people depending how they interpret it.
To some people, it means a side hustle that makes good money; one that tops income from work. And so, this means that bills and the cost of living are easier to manage without fear of direct debits or standing orders failing because you know the bills are all covered. Not to mention how now, you've got more room for error or leeway each month to do some things that you couldn't do before.
To others, financial freedom is about doing a different number of things to create income streams. Around maybe two, or even six income streams from the property. It can also be lucrative side hustles, stocks, shares trading, or even cryptocurrencies.
On a side note however, please be aware that the European Union Securities Agency will now be regulating crypto by getting daily data on the markets and data on the transactions. This is to ensure that the updated anti-money laundering regulations are complied with. Soon, the UK will follow suit, and it would be wise to think that it will only be a matter of time before it is adopted globally.
For me, financial freedom simply means the removal of worry, fear, and stress about bills and a range of other things. It means all liabilities are already secured via recurring income, income streams, and side hustles. This eliminates any stress and anxiety I may have, and makes it easier to cope financially as I will be prepared for any nasty surprises that come my way.
So potentially, income streams from property, stocks, shares, investment funds, and passive funds typically beat the market by 8-10%. Also, an investor I know once told me to do angel investing so your money works for you, and a series of payments of interest from investors.
It means creating content, and then subsequently re-purposing the content into seven other pieces of content down the line. Doing this allows you to fully utilise all potential monetising tools on social media. I think it was Rob Moore who once said that there's at least 15 potential income streams there! And it is good to always be scouting for more new potential income streams to build. That’s why I have a team of three who manages the auto-scheduling and does it for me after I’ve created the content. I thought if I got a green screen and a digital vlog camera, then I could work all day for 3 days on all the content for the month. As they say, work smarter, not harder.
In summary, financial freedom essentially does as it implies; it makes you free. It opens the door to more choices, and it gives you less stress from worrying about things.
Do you want to focus on what you do want in life versus what you don't want?
Comments