Many people have heard the term and some have even studied about it, but what exactly is financial freedom? There are different definitions depending on where you are coming from. However, financial freedom is a step up from financial independence. Financial independence is where you can make all ends meet without the need for a job. In other words, you have made something work whether it is passive income, a side hustle, or a self employed job. By doing this you have become financially independent of needing a paycheck from anyone else. However, financial freedom goes beyond that. It means that you are able to meet your needs and even wants without exchanging time for it.
An example may be that you can earn $1000, per hour working a system you have created or stumbled across. You are in control because you are not employed by anyone else, and that sounds pretty good. However, in order to keep the money coming in you must continue to work. You are not financially free, just financially independent from a boss.
If you want to be financially free, you need to get past exchanging time for money. Lets say that you are making that that same $1,000 per hour, but now you hire some one to do the work for you and pay them $30 an hour. They could now do the work and make a reasonable wage while you could keep the $970 an hour and have no time to very minimal time invested. Build a few of these out, and regardless of whether you work or not, you will be earning an income to cover your expenses. The you are financially free.
This is easier said than done, right? How do you get to the point you could make that much an hour? or any amount for that matter? and hiring people is a whole different thing. Like with many things, it just goes one step at a time. In this day and age there are a plethora of opportunities available to create the level of wealth you seek and in something you like. Many people make this kind of money from the internet. They never have to leave their homes or vacations if they don’t want. Check out this list of ideas to get you started thinking about what you could do to earn money in this fashion.
- Internet marketing
- Network marketing
- Selling private label products online
- Retail Arbitrage
- Online Arbitrage
- Real Estate
- Trading stocks and options
- Franchises
- Mining bitcoin
- Blogging
- Youtube
- The list goes on and on
Remember, the key is to enjoy what you do. You could easily do something to become financially independent and earn tons of money, but if you want financial freedom, you need to consider what opportunities you can outsource to the point you can hire others to help do the lifting and you own the business, not run it. This also creates jobs in the economy in many ways, so you are also help other people in the process.