How To Build Financial Freedom In Under 1 Year.
In This Guide I Am Going To Show You How To Build Financial Freedom In Under 1 Year.
Being Financial Freedom Has Allowed My Wife And I To:
- Go On 8 Vacations In A Single Year.
- Buy Our Dream Home
- Pay off My Wifes 151k Student Loan Debt
- Spend More Time With Each Other
Video Version Of This Guide
Part 1. how to Achieve financial freedom
Most People Think That They Need To Make $10,000/Month Or 6 Figures A Year, To Become Financially Free But It Starts Way Before That.
Most People Only Need $5,000-$6,000 To Cover All Their Expenses To Become "Financially Free"
( In The United States)
Between A Mortgage, Food, Car Payment And So Forth, It Is Roughly Around $5,000
How To Reduce Your Expenses To Become Financial Free
The #1 Road Block For People Are Their Bills In Their Daily Lives.
- Phone Bill/Internet/TV
- Car Loan/Lease + insurance + gas
- Rent/Mortgage + Utilities
All Of These Bills Are Recurring Bills Every Single Month.
If We Can Reduce These Expenses As Much As We Can, You Are Able To Achieve
Financial Freedom Easier.
A Company Like "RocketMoney" Is A Great Way To Turn Cancel Subscriptions
And Even Lower Your Monthly Payment With "Bill Negotiations"
Rocket Money Will Help With:
- Manage Subscriptions
- Bill Negotiation
- Credit Score And More
Once you Have Reduce your Expenses And Your Bills/Subscriptions, You Have More Cashflow To use Towards Debt.
Once Your Debt Is Paid Off, You Will have more cashflow to invest in income producing assets.
Lets tackle our debt Now.
How To Pay off Credit Card debt - snowball method
The Debt Snowball Method Is The Best Way To Pay Down Your Debts.
How The Debt Snowball Method Works Is You Pay
All Your Minimum Payments On Each Of Your Debts; Then Pay The Lowest Debt Off First.
For Example: If You Have 2 Credit Cards And Say A Car Loan.
Credit Card 1: $1,000
Minimum Payment: $50
Credit Card 2: $2,000
Minimum Payment: $100
Car Loan: $10,000
Minimum Payment: $300
You Would Pay The Minimum Payment On Each Card And Car Loan,
And Any Extra Money Would Go Towards Credit Card 1.
Once Credit Card 1 Is Paid Off, You Would Roll The Extra Payments Into Credit Card #2.
Paying Off Credit Card #2 And So Forth Until Its Paid Off.
Just Making A Few Extra Payments To Your Credit Card Can Save You Thousands And Take Off Months Of Payments, Saving You More Money.
This Spread Sheet Tracks Your Debts And Show You How Long Before You Pay Them Off
Using The Snowball Method.
If You Are Interested In Our 7 Day Debt Elimination
>> Sign Up Here
- Snowball Debt Spreadsheet
( Save Thousands A Year On Interest Payments)
- Free Tools To Improve Your Credit Score
( A High Credit Score Saves Thousands In Interest)
- Free Tools To Show You Where Your Money Is Going Budget
( Know Where Your Money Is Going And Pay Of Debt Quicker )
- Tips And Tracks To Pay 0% Interest On Credit Cards
( Save Hundreds A Month In Interest)
- And So Much More!
After You Have $10,000 Saved From Being Frugal By:
- Reducing Your Expenses
- Paying Off Your Customer Debt
- Understand Where Your Money Is Going
You Should Put That Money To Work Besides Holding Onto It In A Savings Account.
Once You Have $25,000 Saved, You Should Keep $1,000-$2,000 Set Aside For A Rainy Day.
This Will Allow You To Use Incase Of Emergencies Instead Of Putting It On Your Credit Card.
We Go Over This In Detail In Our 7 Day Debt Elimination Program.
Financial Freedom App
If You Are Looking For A Financial Freedom App That Has:
(Save Money 1%-5% On Places You Shop Every Day)
- Checking Account/Debit Card
( No Minimum Balance/Over Draft Fees)
- Savings Plan
(Set Aside Money For A Rainy Day)
Investing Your Money In The Future Is A Great Way To Start Your Journey Onto Financial Freedom.
At 10% Rate Of Return Only Investing $200/month Will Be Worth $41,240 In 10 Years.
Achieving Financial-Freedom Book
A Book I Really Enjoyed Is "Set For Life - Dominant, Money, Life And The American Dream"
by Scott Trench.
>> Get Your Copy From Amazon
It Is A Really Great Book About Living Frugal And How To Save Your First $25,000 Of Money So That You Can Buy Your First Income Producing Assets ( Real Estate).
I Know That Many Other Countries It Harder To Buy Real Estate So I Suggest People Reading Just The Part 1 Of This Book, Since The Second Part Is Mostly Focused On Real Estate.
Part 2. Achieving Financial Freedom
Unfortunately You Can't Save Your Way To Financially Freedom.
That's Why It's important to build recurring income.
I Always Say "You Should Build Recurring Income And Buy Passive Income."
Now That You:
- Reduce Your Expenses
- Built A Budget
- Know Where Your Money Is Going
It Times To Build Recurring Income.
But First You Need To Know Your "Freedom Number".
Since You Know How Much Your Monthly Expenses Are, This Part Should Be Easy.
Financial Freedom Number is the amount of Recurring/Passive income needed ito pay for Your Living Expenses.
This First Number Is Financial Freedom Number Is The Money You Would Need To Quit Your job And Work From Home, To Escape The Rat Race.
Most Of The Time It's Your Salary/Hourly Rate That You Make, And You Would Need To Replace That With Your Recurring Income You Make Online.
Your Second Freedom Number Is The Income You Need To Stop Working All Together And Just Live off Of Your Investments.
- Real Estate
- Dividend Stocks
- Business Investments
The First Is Focused On Recurring Income To Quit Your Job.
The Second Is Focused On Your Recurring Income To Buy Passive Income To Buy Back Your Time.
Most People Only Need $60,000 A Year To Quit Their Job.
Which Is $5,000 A Month.
If You Had Something For $100/month To Sell And Had Only 50 People Sign Up.
You Would Make $60,000 A Year.
Enough To Quit Your Job.
From There You Would Want To Reinvest Your Income Into Income Producing Assets.
How To Escape The Rat Race
Now That You Have Your Freedom Number, It's Time To Make Some Money.
If You Don't Know How To Make Money Online I Can Point You To A Few Resources.
Which Takes You Through All The Other Steps Previously, While Showing You
How To Build A Recurring Income Business.
These Are Some Of The Testimonials We Get Every Single Day
Another Option Is Learning How To Resell Software/Saas As Your Own
And Collect 100% Recurring Income.
Which Is Called The Digital Tycoon Program
And Much More.
Watch This Youtube Training Below How I've Built All My 6 Figures Businesses.
How Long Does It Take To Become Financially Free
My Buddy Tom Works 12 Hours A Day, And Spend About 4 Hours A Day Working Through Our
90 Day Cashflow Challenge.
He Is 33% Of The Way From Quitting His Job After 30 Days, Which Is Amazing.
Gavin Already Works From Home But Has Added An Extra $3,000 A Month of Additional Cashflow In His Business From Our 90 Day Cashflow Challenge.
Personally I've Added About $14,000 In Additional Recurring Income From Our 90 Day Cashflow Challenge In About 30 Days.
Would I Consider Myself Financially Free?
In Regards My First Freedom Number. YES
- I Have Zero Debt ( Besides Our Dream House We Built)
- I Can Pay All My Bills Ontime And Early.
- And I've Been Able To Take 8 Vacations This Year.
Let's Say You Join Our 90 Day Cashflow Challenge.
In Order To Become Financially Free At $60,000 A Year.
You Would Need $5,000/Month
$200 / $5,000 = 25 People
( You Get 100% Recurring Income From Our Challenge)
That Means In 90 Days You Would Need To Sell 1 Person Every 3-4 Days.
I Sold 7 People In 24 Hours.
That Means If My Freedom Number Was 25 People And I Sold 7 People In 24 Hours.
I Would Be 28% Of The Way There In 1 Day.
Everyone Is Different But If I Can Sell 7 People In 24 Hours,
I Know You Can Sell 24 People in 90 Days.
FAQ: Financially Free
financial freedom definition
The Definition Of Financial Freedom Is When You Can pay off your debts, build a Savings To Protect You In Case Of Emergencies , and create enough passive/Recurring Income through investments or business Opportunities
what financial freedom Means To me
What It Means to Me Is The Ability To Spend Time With my loved ones without having to worry about money coming in And Where My Next Paycheck Is going to be.
The Ability To Go To A Restaurant And Not Worry About What I Will Eat For My Meal Or If I Have To Pick A Different Brand Of Food Because That Isn't As Healthy.
It's knowing that i have predictable and secure income coming in and that i have the confidence to provide for my family every single day.
What is The Importance of financial freedom
The Importance is knowing that you are secure in your future and your loved ones futures, and that you will always have shelter, food to eat and are able to enjoy life every single day.
A step to financial freedom is the Pursuit of happiness because you understand That Money Doesn't Buy Happiness Buy It Allow for Living A Comfortable Life.