Achieve Financial Independence In 5 Simple Steps
Achieving financial independence everyone is every person's dream as it essentially means you'll never need to work 9–5 ever again, letting you follow your passion without worrying about your main expenses(housing, food, and transport)
So, to help you on your journey to financial independence, I will point out 5 Simple steps you can follow to achieve financial independence
1. Invest in stocks
This is the most common advice you’ll see on the internet, but that's because it's super easy to do and, with a bit of budgeting, you can start earning a lot of passive income without needing to learn the stock market, and as time passes, the money will compound over time generating more and more passive income each year.
2. Buy some real estate
Real estate is a difficult asset to get your hands on as it requires a lot of work, signing contracts, and paying various fees, but if you manage to purchase a triplex, for example,(and find the right people to rent it to)you can eliminate your rent costs forever with little to no effort, as the other two tenants will be paying your rent.
Of course, You can go a step further by purchasing multiple rental properties and generating a huge amount of passive income once they are paid off, but this requires various skills and knowledge to achieve, and it is a lot of work for it to be considered “passive”
3. Become a content creator
Even if you have no experience as a creator, by even posting once a week in your spare time you'll eventually reach the point where you are experienced enough to produce quality conduct and generate passive income, as you will provide people with value they are willing to pay for, either through a membership on certain platforms such as Medium or through ad revenue
4. Build side hustles
From small-scale businesses such as dropshipping and affiliate links in your content to finding the “million-dollar business idea” and becoming a millionaire, or even mowing lawns and busking, side hustles are an excellent way to generate income on the side, while dropshipping and affiliate links also being passive, so you generate income even when you are not actively working towards making money.
5. Monetize your passion
This step isn't mandatory, as if you have followed the previous steps for enough time, you will be able to achieve financial independence in less than 7 years(this sounds like it is a lot of time but it is worth it considering you will never have to work again), but if you want the process to end quickly and reach financial independence faster, consider monetizing your passion, as you can make extra money on the side by doing what you love; money that you can then invest in stocks and let compound interest do its thing and multiply your money like crazy
All in all financial independence looks like it’s hard to achieve, but as Muhammad Ali once said “suffer now and live the rest of your life as a champion”
links you may find useful with terms you might not understand.
https://medium.com/credefi/what-is-passive-income-55ff3d22f5e0
https://medium.com/datadriveninvestor/compound-interest-and-apy-explained-6f3e9b6fcc56
