This may seem like a far-fetched notion to some, but you can be financially free within 7 years. Just like everything else in life, it won’t be easy but it is absolutely doable. And if you want to know how it can be done, then read on.
Year 1
During the first month of your 7-year journey to being financially free, you should dedicate it to education. Learn what financial freedom is and how you can get there and what steps you need to take. Explore and read about industry experts and mentors like Pat Flynn and Robert Kiyosaki. Because the more knowledge you have, the more confident you are in running after that goal. Here are the topics that would be most important to know about in your first year of deciding to become financially free within 7 years.
What is Financial Freedom?
Being financially free means having more passive income than expenses. Your passive income will mainly come from assets such as businesses, real estate, and investments. Your job is not part of your passive income because you need to actively do something to earn from it. Passive income allows you to have money even when you just let it exist. Sure you work on it once in a while, but the main idea of a passive income is an income that comes to you without exerting too much effort.
How do you become financially free?
There are various ways to do these but to become financially free you basically need to acquire more income-producing assets. Because the more of these you have, the higher your passive income will be. And then eventually, you will have enough to live the kind of life that you have and you will have the choice to even quit your job and live the kind of life that you want.
How do you acquire assets?
Acquiring an asset may simply mean starting a business. It will often require a capital so to be able to acquire assets you actually need to have an initial asset as well. Some people want to make investments while they don’t even have enough money to do this. They in turn borrow and then invest. This may seem like a good way to do it but it is also tricky because debt comes into play. So the main idea is for you to save up and then buy that asset and make it profitable and turn it into a passive income stream.
Learn how to do it from credible people.
We all have our own perspective on how to make money. However, only a select few are truly qualified to give credible advice. Becoming financially free requires you to know more about it than most people. Educate yourself and focus your attention on people who you would like to emulate. Learn from people with relevant experiences and find out how they have done it. It may be a business owner friend you know or an acquaintance that who built his/her own company from scratch. Find the ones with real credibility and learn from them.
Year 2
Once you have learned enough during the first year about what being financially free is all about, it’s time for you to take action and start acquiring assets. Do not overanalyze everything and learn as you go. You wouldn’t have been able to learn everything during the first year and that should not deter you. You need to get it into your head that you need to balance out what you learned with actual experience. Once you are actually doing something, it is then that you get to actually figure out what works and what doesn’t. So do not be afraid to start with only a handful of knowledge.
Years 3-7
The next 3-7 years determines your success so use it to continuously acquire assets, network and learn. Build your businesses and make smart investments along the way. During this period, various income opportunities will present itself to you and some will fail and some will prosper. The main thing here is to persevere. Do not let a setback determine your future. Also, there would be a lot of naysayers out there that will feed you negativity. Do not let them win. To get yourself back up, remember why you are doing it. Remember the final result, which is to be financially independent. Be prepared to ride the emotional roller coaster and keep yourself from being distracted by envisioning a future in which you are living the life you want.
So there you have it. It may seem fairly easy but the last few years would actually be the hardest of the years. It will require you to be mentally strong and make good decisions when it comes to your investments. Remember that it is doable and that all you need is the proper attitude and know how to do it.
