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3 Practical Ways To Financial Independence

First, let's define financial independence. It is the situation where an individual earns an income that is sufficient to lead a very good life style without having to work in a job each day. The key thing about financial independence is the quality of the life style. It could be said that people on security benefits from the government are financially independent. They get their weekly cash each week, without fail, and they do not have to work. The reason why they are not financially independent is because of their life style.

Financial independence means having a freedom from lack. In other words you can do what you want to do, when you want to do it without thought to how much it will cost. People on social security benefits therefore are not financially independent. They are financially Dependant because they get a very small amount each week. So how much is enough?

Essentially, you need enough to lead the life style you want to lead. If you are the type of person that would be delighted with being a hermit, sitting on a hill and meditating and not want for much. Then you really need by this definition very little passive income to be classed as financially independent.

However, if you envisage, luxury cars, homes and holidays to keep you amused and happy. Then you will require much much more. You need to ask yourself this question. How much money do I need each week, to do the activities that will keep me happy. Once you arrive at that figure, you are immediately much more enlightened because now you know how much you need. It could be $1000 a week or $40,000 a week. You also must be honest with yourself and admit to how much effort you are prepared to make to set this passive income up.

With that said, here are 3 ways to financial independence.

1) Start a business that you systemize so it can run itself indefinitely.

2) If you owned assets, you could sell everything you own. If the resulting funds are big enough you could easily just rent a nice home and earn your living from the interest.

3) Start a franchise based on a simple marketing plan.

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posted by 2sdthk9trv26438 @ 5:33 AM