Ask yourself this question: “Do I want financial freedom?”
Most people have a clear answer to that question. Now ask yourself the following: “How do i know when I’ve achieved financial freedom?”
Most people have to stop and think about it for awhile because it’s such a specific question. Here’s my answer:
“I have achieved financial freedom when I
a)Earn 2000+ a month(or a lump sum of 100k)
b)Quit my full time job.
c)Work less than 20 hours a week”
Your answer may be different from mine. Most likely you’ll need more than 2000 a month to be financially free. I don’t though because I’ve learned to survive on much less than that while I was in college. In fact with my full time “career” job I have access to more money than I’ve ever had, and I only earn 32K gross yearly. Sure I won’t be able to afford a Lamborghini, a mansion, and 1000 dollar escorts every weekend but earning 2000 a month will satisfy me as far as financial freedom is concerned. In my mind I don’t have to be rich to be financially free even though that would be great and I’d be well on my way there. I also mention a lump sum of 100k because I believe that I could quit my job and live off of that money long enough to figure out a way to make more. I certainly would have 8 more hours per day of free time to do so.
Quitting my job is obviously the most important part due to it being my biggest complaint. Honestly, I’m so sick of working for others that I’d probably be willing to quit even if I made 1500 a month, heck even 1000 a month if I split rent with a roommate or 2. That feeling when you wake up in the morning and know that the day is yours is almost priceless, now imagine feeling that every single day of your life. It must be pure ecstasy living that way all the time. I want it and I’m sure you do as well.
Finally the amount of hours a week of actual “work” matters as well. I’d rather make 2000 a month working 10 hours a week on my own terms than 100,000 a year working 40 hours a week for some corporation. Although in hindsight, if i could do that for a year and then quit to do my own thing afterwards I’d probably do it. That’s not the same as a regular career job though because this way there’s actually a light at the end of the tunnel instead of a 30+ year slave pit. That’s really my biggest gripe with careers in general. I’m a patient man but not 30+ years patient. If I had a 500 year lifespan then it wouldn’t be as bad but considering the fact that almost nobody makes it past 100, 30+ years of work is downright excessive.
I think that less than 20 hours a week of work is enough to get work done and feel free at the same time. I mean it’s less than half the time of a 40 hour a week job and it’s completely flexible since you’re self employed. I can totally see myself waking up at 5 am like I usually do for work, calmly do my morning business for an hour or 2, jump on the computer to get some work done for 2-3 hours, and enjoy the rest of my day doing whatever I want.
To conclude, define your goal in a specific manner and don’t be ambiguous about it. Shoot for specific numbers so you’ll know 100% when you’ve finally made it and to clearly see your progress. Take your time to really see how much money you actually need to be satisfied and whether it’s a realistic amount. I’m not aiming for the stars, 2000+ would satisfy me but I’d probably make do with even less if it means freedom. Some famous businessman once said “To be a success you only have to be right once.” All it takes is one successful ebook, app, website with good traffic, etc to make it. Many have done it so there’s no reason you and I can’t do the same.