What is Financial Freedom?

Fri, Jan 15, 2010

Entrepreneurship

Hello Fellow Knowledge Seekers,

While the definition of success can be defined differently by different individuals, we can all agree that Financial Freedom is made of a few key components:

- freedom from debt
- freedom from an hours for dollars job
- freedom from bills
- freedom from credit scores
- freedom from disasters that cause financial melt downs
- freedom of choice/options
- freedom from a bad economy
- freedom from tax audits

So how do you create financial freedom?

1. Create multiple streams of different kinds of income

Business incomes:

  • Network marketing
  • Internet marketing
  • Affiliate marketing
  • Founding partner or president of small business that you intend on turning into a franchise or scalable business model

NOTE: —

Brick and Mortar Franchisee Owners or those looking to buy a Brick and Mortar Franchise —
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Investments:

  • Stock market –> day trader/swing trader (options, covered calls, strategies for bear and bullish markets)
  • Real estate –> equity in your own home, rentals, fixer up and flip

Stash the Cash Away:

  • Savings accounts
  • IRA’s
  • 401 k

(these are all good for tax free money GROWTH or compounding interest)

2. Having protection, security, and insurance over your money and property

- Identity protection

Insurances against disaster:

  • health
  • automobile
  • life
  • home

- Wills and Trusts
- Business licensing, trademarks and patents
- FDIC insured checking, savings, money market and CD accounts
- A good lawyer (or two)

3. Keeping your money organized

- Accountants and book keepers are your best friend
- Keeping a written record of your monthly money budget and spending habits

4. Alternative Money Sources

- Bartering

- Buying and trading SILVER

- NOT paying bills VIA GREEN energy sources

5. Not letting your money own you

- Giving finances to charities/non-profits each year and tithing every month
- Pay it forward – mentor someone else with your skills

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