Financial freedom is a goal we can all aspire to. Not having to worry about money would relieve the strains that tend to make the day-to-day difficult. How do we get to it?
Let me get straight to the point. It’s not starting a successful business, not necessarily. Yes, entrepreneurs have more control over how much they make, but not everyone is born to run a company. However, you need to develop an entrepreneurial spirit if you want to free yourself financially. What I mean by that is, you have to recognize the opportunities to increase your income by diversifying it.
Imagine having a prestigious job at a major company. No matter how great your starting salary is – and regardless of how you frequently get raises – you have to keep working in order to make that amount. Your pay depends on your employer and you’re not 100% guaranteed to always have that job. In that sense, you’re not financially free because you depend on your job for money. You also have to adjust your budget to live within your means so your quality of life is shaped by that fixed income.
If, on the other hand, you manage to set up and maintain a few income streams while working at that job, you will progressively become less dependent on your primary salary because you have options. And this is ultimately what financial freedom comes down to – having options. If they don’t come to you, you can either chase or create them. Are you good at teaching biology, but you’re also a great dancer and standup comedian? Why not be a biology teacher by day and make money from dance shows and comedy gigs on your free time? Is your dream job a marketing director role at a cool startup, but you also love to paint and style hair? Why limit your income to one source?
When you’re a multi-potentialite, you have the unique opportunity to set up different revenue streams. Your skills allow you to diversify your income because they often touch on a variety of unrelated fields. See it as an advantage.
Diversifying your income requires a proactive attitude combined with an effective use of your resources (time and money). I know no two situations are alike and everyone’s responsibilities are different (children, student loans, rent etc.) but the long-term benefits of doing far outweigh the cost so it’s worth making time for.
You can have everything you ever dream of if you allow yourself to go for it. You know that family vacation to Morocco or new iPhone would make you happy. But you also know you can’t afford it with what you’re currently making. So why limit your financial wealth to that one job? I know it’s easier said than done, but it’s possible. It’s a matter of taking calculated risks and dedicating your time to building the life you want.
If your financial situation contributes to your happiness, do everything in your power to improve it. Don’t be discouraged because the process will take time. The time will pass anyway. As Pat Flynn’s podcast goes, “Work hard now so you can sit back and reap the benefits later.” Decide to set yourself free now.
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