When it comes to being financially independent people often say things a lot like this…
“That only happens to rich folks who grow up with a silver spoon in their mouth.”
“Financial independence is just a pipe dream. There’s no use in trying it. Just work hard”
“If it was really all that easy to get rich, then everyone would be able to do it.”
Even with everything people say about being financially independent, it can and does happen when you take the time to make it happen. The truth is that it is not even all that hard to achieve… you just have to be willing to do the work that is required of you.
In this article, we will talk about the difference in people who are financially free and the rest of the world who are slaving away day in and day out for a paycheck.
How a Pre-Professor Discovered Financial Freedom by Accident
When Nathan was growing up he wanted to be real life professor. Yes… a professor. His main goal was to be independent financially, to be well off and to have good benefits for his future family. Basically, he was planning on attending a college somewhere and becoming exactly what he had dreamed of.
He had also wanted to buy a house close to the college but in that area there were only duplexes and triplexes. So he bought a triplex and decided to keep it for 3 to 4 years to be a “normal person.”
One night, he heard a knock come upon the door. Being in a rough neighborhood, he didn’t know what to do, but he went to the door anyway. It turned out to be his tenant. She was there to pay rent – and even though it was only $500 his wheels were turning.
It may have only been a little bit of money but it really got him to thinking. Buying real estate could be the answer to living a life of financial freedom and if he had enough tenants, he could make a nice living for the rest of his life.
Needless to say, it was not long before he left his PhD far behind and got into real estate investing.
Financial Independence: It’s About Your Income and Expenses Too
When it comes to being financially independent, it is achieved once your passive income rises above your monthly expenses. It was that day that Nathan started to understand passive income, however, it took me a good while to truly get the hang of it and figure out how to achieve financial freedom. Earning money in real estate became a second nature to Nathan. The problem was that he liked to spend too much of what he was making…
It was then that Nathan had to reign in his spending so that he could begin to really gain financial freedom. The key to that is evening out both sides of your money and controlling your spending and savings too.
Eventually, the idea of financial freedom hit Nathan too and he laid out a plan to help others to turn real estate investing into a full time, money making job. Since he found this financial freedom he has not worked since 2015. Here are the secrets that he discovered. Implementing them into your own life will set you on a path of financial freedom as well.
The 6 Steps to Being Financially Free
– Become educated. It is going to take a while to relearn old habits that are not good for your financial well being.
– Get a plan started. Even Nathan began his freedom with a business plan and you should too.
– Begin investing. You will want to start your first run of money making.
– Buy an investment property. This is the most difficult part. Getting your first property under your belt.
Step 1 – Educate Yourself.
If you want to flip real estate, rehab properties or building cash flow with rentals, start educating yourself immediately. There is more information available than ever before. Other than what you can only learn from experience, 99% of what you need to know is online. Real estate is a real vehicle to take you to financial independence. So get out there and get learning!
Step 2 – Make a Plan.
In real estate investing you will want to make a plan so that you know where to start. Do not become too narrowly focused. Conversely, you can’t be so broad your efforts get diluted. Be like Goldilocks, be in the middle of the two. Layout a balanced plan of where you will concentrate your energy
Step 3 – Get Your Finances in Order.
When people say that they want to be financially independent, they usually can’t help but think about their massive car payments or mortgages. Debt isn’t all bad. If you can make your payments and still afford to save money… then you should be ok. However, you can look at it like this… who is more likely to be financially free a doctor with a huge house, three cars and medical school bills or a laboring worker without debt? You be the judge.
Step 4 – Begin Investing.
The first three steps are like building a house. Once all of this is conquered, then you can begin to start investing. Start with single-family or multi-family flips and get on your way to a better tomorrow.
Step 5 – Purchase Your First Property.
This may be a job for an agent, or maybe you want to get your own hands dirty. Whatever you decide, this is where the flipping begins.
Step 6 – Start to Grow and Expand.
You don’t want to be a one-hit wonder. You will be repeating these steps for a lifetime until you are financially free. Remember to automate your investing and learn to become an excellent worker.
Becoming financially free takes a little while to really achieve, and the reality is that it is not all that hard. When you stay focused and stick to the plan, you will be able to move ahead, financially free and ready to begin your new life.