If you are wondering how to create true financial freedom, the first thing you need to decide is what financial freedom means to you. Does it mean that you have enough money to live on without having to work 40 or more hours a week or does it mean more than that. Does it mean having a vacation home, a different car for everyday of the week, or a yacht on Mediterranean.
Some people know how to dream big and have come up with ways to make those dreams come true. Some other people know how to dream big but can’t seem to find a foothold on the upslope. They have great ideas, several that may be million dollar ideas but,in fact, do not have the means to do anything with these great million dollar ideas. Some people just do not know how to dream at all. They think that financial freedom means having to work your entire life and retiring with a pension and social security.
There is no right or wrong answer here, true financial freedom is whatever you want and need it to be. Figure out what you want your lifestyle to be like if you were financially free then calculate what that lifestyle will cost. Do you want to live in the South of France, or how about Tuscany, or maybe you just want to be comfortable in the house you currently own without having to worry about any more mortgage payments. That would be nice, huh,
Take what you already have like investments, savings, retirement accounts, etc. and compare it to what you want to see how much you need to fill the gap in between the have and the want. Once you have this number you can work toward that goal either by working more, spending less, or finding other streams of income that work for you.
Learning to invest in real estate and having rental properties is a good way to create a passive income stream that works for you. Passive income is great because it is income that you earn anytime whether you are working, playing or sleeping. The more passive income you can make the faster you will gain financial freedom.
Always keep the big picture in mind and the reasons why you want to gain financial freedom. Do you want to spend more time with your family, travel and take the vacation of a lifetime, or buy your dream car, Or, is it just something as simple as not worrying about how the next bill that comes in the mail is going to get paid,
You can achieve whatever it is that you want, all you have to do is want it badly enough and you will find a way to get it. So many people have lost their jobs, their homes, and their self-esteem in this down-turned economy, so why not take a chance on yourself and dare to do something different, dare to think outside the box and take a risk or two, what do you really have to lose. All you have to gain is true financial freedom.