How To Get Financial Freedom Quicker?
Title of the post may appear as click bait but I did what I could to not make it as such. I started with the title "How to Get Rick Quick?" and immediately deleted it knowing that it certainly appears like a scam. Anyways rather than trying to make this post look like a scam I will get straight to the point.
Many of us who work a 9 to 5 job in hopes of one day to retire. Yet why do we want to retire? What we are really trying to do is work on a job to get paid and save enough to one day hopefully stop working and do what we really want to do with our lives. Most of us are trying to reach financial freedom. The end goal is to only work when we choose to and work on things we want to work on. These choices are our freedom that we seek and in order to achieve this we need financial freedom.
Naval Ravikant has broken out in what appears the most simplest forms of people reaching financial freedom. It basically comes down to three methods. In no particular order.
- Earn More Money
- Spend Less
- Find The Work You Will Always Enjoy
Earn More Money
(Courtesy of 123rf.com)
The straight forward method of getting financial freedom is to have more money. How to be have more money? Work to earn more which equates to spending your time in exchange for more money. Others methods to earn more money is to leverage your skills to influence more people so that you earn beyond the time you have allocated to you to make money.
There are multiple pitfalls with this method and one big one is saving what you earn. Often people will have a tendency to want immediate gratification when they earn a pay raise or bonus. This is because people tend to want to have more as they progress in life. This is all fair and fine but the reality is the further up the corporate ladder on rises the more temptations they will have in spending to appease their thirst of short term fun and happiness. In order to avoid this pitfall one has to know they should not spend more than what they have or even spend more just because they are earning more.
Spend Less
(Courtesy of 123rf.com)
Another method to getting to financial freedom quicker ties in to the first method. This alternate method can be worked in combination or separate on its own. The method is to budget one's expenditures in life. Whether it is to pay for necessities or for recreation if you limit how much you spend you can then the remaining to invest and make you more money. The old say is "live within your means."
(Courtesy of fancypantshomes.com)
Warren Buffet considered to be one of the best stock/finance investors of all time has only bought and lived in one house when he started his family. The house is around 6,600 sf and he bought it in 1958 for around $31,500. Now its worth close to $1.3 million based on Zillow. In any regards Buffet does not live an extravagant lifestyle at home even though he is one of the richest people in the world. He lives well below his means.
Doing What You Love
(Courtesy of freeimages.com
Ever heard of "work in your dream job and you will never feel like it is work." The first two methods of getting to financial freedom has a lot to do with money, while this third method is more to do with just finding your passions. If you can find something you like doing it won't feel as much as it is work to you. With that thought process you will be able to go through the job for many years as it is what you love doing.
Conclusions
All three methods listed here can be combined, done separate, or in different intervals of one's life and it will all accelerate one's chances in gaining their financial freedom. The time we have on this planet is limited. Why not try to reach for our dreams before having to work 30+ years in something we do not care about? The choice is ours to make. Which ways are you living to accelerate your chances to being financially free and are you getting any closer to it today than when you were even just a year ago?
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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the key is to have different ways of income and don't pretend be someone you don't, like spending a lot of money you dont have
Multiple stream of income definitely helps. Great input. !WINE
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This hits hard. Until now in my late twenties I am still navigating in the waters of jobs and employment and still figuring out what work I love doing!
I am twice your age and I will say this about work. Often many of us will never be lucky enough to find the work we love in our life time. Instead of searching for the perfect job try to bring your passion to the work you do. Create the joy no matter what kind of job you have and let your drive to do better at the job guide you toward a happier life. !WINE !PIZZA
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I think the first two options make sense but the third is the hardest. At some point, people might rethink their career as the end goal might just be money in the end. Also, a hobby is something you can take a break from but if your treating it as a job, you can't really do the same most of the time.
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In reality all three methods are hard and it’s so because if it wasn’t everyone would be near or at retirement. I not going to say any of these are easier than another because I too can’t follow through on all three. !LOL !PIZZA
I think the first step is to cut all the expenses you don't really need and spend only on important things that you need. The second step is to invest on autopilot without thinking too much.
Good planning as I hope my post help people think and react to planning for a better tomorrow. !PIZZA
Personal financial literacy is an important skill to have in life!
Working more hours and harder just to get more money is a NO for me. I see this as one of the ways many people do. But for me, I would not just sacrifice my health for money. I would rather invest my extra income instead. It will compound overtime. 😊
I love this way of living. And it goes with earning more money. Not because we have money now doesn't mean we are going to look where to spend it. This is a habit of mine before but realize that it is the wrong way of thinking. Most of times, the amount of money we receive at the end of the month is NOT that matters but the amount that is left. 😊
I believe this is important when doing something as it will be our driving force in achieving something. Even if there would be hardships along the way if we love what we are doing then it will push us to keep on going.
The only disadvantage of this that I see is we might end up hating what we love. Just imagine doing things over and over again - like a game tester who repeatedly play the same game level over and over again.
These are just my humble reflections on your post. :)
Thanks for the detail response. Glad to see you have your own take on each of these methods. It’s difficult enough to do them but they way you think as to trying to work on these methods with ease is admirable. !PIZZA
It's a difficult process indeed, but with great rewards. 😊
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