“Money money money
Brighter than sunshine, sweeter than honey.
Money money money
It brings luxury & comfort it makes life funny…”
Let’s be honest. We all want money and most of us run after money. The irony is, not everyone understands that the goal should be achieving financial independence. That is way more important than just having money.
It means living your life happily, to have what you dream about, to be what you really are, and do what you love to do without having to worry about cash flow.
Imagine a situation when you have a ‘system’ that works for you, and generates an ever increasing regular income for you, month after month, year after year while you live a dream lifestyle. How would that be? That would be great, hands raised, no doubt. But, is there any formula to reach that blissful situation? To find an answer, let us think over, what prevents most of us from being financially independent.
We are what we are today because of our past actions, or inactions. And what actions we are taking today will decide how our future will be.
The root cause of our lack of abundance is the lessons taught our conventional education system and the society since our childhood.
At home, our parents tell us to get good grades so that we can find a decent job, earn monthly salaries and retire with benefits. But they fail to realize that salaried people live a life of financial illusion. The annual increments and promotions that they expect would never be able to provide enough passive income to make them financially free in real sense.
Our conventional education system is not designed to make us wealthy, or even financially literate. Our Schools and Universities focus on enhancing our professional and scholastic skills but not financial skills. Otherwise, why highly educated engineers, doctors, teachers who earned top grades in schools and colleges struggle financially throughout their lives?
There are 2 ways to achieve financial freedom for employees. The first one is the favourite of our poor or middle class parents and friends. The second option is taught by wealthy people to their children.
- Earn from salary, live a frugal life, save maximum, invest the saving and earn passive income after paying taxes.
- Take actions to build a part time business while continuing with the day job, pay taxes after spending, build assets that give regular returns even when you are sleeping and finally retire wealthy, in a matter of a few years, much before the age of 60.
As it is, the first idea does not sound attractive anyway because if I postpone all my pleasures during my youth with a hope of a better life when I’ll become old, then what is the fun of living?
The Self Made Millionnairs' Way
"You won't get rich without multiple flows of income." Says all self made millionaires like Robert Kiyosaki, Brian Tracy, Tony Robbins, and a host of others who started career as employees.
Smart people save a part of their salary, but they look for ways to increase the income gradually, without sacrificing much the quality of life. This calls for multiple sources of income. A well planned part time self-employment or business can generate the desired side income in addition to the salary.
Yet, according to Jobvite, a recruiting software company, only about 25% of employees have a second source of income outside of their primary job, that also because "they have to" earn extra money to sustain themselves, not to achieve financial freedom see the below infographic, courtesy CNBC.
Yes, it is only the change of mindset that can make anyone wealthy and financially independent. The rich focus on earning big while the poor think of saving from only one source of income. It’s so simple but needs a determination to exit the comfort zone of mind.
Side Income Options That Can be Scaled Up Later
There are many freelancing and small business opportunities that can be launched to generate some decent side incomes. Here we're discussing options that can be scaled up to reach a level when you don’t have to work to keep it running but the system will take care of generating income. We are going to look at the options that meet most of the following conditions. The option should:
1. Need zero or very little capital to start with.
2. Provide solutions to burning problems and people should be ready to pay well for it.
3. Need skills and knowledge that can be transferred or outsourced to run the business.
1. Direct selling
1. Writing books
2. Interior decoration
3. Personal Services
4. Financial advisor
6. Online invoicing
7. Beauty and personal grooming consultant
Examples of Other Scalable Freelancing Startups:
1. Website designing
2. Digital marketing
3. Graphic designing
5. Event management
Today, it's easy to start any part time business that require very little or no upfront investment. But choosing the right business for you must be done very carefully after doing thorough research and whether it will suit your profile and ability. But you may rest assured, there are more than one option for everyone having a passion and commitment to achieve financial freedom.
I am coming up with the results of my own long time exposure to many of those businesses to share with you in my forthcoming posts soon.
Hope you have enjoyed this article. Your comments and feedback are welcome.