It only takes one thing to reach financial freedom. One skill, one ability, and a continuous drive for improvement and success. Instead of trying to chase down every skill and ability that is the “newest and best way to make money”, pick one proven strategy you feel passionately about and master it. Get rich quick is a very trendy topic and many gurus make a lot of money off people who believe in get rich quick. In reality, there is no getting rich quick, there is only getting rich slow. There are so many proven routes to financial freedom you can take and blueprints out there for you to follow. Choose the right one for you and go for it!
Choosing the right blueprint for you to follow
Choosing the right path for you to follow relies solely on you, your goals, your risk tolerance, personal preferences, and everything that makes you you. Do you like to talk to people and negotiate? Pick a strategy where you will have to do that a lot. Are you more introverted in nature and prefer to stay more behind the scenes? Great, there is something out there for you. For me, the vehicle is real estate. I am by no means a spreadsheet guy. I don’t perform well being behind the scenes and not interacting with people. I couldn’t imagine day trading and analyzing stocks all day long (although this could be an effective strategy for you). I pondered for a while what might suit my personality type best. I decided it would be real estate because it would allow me to talk with people all day in meaningful conversation, meet amazing people, and be more up close and personal so to speak with my income strategy. Everything else felt sort of intangible to me because I couldn’t physically feel, touch, or see it beyond a computer screen. Granted, a lot of the work I do today is from behind a computer screen but I do speak to many people on a daily basis and have the opportunity to see what I’m doing in person any day at any time. This is what works for me. It may not work for you and that’s amazing! You’re unique and have your own needs. There are many other avenues to choose from (a lot of them mentioned in previous blog posts)! Analyze yourself and your needs to make sure you choose the right fit for you!
Focusing on your active strategy and setting up passive ones
For me, the active strategy of real estate is a great avenue to pursue and I spend almost all of my time pursuing it, however, setting up passive strategies to grow my wealth in the background is also a key for me and should be for you too. To make an investment truly passive, you must learn to delve into it in a way that requires little to none of your time yet provides you with consistent and predictable returns. Currently, I have a few of such streams of income I have created or am in the process of creating. One is stock investing. To keep it passive, I invest in long-term buy and hold stocks such as the S&P 500 and other ETFs along with gold and silver. At one point when I was taking a very active approach to stock investing, I was using the vehicle options to trade during shorter far more active periods of time. Scaling this back and focusing on more long-term plays allowed me to take my focus away from the stock market and park my money for less momentous but predictable and passive returns over the long run. My second passive strategy is ecommerce. In the beginning of my ecommerce days, I spent countless hours learning the ins and outs of selling online and how exactly to do it. It took a lot of time and energy. Since then, I’ve been able to outsource the whole process so I can focus my attention elsewhere. Although the process is not yet complete and I have yet to realize major gains, I am spending little to no time or energy focusing on it. Creating these passive strategies to multiply your wealth while you focus your attention on one thing will help diversify your assets in a way that hedges against major loss, yet compounds your gains over time so that your money is continuously working for you!