WELCOME to GainFinancialFreedom.org! Here, you’ll find:
1. Things you can DO to gain financial freedom
2. Tips, suggestions, and simple financial advice, that have worked.
So, let’s get right to an actionable tip.
You can gain financial freedom faster by simply doing ONE thing, and practically anyone can do this.
If you agree to the following definition then you’ll see the logic in this tip. You are financially free when:
All expenses are covered by all income and NO PHYSICAL WORK IS NEEDED TO PRODUCE THAT INCOME.
Did you see that “and?” You will need two parts fulfilled, but notice there is no specific dollar amount stated. That’s because how much passive income you have is irrelevant to gain financial freedom…IRRELEVANT!
You only need enough passive income to cover your expenses, that’s it!
I’ll be ridiculous for a second but you will see the power of my point.
Let’s say your expenses were only $100/month. If you knew how to rank a website, for example, you could do that for a local business, get paid monthly to keep it ranked, and be financially free in a few months!
So, the ONE THING you can do to gain financial freedom faster is cut some expenses. Here are some common expenses:
DEBT: One expense people do not “feel” is the interest on debt. And, lenders do not want you to see how much you’re paying them in interest because it is in their interest to do so. If you are a DIY (Do it Yourself) kind of person, get Dave Ramsey’s 5-star rated The Financial Peace Planner for a simple, non-techy, yet effective way to get out of debt, and MORE IMPORTANTLY, STAY OUT OF DEBT!
ENTERTAINMENT: There are so many free games online, even virtual reality ones. For example, if you had $100,000, how much could you turn that into in a few month’s or year’s time? Find out now if you can CONTINUOUSLY turn money into more money using the (stock) markets without risking any money. Play for FREE here (with $100,000 of virtual cash).
GROCERIES: See video below.
Not many people think of cutting expenses as a means to gain financial freedom, but if you think about it, it has the same effect as increasing your income in terms of becoming financially free and you can see results in about a month.
What if You Had A $133.34 Grocery Bill And Paid
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You can attack any expense you want but focusing on larger on-going expenses make it worth while. Groceries, for example, are an excellent choice. The savings can add up to hundreds of dollars if you have a good system. Just imagine having an extra $100 to buy something that can make you money. This totally changes your ability to gain financial freedom.
To check out a professional grocery saving strategy, go to CouponsToFreegroceries.com and get the FREE information emailed to your right now on how to save hundreds over the next year (scroll down to the email form). This alone can free up enough money to invest in money making products.
The point is, the less expenses you have, the less passive income you need.
Just as important, you’ll have (what they call) a positive cash flow. And, having cash that you can put to work (instead of borrowing money) makes life much less stressful knowing you don’t have to make money to make your debt payments.
For Those Who Have Their Expenses In Check, Gain Financial Freedom Faster By Increasing Your Income With These Proven Online Methods
This blog focuses on ways to build online income, including, but not limited to, creating virtual real estate that can be sold (aka flipped) like traditional real estate. See the “Reviews-Tips-Strategies” section for more information.
How To Attack Your Expenses And Easily Measure The Results (The Experiment)
First, figure out how much income you have per month and spend it all on paper so there’s nothing left. This is simply to get a realistic idea on what you can spend on each category. However, it’s not necessary for this experiment if you know about how much you spend on categories such as food, household items, and entertainment.
Second. Now that you have a dollar figure for each category, get 3 envelopes and label them food, household items, and entertainment, for example (you could do more but this is sufficient for this experiment).
Third. Get cash from your bank and put the budgeted amount in each envelope. To keep accounting automatic and in real time, use the cash in each envelope when you buy something in that category. If you can control a few hundred dollars, you can control a million dollars.
Fourth. Go to the “How Can I Save Money” section and implement a strategy to save on groceries, household items, and entertainment. Or, you could find one elsewhere if you prefer.
Fifth. At the end of the month, simply take a peek in each envelope. Do you have any cash left? If so, congratulations! The strategy has worked. If you can operate your personal life “profitably” like this, you will not only develop skills that will help you gain financial freedom faster, but skills that will run any business profitably.
How Cutting Expenses Help You Gain Financial Freedom Faster
First, make sure you keep that savings separated or you will spend it, which defeats the whole purpose. Open another account, track it at a separate account in your financial software, track it on paper, or do whatever you want, but keep it separated!
This is your investing money. Use it for anything that has the potential to make you money. If you make a profit with your investment, reinvest it in the investment or put it back in this account and repeat, repeat, repeat! Our ultimate goal is to one day have our money working for us and not us working for money!
Now here’s how cutting your expenses will help you gain financial freedom faster.
1. This has been touched upon earlier. You don’t have to build a lot of passive income if your expenses are low.
2. You can start building a mini emergency fund of about $500-$3000 dollars. The amount depends on your annual income and total debt. According to self-made millionaire Dave Ramsey, if you have less than $20,000 in annual income, $500 is a more reasonable goal. And, if you have a lot of debt relative to your income and it will take you years to pay off that debt, then you might want to up that to about $2-$3K, but no more. This not only helps in emergency situations, but also gives you a sense of accomplishment. You’d be surprised at what kind of chain reactions this simple accomplishment can set off. Financial freedom will start looking more realistic rather than just a dream.
3. Once you got that mini emergency fund, take all that positive cash flow and start getting rid of all your debt (if you have any) except your mortgage. Getting rid of these debt payments will free up even MORE cash! Use the debt snowball method to get out of debt. See if your local library has the “Financial Peace Planner: A Step-by-Step Guide To Restoring Your Family’s Financial Health” which shows you how the debt snowball works. You can get a quick glimpse of what it’s about with Amazon’s “Look Inside” feature by going to page 103 (you might have to type “debt snowball” in the search box when you look inside the book – you just need a (free) account to use it).
4. Now you can build up a sizable cushion of 3-6 months living expenses at turbo speed because 1) your expenses are now lower (which means you don’t have to save up that much for your cushion) and 2) you have more free cash to build it with! On top of all this, you have effectively increased your personal profits without increasing your income! Now you have extra cash flow to invest and/or learn how to make money. That’s how you gain financial freedom faster!
Living “Frugal” Is Only Temporary
Just because you cut your expenses now doesn’t mean you’ll have to live within this expense range forever.
Our first objective is to gain freedom as fast as we can. This will allow us to work when we want to, if we want to, and not have to worry about bills getting paid in case of a lay off or serious illness. We will reap the benefits of financial freedom while we still have life to live. Then, if we want to buy more things, we just create more passive income.
This is why knowing how to create passive income is the true definition of wealth. Learn how to do this and you may be temporarily broke, but you will NEVER be poor. It will only be a matter of time before you gain financial freedom again.
This blog addresses online systems that have made thousands and even millions of dollars for people…but they only made money because they have actually worked the system.
So, click around to get money saving and money making tips, reviews, and strategies…and vow to quit only after you gain financial freedom!
Photo: courtesy of Svilen Milev
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