Financial freedom is a goal that just about every person dreams of. Who wouldn’t love to get to a place where they didn’t have to work for money if they didn’t want to? Or to have the option to work only on things that bring joy and value and have the ability to say no to anything else?
But it seems so far away. So overwhelming. For so many, it doesn’t seem realistic or possible.
Many of the people I work with have full-time jobs but long for the opportunity to get away from “being locked in a desk job”, as someone recently described to me. It is deflating and discouraging when the pay raises they get don’t even keep up with inflation and the cost of living. How in the world can they think that financial freedom is really possible?
So they do what is normal- they will suck it up and just deal with it until retirement. It’s become normal for people to justify that they will stick with a job they don’t like for fourteen more years because they can then receive some type of pension. Fourteen prime years of our lives are sacrificed for a financial payoff at the end. And you can bet your bottom dollar that there will be another incentive when you get there to keep you chained down just a little bit longer. But for many, many more, there isn’t that pension of financial windfall waiting at the end.
These people often dream of starting their own business. But they don’t know where to start. They have many ideas. But they don’t know what to choose. So they do the one thing that they shouldn’t do.
They choose nothing.
Do you want to know what they say often in those situations?
“I don’t know how I could make a living doing this,” they answer.
And if they don’t see how they can make a living with a side business, they proceed not to do anything.
But they are missing such a giant component. Sure, very few can see how they can make a full-time living when they think up a side business. It’s only once you get moving do you get the momentum, see the vision and then see where different income opportunities will appear. But let’s put the idea of making a full-time living to the side for a moment. What if the side business was simply to build the first step towards financial freedom for yourself?
Meaning, the idea of quitting a job might not be reasonable in your mind yet. But does that mean that you shouldn’t start a side business? I am going to explain why it’s the perfect time to get started.
Instead of thinking of replacing your full-time income, start by creating financial freedom. What I mean is, what if the goal of your side business was simply to fund your path towards financial freedom?
More specifically, what if the goal was to fund your investments that would create your financial freedom in the future? Nothing more, nothing less.
If you use the income to fund your ROTH IRA account, you can contribute up to $6,500 per year ($7,500 if you are over 50). This money is put in with after-tax money, so it grows completely tax free. Simply maxing out your ROTH will go a long way towards setting yourself up for financial freedom.
If you run any type of business and are self-employed, you have more options. If you max out the ROTH and have more profit, you can contribute up to $66,000, or up to 25% of your business’s earnings or compensation, whichever is less.
So, even though you might not be able to go “full-time” with your side business yet, you could build financial freedom while building your future full-time business. And here’s an amazing part of this- after a few years and growing success, not only will your business allow you to quit the job and go on your own, but you will be leaving with a healthy investment portfolio that will get you that much closer to financial freedom.
And when you combine doing work that you love with creating wealth and the financial freedom that comes with it, you start seeing how Total Life Freedom becomes more possible by the day.
It’s great to have a dream. But it’s more important to have a plan. Creating a plan that starts building financial freedom while building your business gets rid of procrastination. It builds momentum. And it does what’s most important- getting you one important step closer towards your dream.
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We’re getting a lot of questions from readers about building memberships to create financial freedom. Do you want to know if your idea could be a potential membership? If so, our team is opening three complimentary spots to brainstorm YOUR idea. These are absolutely free, but they will have limited availability. If you want a spot, email us directly at vincent@totallifefreedom.com.
Have an AMAZING week!
Vincent
