What to do to achieve financial freedom?
If you don’t know where you are going, any road will take you there (Alice’s Adventures in Wonderland: Lewis Carroll).
Many paths are out there but you better choose the smartest one and this really depends on your current situation, current skills and current opportunities.
My Current situation –Being Employed & Earning ~+$4000 a month, Can save ~$2000. I Have Shares in new company with unknown value and have Small internet business that produces passive income up to $500 a month.
It will take me more than a year to get out of my debt & another year to save money for RTW trip. Too long. More importantly it doesn’t solve the real problem - I will have to look for another job at the end of the trip…. No Freedom here.
The secret for financial freedom is in the passive income equation. If I can increase passive income to $3000 a month it can allow me live on it indefinitely (unless I change my lifestyle) . It will also allow me to close my debt & save money for RTW in less than a year.
Current Skills - Have strong internet background which allows me to open websites in short amount of time and with relatively small investment. My SEO (Search Engine Optimization) Skills can take those websites to the next level. AdSense adds & automated payments directly to bank account mean true passive income.
Bingo.
Opportunities - With the rapid growth in the number of Internet websites, leading niches are harder to maintain. The best strategy then would be to build large number of sites & dominate only few keywords in each one of them. That way I won’t be dependent on one site as main source of income.
Final Answer: Reach $3000 a month of passive income building large number of websites & promoting them with SEO strategies. I will need the help of Virtual assistance to build, manage & maintain. My current job & other independent projects should support it financially.
Chief Editor
Tal Gur is an author, founder, and impact-driven entrepreneur at heart. After trading his daily grind for a life of his own daring design, he spent a decade pursuing 100 major life goals around the globe. His journey and most recent book, The Art of Fully Living, has led him to found Elevate Society.
