Break free of the typical 9-to-5 and achieve financial freedom with the 5 steps in this guide.
Do Not Mistake Financial Comfort For Financial Freedom!
There’s a peace of mind that comes with being able to afford your day-to-day needs and wants with plenty of room to spare in your budget. However, the issue is that many people will equate their comfort with financial freedom.
The truth? As long as you rely on active income (AKA, your 9-to-5 😎) to pay your bills, you’re still not financially free. Financial freedom can’t be achieved until you break away from your dependence on active income.
That being said, many individuals don’t know where to begin in their journey toward financial freedom. If you’re ready to say goodbye to working to live, let’s dive into the five steps you need to become financially free‼️
1. Reevaluate Your Concept Of Financial Freedom
Mindset plays a major role in your financial life. Too often, financial independence is mistaken for financial freedom. While paying your bills and being able to afford more in life is certainly a step forward, you still have to rely on active income streams to pay for your day-to-day expenses.
Once you’ve achieved financial independence, you need to shift your focus to financial freedom. But what does this mean? Financial freedom is defined as:
- Being able to pay for expenses without stress or worry
- Having full control over your finances and income streams
- Leveraging passive income streams rather than active ones to pay your bills
The last point is the most important. Passive income streams are sources of income that do not rely on active engagement in order to generate money. With passive income, you simply invest in the right opportunities and continue collecting from those streams over time.
Developing passive income is something that every prospective investor must focus on if they wish to break free of their 9-to-5. But your journey doesn’t begin with investing. Let’s dive into the next step to help you get started!
2. Draw Up A Comprehensive Budget
When you work a job or run your own business, you budget around your anticipated income to ensure that you have enough money for your monthly expenses.
When you decide to develop passive income streams, however, your budgeting focus should be to create enough passive income to cover those expenses. You will also want to set goals so that you have plenty of money to save and spend to your liking.
Set aside some time to draft up a new budget that reflects your current expenses and any upcoming expenses. With your new budget handy, we can move onto the next step.
3. Calculate The Amount You’ll Need To Cover Your Expenses (And Beyond)
Once you have a better idea of how much you’re spending per month on living expenses, you can begin to develop passive income streams that help you cover these expenses.
Planning passive income streams is similar to budgeting for a job, as passive income will often offer you a predictable amount of cash per month (with some fluctuation in certain investments).
Ask yourself the following questions:
- How many passive income streams do you want to develop (as the old adage goes, don’t put all of your eggs in one basket)?
- How much do your passive income streams need to pay you to cover your monthly expenses?
- Will your chosen passive income streams need to pay you monthly? Quarterly? Yearly?
Planning is crucial to get the most out of your investment journey. Without a solid plan, you can easily end up with less cash flow than you anticipated, turning your financial freedom dream into a nightmare.
Now that you understand how much you’re spending per month and how much you need to earn through passive income, it’s time to seek out the right resources for your needs. This brings us to our next point.
4. Look For Opportunities That Appeal To Your Situation
Finding the right passive income streams to replace your active income streams can be the most difficult part of the process. With an abundance of options out there, you may feel overwhelmed by your choices. Fortunately, we’re here to help!
One of the best passive income streams to focus on is multi-family property investing. Multi-family properties come with several unique benefits that make them excellent for investors looking to earn consistent income. These benefits include:
- Access to monthly income that won’t dry up due to vacancies (a common problem for single-family property investors)
- No need to manage properties—a dedicated team will do it for you
- Low entry threshold; you can invest for as little as $50,000
- Pays out substantially more than other passive income streams
Put simply, if you’re ready to start your investment journey and want an opportunity that’s immediately lucrative, the apartment syndication investment model is the best fit for your financial freedom goals.
5. Implement Your Plan, Bring In Passive Income, And Repeat!
With your investments made, it’s just a matter of kicking back, relaxing, and watching the money roll in! However, you have to get started in order to reap the rewards of your investment opportunities.
Are you ready to invest in apartments and break free of your career, side hustle, or business? If so, go to our lead magnet, “The Ultimate Passive Income Guide” to learn more about how you can begin your journey to financial freedom.
With all of your bases covered, it’s only a matter of time until you have the cash flow you need to enjoy your life without having to work for your paychecks!
Head to the to sign up & learn more about passive income via apartment investing! >>> https://bit.ly/3wqcfdM
Palmy ➕ Nancy
The Kitti Sisters