What does financial independence mean to you? Does it mean more time with your family? Better access to health and education? Financial freedom is a common goal of all of us who wish to create passive income and become the leaders of our lives. Many of us are looking for financial independence; we search in places like real estate and stocks without much knowledge on how to create passive income. What most people do not understand yet is that the key to free yourself is to educate yourself. Our 4th president James Madison said it best, “Knowledge will forever govern ignorance, and people who mean to be their own governors must arm themselves with the power which knowledge gives.” Here are three steps that will catapult you towards financial independence.
Step 1 – Understand Your Personal Budget
To understand your personal budget, you must be honest with yourself and answer: What is the minimum amount of money I need to survive? Break down your fixed expenses and write down what is the minimum amount you need to cover them. Include rent, utilities, insurance, gym, food, phone bill, etc.
Once you are transparent with your non-negotiable expenses, you can set up your budget utilizing the 50/30/20 formula. Remember the more you save, the faster you will get to financial independence.
Step 2 – Cut Your budget Down and Save for Investments
Okay, now you have a clear understanding of where your money is going, and you have allocated the correct percentages to certain expenses. Well done! You are already more financially aware than the average individual. It is time to cut down your expenses. Here is where the champions become champions. No one becomes wealthy by spending all their money. Discipline is a crucial element, and it is critical to cut your expenses, thus remember only to buy the things you need, not the items you want.
It is essential to understand that it does not matter how much money you earn, what matters is where you allocate your money.
Step 3 – Create Residual Income
Nowadays, you have different forms of creating residual income. Some options require more skills or resources than others, but there is at least one form that everyone can do.
Investing in Digital Real Estate (DRE). What is DRE? It is a combination of traditional real estate and eCommerce. With DRE, you invest in eCommerce stores, grow them, and sell them for 3 to 4 times its annual profits. If you are an entrepreneur or even a real estate investor and have not yet ventured into Digital Real Estate investing, it’s worth considering, and here is why.
eCommerce is growing year over year at 129%, and it is only increasing in momentum.
Residual Queens is a company focused on financial education and specialized in automated eCommerce businesses. They will build you a turn-key online business that will make you consistent residual income month over month. How do they do it? They have created a short walkthrough video that will walk you through their process. Maybe you are not ready to invest, but you can learn. Residual Queens are prepared to guide you to the path of investing by first helping you get your finances straightened out. Their mission is to make financial freedom attainable for anyone. If you are interested in taking action and learning more about their program, click here to access their walkthrough video.
Why is Creating Residual Income Important?
In the United States, the average person lives to be 78 years of age. For most of us over 30 years old, it means we have already lived over 30% of our lives. Time is something no one can buyback; it’s the one thing that even the wealthiest people have the same amount from the rest of the world. Finding ways to free your time by creating residual income so you can live your life on your terms, doing what you love to do is everyone’s goal. The question is, what are you doing to get there? Are you hoping it comes to you, or are you taking the necessary actions like the three steps mentioned above to get you there? No one can get you there but you.