Secrets To Wealth and Freedom Part 1/3

If creating wealth and becoming financially free is one of your top dreams and goals, you're going to want to make sure to read this letter and the next 2 that follow in this three part series I'm writing for you!

We can have all sorts of mixed up belief systems and ideas about what money is, here's one absolute truth about it in our society though:

Financial freedom is one of the greatest freedoms there is. 

A view from the iconic Dom Luis bridge in Porto, Portugal. One of our fav cities we've visited since living in Europe the last six months.

If we want to achieve anything in our life, it's obviously important to know what that outcome actually is!

So before anything else, let's start today with a clear definition of financial freedom we can all work towards:

Financial freedom is where you have more passive income coming in than what your expenses are. 

That's it. There is no universal amount of money that hits this definition because everyone's lifestyle and goals are different, but certainly we can see that we all universally share this:

If we have more money coming in everything month passively than what are expenses are, WE ARE FINANCIALLY FREE!

When I say passive income too, I'm talking about things that take little to no time to have that income coming in. 

Generally speaking there are three main ways we create this:

1. Through passive investment income. These could be things like a stock market portfolio, a real estate portfolio, pension incomes, cryptocurrencies, cash value life insurances and other things of that nature.
2. Through passive business income. Where you have a business that is set up that requires minimal amount of your time now and keeps generating you cashflow. There are LOADS and LOTS of different businesses you can build that when set up with the right systems can create this for you.
3. Through passive royalty income. You create something once that continues to be sold, and every time it is sold you get a percentage of that sale. Things like books, music that is streamed, software programs, a franchise (the franchisor not the franchisee!), patents, etc.

 The Value of Active Income

As much as I love passive income, I also LOVE active income when it comes from doing something I LOVE!

When I was young in my career I chased money, and it worked to a degree. I became financially successful, but I was not fulfilled because I misunderstood what working was for.

Working isn't for making money, working is for fulfillment!

Now in my life, if I'm going to invest my time and energy into any project or business idea, I want to make sure it gives me PURPOSE and FULFILLMENT above all else.

What's great is that there are so many things we can do in the world that give us that sense of purpose and fulfillment AND can pay you very, very well! 

Then of course we can use a percentage of that active income to INVEST into passive income vehicles.

Ideally, beginning with 10% of your income. If you can't do that yet, then at least do 5% and work your way up. You've got to pay yourself first if you're going to get financially free!

That's it for this week, some simple ideas and reminders around financial freedom, stay tuned for next week as we dive into the driving force behind your behaviour with money!

 Action Item For The Week

Grab my passive income planning worksheet and take 5-10 minutes to work on your financial freedom by clicking here:

Download now

Enjoy!

-Ben