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4 Phases on the way to Financial Freedom. / Ep. #7
Phase 1 : Create an emergency fund.
Emergency fund would give you courage to take risks in your life. It does not matter if you are earning a high or low salary. An emergency fund is your own banker at home. You don’t have to worry about money if something unexpected happens in your life with you or your family members. I recommend you to have an emergency fund equal to at least 12 months of your monthly expenses.
Phase 2 : Start Side Hustle Start a side hustle in the area of your interest - whether it is writing, cooking, teaching, singing, travelling, Coaching or video making.
Get 2 slots of 2 hour each for your side hustle on a daily basis. One in the evening after coming back to the office and second in the morning by waking up early.
Looks like hard work.. well.. you can not get financial freedom by spending 3 hours daily on Whatsapp, netflix or social media.( Social Media can be used for generating 2nd income if you use it properly). 11 12 I am sacrificing my sleep, TV time and social media just to learn and grow in my life.
I am trying hard to achieve financial freedom. Are you? Make your choice! Start your own Business, youtube channel or take freelance work. This will help you to build up your knowledge, experience and network in the industry. Slowly but evenly, you would start making small money from the side hustle.
Phase 3 : Switch your part time to full time Once you start making regular income from your side hustle (that you love to do), you can replace your side hustle with your full time job.
Last Phase : Create multiple income streams Create multiple income streams so that you wouldn’t depend on a single income stream. Single income stream can create financial disturbance in case you lose your primary source of income. You can create multiple income streams as
● Rental income
● Income from youtube
● Freelance income
● Income from blog
● Interest & Dividend income(Deposits Interest and Dividend From Shares.
● Long term income from stock investment
● Day Trading
● Write an ebook.
● Sell your own products on the internet.
● Create an online course.(create an online course on your skills which can solve problem of people)
● Arrange Paid Webinar for consultation. 12 13 Does that make sense?
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By NIRAJ KUMAR SINGHPhase 1 : Create an emergency fund.
Emergency fund would give you courage to take risks in your life. It does not matter if you are earning a high or low salary. An emergency fund is your own banker at home. You don’t have to worry about money if something unexpected happens in your life with you or your family members. I recommend you to have an emergency fund equal to at least 12 months of your monthly expenses.
Phase 2 : Start Side Hustle Start a side hustle in the area of your interest - whether it is writing, cooking, teaching, singing, travelling, Coaching or video making.
Get 2 slots of 2 hour each for your side hustle on a daily basis. One in the evening after coming back to the office and second in the morning by waking up early.
Looks like hard work.. well.. you can not get financial freedom by spending 3 hours daily on Whatsapp, netflix or social media.( Social Media can be used for generating 2nd income if you use it properly). 11 12 I am sacrificing my sleep, TV time and social media just to learn and grow in my life.
I am trying hard to achieve financial freedom. Are you? Make your choice! Start your own Business, youtube channel or take freelance work. This will help you to build up your knowledge, experience and network in the industry. Slowly but evenly, you would start making small money from the side hustle.
Phase 3 : Switch your part time to full time Once you start making regular income from your side hustle (that you love to do), you can replace your side hustle with your full time job.
Last Phase : Create multiple income streams Create multiple income streams so that you wouldn’t depend on a single income stream. Single income stream can create financial disturbance in case you lose your primary source of income. You can create multiple income streams as
● Rental income
● Income from youtube
● Freelance income
● Income from blog
● Interest & Dividend income(Deposits Interest and Dividend From Shares.
● Long term income from stock investment
● Day Trading
● Write an ebook.
● Sell your own products on the internet.
● Create an online course.(create an online course on your skills which can solve problem of people)
● Arrange Paid Webinar for consultation. 12 13 Does that make sense?