The Challenge Of Financial Independence

Who amongst us does not want to be financially independent?
I would venture to say, “everyone on earth desires financial independence. The sad fact is very few truly accomplish it.” The very fact that being independent means self sustaining is in itself a monumental task for many. Add financial to self sustaining and it becomes a challenge for only the best prepared as well as very fittest.

What if you lost your job?
What would your life be like, without a paycheck? If you woke up tomorrow and you didn’t have a job to go to, how would you and your family make it? Are you dependent on your current paycheck then you are not finically independent! You have to have an income worthy of becoming finically independent.

There are other ways to make money
There are three ways for making money.
1. work for someone
2. work with someone
3. work for yourself

That seem pretty easy, get a job, a partner or do it yourself. What do they all have in common? You! You are the common denominator in any avenue for acquiring wealth. Let’s look at you, being you are the root of the matter. What do you have to trade for money? Skill? Knowledge? Brawn? Your aptitude or abilities are essential in evaluating and finally determining how much you are going to earn. No one’s going to drop money into your lap just because they think you are a good old boy or girl. Guess what, if you are depending on just selling yourself to the highest bidder chances are, you will never make it. Oh sure you will be able to make wages and pay your bills but how about if something disrupts you ability to work, then what? When the time comes, and it will, where you can’t sell yourself anymore, then what? If just getting a job is your plan, you probably will never become financial independent.

There are good paying jobs
How viable is it to work for someone? Pretty good if you are able to land a job as a top executive of some giant company or you have a skill which makes someone else big bucks. For instance, coach Fulmer with the University of Tennessee makes better than three million a year coaching football. But, for every one who does make big money, there are thousands who barely get buy. Working for someone will pay the bills, but probably won’t make you financially independent. Also working for someone means you are under their control. You must follow their rules, value their morals, and be subject to being laid off or worse . . . fired.

Or Find a Partner
How about working with someone? Here your chances are better. Having a partner or associate has a lot of benefits. You don’t have to depend entirely on your skills to get the job done. The old saying, “two heads are better than one” is true. In a good partnership both parties provide moral support for each other.

The most challenging Job
Thirdly, working for yourself. There is much more risk involved when working for yourself, but the payoff could be much greater. The risk is because first off, you are depending on yourself and your ability to make decisions. How can you work for yourself and have someone else make the majority of the decisions? If you are a good decision maker then no sweat, but most of us aren’t.

Franchising. In franchising, someone has gone before you and made most of the mistakes. Most times, you are selling someone’s else’s proven concept or brand. The cost for franchising could run from a few thousand dollars to millions depending on how recognizable the brand or possibility of high dollar return.

Business Opportunity is an avenue in which the possibilities of becoming financial independent could be great but the possibility of failure is also great.

Make it yourself
Manufacturing. If you have a niche or product that is in demand, then manufacturing could be a good source of income. For instance, we came up with a way to deep clean carpets by using static attraction. It was great for hospitals, nursing homes and hotels because it used very little moisture and the carpet didn’t have to be taken out of service for cleaning. It’s like the old saying, “build a better mousetrap and they’ll beat a path to your door.” Well it wasn’t hardly that good, but it did work out well. The problem was, we had to mix the product, bottle it, ship it, do sales, bookwork and the hundred other task that goes with the job.

Be a Independent Contractor
How about providing a service? Be an independent contractor for painting, plumbing, carpentry, on-site carpet dying and thousands of other well paid professions.

No matter what your source of income is, you still have to manage it. You must acquire a mindset for financial freedom. Practice and believe in, “every cent counts.” That’s right, you must provide money so it can multiply itself. Money will do what ever you direct it to do. You can go to the local watering hole and drink it away or leverage it into . . . gold, oil, real-estate, antiques, and thousands of other things that will multiply your return.

Have fun with making money
There’s a good time to be had in making money. Once you have laid down the ground rules for wealth building, watching your portfolio grow is satisfying beyond description. You have to get a handle on your money before it gets a handle on you because it can be your best friend or your worst enemy.

Just like any high stakes game, you must plan for wealth. You must plan on where the money is coming from, put together a sound budget, determine how you are going to make your money multiply and work the plan.

Plan your way to financial independence
Pay attention to current events. What is trendy, in demand, or will be in demand and place your money where it counts most. Sure, there is risk but it is calculated risk, if you do your homework. Make the most out of every minute of your time, it’s your biggest and best asset. Put your money where it will increase. “Sew and reap,” like a good farmer plants seeds. Take good care of your crop, and it will take care of you.

Happy Trails