In my last post I wrote about the fact that I my goal is to achieve financial freedom, and live my life on my terms.
(If you haven’t read that post yet, I would recommend clicking HERE and doing so before reading this one.)
In that post I wrote that to me, financial freedom means generating enough independent income to have a choice - to either double down on what I'm doing and make a lot of money, or pull back and work just enough to maintain my income and spend the rest of my time doing something else.
The question you may be asking is, how?
How do I plan to generate that ‘independent income’?
Generating Independent Income
I could invest in the stock market… however average returns are under 10% per year so I would need a lot of capital to generate enough income to achieve financial freedom. I have some capital, but not that much, and it would take WAY too long to grow it.
I could invest in real estate… but again I would need massive capital to generate the sort of income I’m looking for. Plus I know nothing about the real estate market.
I could try something more exotic, like crypto… but again I don’t know enough about it to invest intelligently (and honestly, I have little desire to learn crypto), so for me that amplifies an already high risk activity with the potential to lose a lot of money quickly.
In my opinion, the best way to achieve it is entrepreneurship.
Specifically, online entrepreneurship.
Building an online business.
I’m not talking about being the next Zuckerberg, as I explained in my previous post HERE.
I’m also not talking about opening a little bakery or cafe on Main St… again, too much capital, low margins, supplier hassles, etc, etc. (And I don’t know shit about baking anyway.)
I’m talking about building my own online business, whether it be training, coaching, consulting, agency, freelancing, ecommerce, affiliate marketing, network marketing… there are a lot of options.
For me, it's about being able to work anywhere in the world...
Some of you may be thinking that’s a pipe dream. That simply “building an online business” sounds good in theory, but it’s not reality.
Not so long ago, I may have agreed with you.
But I’ve seen it with my own eyes too many times now.
From 2015-2018 I worked at Flippa, a marketplace for buying and selling online businesses, and while there I met and worked with a number of people who had reached the point in their business where they were generating enough income to give them financial freedom.
I have been coached or mentored by several people who have also reached it (and beyond).
So Where Am I At So Far?
I’m not QUITE there... yet.
I’ve created several businesses in the past two years. I’ve done consulting, ecommerce and local lead generation. I’ve had my own agency (of sorts). I’ve done SEO, Adwords and Facebook advertising.
And I’ve had some success. I generated six figures in overall revenue in the last financial year (Jul 2019 - Jun 2020). More recently one of my ecommerce businesses managed to generate six figures in revenue in less than a month.
But I haven’t yet cracked the level of sustainable and, importantly, automatable income required for true financial freedom.
There are a few reasons for that. It’s not that the business models I’ve tried don’t work. They do. But so far they haven’t worked for me.
However, after more than two years, I think I’ve finally found my path…
Which I’ll tell you more about next time! 🙂