A common question we get is what financial independence is with Online Business in the mix?
Followed by a few follow up questions – Is it achievable? Is it easy? How did you do it?
I’ll hopefully get around to the follow-up questions in future posts, but for today let’s focus on the what in the context of Online Business.
What is financial independence with Online Business?
At its core, financial independence means having your expenses covered. So if you lost your job tomorrow, got injured or want a break – you could pop yourself on the couch with some popcorn and watch Netflix full time (you’ll need a VPN to access all their content mind).
I’ll do a separate post on getting to exactly what financial independence is for you as an individual in terms of numbers – financial independence number – security, wealth and dream.
But for now, let’s stay big picture.
You may already be familiar with a model – retirement, where you work for 40 hours a week for 40 years to make 40k a year in retirement. Given that you have a quality pension provider you’re contributing to.
Whereas financial independence in the context of actively seeking it means you work to bring that date forward. You’re not willing to wait until your 65 to retire and enjoy non-stop Netflix.
Therefore achieve financial independence early and basically stop time thanks to automatic income hitting your bank account. The reality is, it takes sticking to a plan, being creative, staying dedicated, getting persistent and taking consistent action towards your goal.
To handle this journey, you’ll absolutely need a growth mindset.
This means, in actual fact, when you achieve it (not if but when), you’ll be so in the habit of growing as an individual you probably won’t have a Netflix subscription. (Sorry, Netflix).
This leads me to the next section.
Why do you want to achieve financial independence?
Because it takes serious dedication over a long period of time (Sorry – outside a stroke of luck, it won’t quite be six figures in six weeks).
Which, by default, means it’s not a plan for everyone to follow.
The balance of risk and sacrifice involved means most people are better at staying plugged into the system (or matrix) and collecting a paycheck.
Which, by the way, is totally OK. By excelling in the workplace, you could earn more in comparison to the world of business.
To determine if the pursuit of financial independence is for you, understand your true North.
In other words, why you want financial independence? Why on earth are you willing to go against the grain, listen to people tell you it’s impossible, work in the evenings, develop online business skills, risk multiple failures, miss Friday night parties (I can go on, but then I may as well start writing my memoirs).
Anyway, to help you understand your reason why here are some examples of common reasons people work with us to learn our BATON framework for Online Business:
- I feel like there’s more to life than work.
- Your job is not your passion, and you want to pursue your passion instead
- You in a career that just isn’t you
- You want to commit time to travel
- You’ve spent so long at work and so little time with your family. It’s time to flip this on its head.
- Life short and doing what you’re doing doesn’t make sense anymore
The list is endless. Maybe some of these resonate with you. Maybe they don’t. I hope it inspires you to dig deep and understand why you want to pursue (the worthy) goal of financial independence.
You’ll need to keep this reason tattooed in your mind because although financial independence is possible for you – it isn’t easy.
What is financial independence with Online Business in the picture?
Well typically, financial independence comes through a variety of wealth vehicles:
- Stocks and shares (long term investing)
- Trading (Short term investing)
- Property Investing
- Buying businesses
- Investing in a startups
- Online Business
- Owning a business
Now true, this means you don’t have to do any work to earn the income you earn.
Whilst this may be the case like I’ve said, they’ll be work involved before you get to that point. And all of the above require work upfront – Including getting started in Online Business.
The difference with an online business compared to the other wealth vehicles is that you need very little capital to start as long as you have a system (or plan) you can follow.
You’ll need something more important than capital to start with, which is an idea that people want. This, by the way, also is a process that can be learned, so don’t worry if you haven’t had a lightbulb moment.
Once you’ve started your online business and built the business, the next step will be to begin systemising and outsourcing operations. At which point you become a business owner.
The major benefit to this is you’ve got control. And learned a hell of a lot in the process.
It’s also common to have built income streams in property (real estate) and trading first. They want to do something more exciting where you have more responsibility and can exercise more control. Again that’s where online business enters the picture.
Financial independence is always a worthy pursuit if done for the right reasons. If your reasons are not strong enough, stick with the job, overall they’ll be more happy days.
But if you’re up for taking control of your financial independence, then learn the skill of Online Business.
In turn, it can allow you to either Netflix and chill or go and pursue more meaningful things.