In your quest to achieve financial freedom and retire early, it is important to realize that income is not for eons. Income is and will always be for a limited time unless you want to work until you die. You know how you make yourself feel bad when you do not hit your goals. Income is for a limited time so plan for your non-earning periods now!
We all need to start preparing for periods when our income will stop. After all, no one can work forever. Therefore, it is important to plan for the day when you are no longer able to do paid work (i.e., your non-earning periods). If you fail to plan during your earning periods, you may be liable to miss critical needs such as income stream changes, healthcare costs, and other financial burdens, during your non-earning periods.
While we earn we should make sure we plan for our whole life. We know you do not want to work after 55, so start investing now as you will have to start from some day of your life so that you can take care of yourself and in case of emergency, you will not go under the debt. So start investing in your early age and continue it until you are earning. Doing this will not only provide best passive income for your non-earning age but also would give you some earnings after 55 in which you would not have to worry about money during your non-earning age. Plan today for your financial freedom that will make your non earning years beautiful.
Financial freedom probably has a different definition for everyone, but here’s my take on it: Financial freedom is the ability to do what you want when you want and with who you want. It’s the feeling of security that comes with not owing anyone money and knowing that you’re doing enough to ensure your future. Basically, it’s a lifestyle.
For financial independence you don’t have to wait for retirement from your job in order to experience financial freedom. You can experience financial freedom at any stage of your life so long as you have the determination and self discipline to accomplish it. We have discussed it in one of our articles, What is financial freedom? You can achieve financial freedom with passive income from long-term investment even before your non earning period.
Rich Dad Book’s CASHFLOW Quadrant is a famous guide to financial freedom. It’s the second book in the Rich Dad Series and reveals how some people work less, earn more, pay less in taxes, and learn to become financially free. In the book you will find four quadrants that are classified with people, companies and assets in order to categorize their approach to income.
There are 2 options for passive income. The best one is an investor that you can invest in at an early age with a small amount even with your existing job. You can achieve financial freedom with passive income from long-term investment. Moreover, the good thing is, it is well within your reach. What’s more, once you set up the right passive income source and get it working, you can continuously reap a substantial income in the months or years to come.
Income is essential to live a happy and secure life. That is why we earn income as a big part of our life. It comes as no surprise that many people are willing to do almost anything to get it. However, if you want real, secure and long-term income, long-term investment is the way to go. Passive income is a very productive way for achieving financial freedom. Passive Income is in-build income that you can earn through investing more than a year without touching it. Therefore, the key to passive income success is to earn money without doing anything. Hence, working with your capital or investing in an investment that you do not need to engage yourself directly into it and it will be earning for its own cycle.
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