When you want to achieve financial freedom, and passive income, this is the video to watch today!
Now, there are many many ways to achieve financial freedom, in this video I’ll describe the way through starting a business, and why that is smart.
00:00 the shoutout to the journeyman investor
Be sure to check out my rough voiced friend, he’s got a cool channel on investing.
01:08 step #1: start a business
Now, it is not that the business itself will create your financial freedom. But when you compare having a 9-5 job to having a business, the biggest difference is that you’ll taxed completely different. A regular job, that pays up to 70k annually, will be taxed up to 40%, whereas a high paying job will be taxed up to 50%, but when you compare this to a business, that generates revenue, has expenses, and the profit left at the end, only that is taxed. The amount tax that a business needs to pay over the remaining profit, is only 25% and that’s the interesting part… You’ll have a lot more left for you to spend. In the video I go through things such as laptops, cars, and any other expense that you can put on the business, that will help your life improve, and yet you won’t be charged through taxes for that.
06:29 step #2: create a system that solves problems
Now that you have the intention of starting a business, good! The next thing is, think of a system that solves problems. Easily said than done. What problem can you solve for other people, that will generate you money, and at the same time, people are willing to pay you for. When you can think of a 10 dollar solution, people will give you 10 dollars for. When you think of a 100 dollar solution, simple as that, people will give you 100 dollars for that. And the moment you create a system for that, passively or actively, the 10 dollars will keep on rolling in. Just like what starbucks does. And when you can fully automate the system, that’s your passive income for your business. In most cases, you’ll have to fit it together with delegating it to other, and then you create a semi-automated system that solves problems that people have, and these people are willingly handing over their money to you.
10:33 step #3: you have to make money while you sleep
This sounds very tacky, or silly, but this is how financial freedom is truely created and achieved. You have to make money while you sleep. If the whole system that you created is not generating you money while you sleeping. You still have to put in time, to get money. And that’s fine, for a while, but you want to be working hard now, and reaping the benefits at a later stage so that money will keep coming in, even if you dont work that hard for a while.
And these are the 3 steps that you need to create to generate your financial freedom journey.
Creating passive income always starts one bite at a time. You have to start small, to be able to grow big!
12:20 step #4 how to get started!
You thought it was only some theories, how do you get started, that’s the question. It always starts with one step at a time, and think of the talents that you have, that could help and solve someone else’s problem. Think of that first, and if you get stuck, well, reaching out to me, is the first step you could take ;) and who knows we might be able to think of something together ;)