Financial Freedom - The simple concept of being wealthy and financial free
Being wealthy and financial free is more than plenty of money. But what I pay attention its benefit of time and freedom. Those rich people, from what I observe, have plenty of time and freedom to do what ever they want. Furthermore, they don't even worry about money and financial problems which are the main problems in most people life.
So what is their secret?
Actually their secret is simple. They just have multiple steady passive incomes that go to their account in a certain time. They diversify their income and make them come from different resources and the important is their income is steady. Building and owning the multiple steady passive incomes are the fundamental of being wealthy and financial free.
So how many incomes source you have right now?
If you want to have more income, you may get a part time job. However this is not the truth meaning of multiple income that I mentioned here. What I mean is the income that you build for yourself, it is belonging to you. A job is just a way to sell your time for money.
To be financial free and rich, you not only must build multiple income, but also must steady and keep repeat. This is a circulation income and it doesn't matter you are there or works, it still bringing income for you non-stop.
Generally, we can divide income to 2 categories: One time income or Durative income.
Your paycheck will be the most typical one time income. You working month to month to get pay check to pay check. If you stop working, this income will lose. Some business man also same, if they don't open their office or store for 1 day, they will lose the 1 day chance of earning money. So you must be careful because not every business can guaranteed you get out from the group of one time income. This is the most easy-to-get payment. Just find a job, and this income is there for you.
Durative Income is different. It only appears after you put some effort to build a business, invest and learn some skill to build an automation money-making system. Even you stop working after it; the income will still remain and continue to contribute money into your account. However, this kind of income will need your hard works and effort, some more willpower and patient. I'm building this everyday, so I know the feeling of uncertainty that sometimes really control my emotion to give up. Maybe because of this, people tends to give up this durative income and look for one-time income where it is more easy and simple.
The decision is on our hands. For me I rather suffer when I'm young, maybe for a few years, to build a strong financial basement for my future. The good news are, once you have this kind of basement, you will be more easy to move forward and go for the next status, Rich and wealthy.