1. Define exactly what “financial freedom” means to you.
It could be a set amount in the bank, the ability to buy what you want when you want it, or having multiple and/or passive revenue streams. It has been said that a homeless person can be financially free if he has enough to cover his basic expenses. Someone else might not feel he has enough until he has $1 Million in the bank.
There is no right or wrong answer. It all comes down to what YOU want.
2. Write it down.
Using pen/pencil/crayon and paper, write it all down. Be as specific as possible.
3. Break your benchmark(s) from #1 down into daily, actionable steps.
Is your goal 6 months of savings? Decide to start saving 10% of your after-tax income or even $5 per week. As Sean Croxton likes to say “little by little, a lot gets done”.
Is your goal additional revenue streams? Figure out what might work for you. There are too many options to count. And cost of entry can be all the way from $0 to hundreds of thousands.
4. Take action.
It is not enough to figure out what you want and create a road map. You actually have to take steps down your path.
Imperfect action wins almost every time. And, even if you do not “succeed” you will know one way that did not work. (hey, if it worked for Edison, it can work for you!)
5. Be prepared to pivot.
Do not be so married to your ideas that you refuse to change when options present themselves. You will not truly know the best way to get to where you want to go until the very end. Just like a road trip, you may come across roadblocks and detours. Being willing to adapt to changing conditions will make the trip much more enjoyable.
You may also find that your goals change as you grow as a person. This is great! Keep growing. Keep learning.
It is said it is not about the destination, but the journey. Expand your comfort zone if only to see what kind of person you really are. You may be surprised at how powerful you really are.