Have you been working at this “financial freedom” thing for a while? Want to know how to finally get it? I’d be happy to share it with you, but you might not like the answer. If you are ready to leave behind failing ideologies and shift your thinking, you’ve got a chance. Ready? Let’s get started on the true path to financial freedom.
If you want something you don’t have, you’ll have to do something different than what you’ve been doing. So let’s start there. Insanity defined is doing the same thing over and over expecting a different result. The road to financial freedom you’ve likely been traveling (unknowingly) has been all wrong, but not just wrong… insane.
You will not experience financial freedom anytime in the foreseeable future by work, work, work, save, save, save. Traditional investment vehicles such as IRAs, 401ks, annuities… they pay you nothing. The entire investment philosophy around these investment vehicles is based on “someday.” Someday you’ll get to enjoy the fruits of your labor. Hopefully, you’ll be young enough to actually enjoy it. This is called “accumulation” thinking or a “someday” mindset. This mindset is a trap. It certainly isn’t a “financial freedom” mindset.
Watch this excerpt from the Epic Pro Academy on how to get financial freedom.
The key to financial freedom is to shift your “accumulation” mindset for a “cashflow” mindset. Your goal, as appealing as it may sound, should not be security. Your goal should be independence and freedom. Freedom does not exist in a life of which time is exchanged for dollars. Contrary to popular belief, independence and freedom doesn’t even come from eliminating your debt. Financial freedom comes from passive income, or in the world of real estate investing… it comes from cashflow.
The sooner you ditch the accumulation mindset, the better. Rather than waking up every day to go to work for your money, start focusing on creating a system that works for your money for you. Rental real estate is such a system. You don’t have to build your entire portfolio tomorrow, but you should get started. It begins with just one property. After you get the one, rinse and repeat. Use the cashflow from that property and put it into the next one. Then you’ll have two, and so on.
Financial freedom does not come with flipping properties, it comes with holding them. Focus on getting your first (or next) rental property in the next six months. Get another in the following six, and another in the following six. Leverage those three to get two more in the following six. Keep reinvesting your cashflowing assets into more cashflowing assets. Continue this pattern, and financial freedom will be yours SIGNIFICANTLY faster than it ever would have been following the traditional ideas of which most of us have been raised.
So, the answer to how to finally get financial freedom is to shift your thinking from one of “accumulation” to one of “cashflow,” and then take action on your new thoughts. As the ol’ En Vogue song goes… “Free Your Mind and the Rest Will Follow.”