Health & Medical Self-Improvement

My Model For Financial Freedom

What does it take to have financial freedom? An interesting question, I guess if you asked 100 people, you'd probably get 100 different answers.
One man's idea of financial freedom wouldn't necessarily satisfy another's, so we all have our own definition of would make us financially free.
How much does it take to be financially free? The answer is of course personal to your own circumstances, which of course change from year to.
Children, marriage, work, etc these will all affect your personal wealth and impact on your lifestyle.
The great thing about working towards this goal is that you have total control over everything you do and your decisions are entirely yours to make.
Imagine working 1 hour at home for yourself.
It's the equivalent of working 8 hours for your boss! That's how it feels to me.
My own goals are pretty modest in the scheme of things..
I want to be a property millionaire within 5 years.
That is to say I want equity within my portfolio to exceed £1M.
As for monthly cash flow, I figured that for every property I buy I can cash in £150 per month net profit from the rent.
Now if I own 100 properties, that's an income of £15,000 per month.
Of course I will have to keep an eye on my investments and I may sell some from time to time, but I will have full control over all my investments.
I've always tried to do things by following a simple model: for every additional expense I have, whether a car loan or house move, I motivate myself to off set that extra debt with new investments.
It helps me focus and keeps a consistent balance of cash flow and investments.
My advice to you is to ask yourself what you want personally.
Maybe you want to build a portfolio; maybe you just want one or two properties to leave to the kids.
Whatever you want, write it down.
Open up Excel and start by putting down all your outgoings.
If that's the figure you need to live the lifestyle you want, and then work out how many investments you need to get there.
Last of all put a timescale on it..
before you know it, you'll be well on your way to financial freedom.
PS: One last thought, most people fail to realise their goals or ambitions because of one thing...
they fail to take action.
Those people that do overcome the hurdle of inaction mostly tend to succeed.

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