Becoming financially independent is everybody’s dream, isn’t it? No worries about paying your bills or mortgage, holidays whenever you like – in fact, life can become one long holiday! Imagine having the freedom and time to achieve whatever you want – living the lifestyle you want.
For Ryan Jackson, entrepreneur and success coach, financial independence doesn’t mean having massive bank account or a private jet. It’s about being free to fulfil your passions and spend time on what you like to do best, whether that’s creating new businesses, writing a book, climbing mountains, playing with your children or meditating.
In this article, Ryan Jackson, who moved from petty youth crime to successful serial entrepreneurship and inspirational success coaching offers 5 steps to financial independence.
1. Mindset Matters
Your attitude is important, and this starts with a positive mindset. Sort your head out, first. It’s vital to really believe in yourself and your vision, and make your belief unshakeable, to make things happen in reality. Commit to your journey to financial freedom with certainty. Self-doubt simply puts a barrier in the way of you succeeding.
Life Hack: If you suffer from doubts or negative self-talk, do some work on developing your mindset, learning new tools and techniques to build your confidence and positivity.
Get help from a therapist or coach. Go on courses and workshops.
Read books by successful people, and see what goes on in their heads, adopting their model of thinking, for a success mindset.
2. Tool Yourself Up
Have you got all the skills and knowledge you need to achieve financial freedom? Keep learning, to inspire and motivate you, so you have all your tools readily available for your journey to success and financial freedom.
Know your strengths, your options, market, your competitors, your clients; know about other fields and industries and know what you’re doing. Find out more. Seek new attitudes, ideas, strategies, processes that you can transfer, replicate or adapt to your own purposes.
Life Hack: Do your research – compile lists of ideas for creating passive income, learn about stocks, shares and trading, go to a conference or attend a training course.
3. Get Planning
Vision is great – it motivates you, but a vision is intangible, and you’ll need a concrete action plan to make it happen. Decide on your goal, and make it specific, measurable, achievable, relevant and time focused. Decide the milestones along the way and plan the steps you’ll take towards each stage on your way to achieving your goal with a timescale or deadline date to achieve each step. Commit to taking those actions and meeting those deadlines.
Life Hack: Treat your financial independence plan like a business plan. Cover the next five or ten years and set some KPIs.
Revisit and review them regularly, to ensure you are achieving them.
4. Generate Passive Income
Once you’re generating passive income, you can earn money by NOT ‘working’ – freeing yourself to do what you like. Even make money while you sleep. Most ideas require some upfront work to set them up, but after that, they just bring in income. Renting out property; selling resources like online books, videos, courses, or franchising can generate income with minimal effort.
Life Hack: Make a list of ways you can monetise your assets – like your house, car, business, or intellectual property; or ways you can invest, to earn money without effort – stocks, shares, franchises, rental properties, businesses.
5. Invest for Success
Prioritise investing income in stocks, shares, people and businesses, to increase your income. There is always a risk of losing money, so cover yourself with a portfolio of investments across the markets to accommodate fluctuations and retain some savings for emergencies.
Life Hack: Work out what you can afford, and which options will give you the best ROI (return on investment).
Aim to invest in something every month, to see your income rise – passively.
Contact success coach and entrepreneur Ryan Jackson and discover more.