Financial Freedom UK | How to become Financially Free UK
Updated: Jun 26, 2019
Most people think of Financial Freedom as fancy cars, luxurious holidays, designer clothing, nice house etc, as being financially free. Truth is, that couldn't be further from the truth. This is the consumer debt dream that is sold to us on TV, Media and magazines etc. True Financial Freedom is time. They say money can't buy happiness, that's because it's true, what money can buy is Freedom and it is through that Freedom, you will find happiness in your life.
What does it mean to be Financially Free?
To be truly financially free means to be in a position in your life where you have that much money coming into your account on a monthly basis where your living expenses are covered.
For example, just imagine, your bills, your rent/mortgage, groceries etc totaled to around £2000 a month. Now imaging that you had £2000 a month coming in on a regular basis every single month without having to go into work every single day. How much more free time will you have? You have more time to do the things you love with the people you love and it is through that freedom where you will find more happiness in your life.
The consumer debt lie
The problem with modern society is that most people are always trying to live up to an expectation. They feel that they need certain luxuries in their life or they will be left out, they need to live a certain way or they will feel left out, they need to act a certain way or they will be pushed out. Truth is, that is a lifestyle people are being pushed into by more social media influencers, the biggest problem is, that influence is fed into our brains from a young age and then eventually it becomes the norm. We get into debt, buying things we don't need to impress people that don't even really care about us.
Have a look at the video below to get a brief understanding of what Financial Freedom is about
Get out the Rat Race
The biggest trap to not being financially free is being part of the rat race. The race is waking up every single day, going to a job that you do not like, being around people that don't appreciate your effort and then coming home every day worn out, not wanting to do much else because you have put that much time and effort into your job, you don't have much left in you to do anything else.
This is a dangerous trap to get into because you need that income, you need that job, if you don't work, you don't get paid, if you don't get paid, how will you survive? Then you are stuck in this never ending trap.
You may feel like you that you cannot break out this trap, because your employer makes you feel like this is the best thing for you, your bills are piling up so you have no option but to stay, the question is what can you do?
Step 1: Manage your Finances
The first step is to sit down and manage your finances. What you need to do is get a pen and paper and come up with a definitive figure on how much your living expenses cost. So take into account, how much your gas/electricity costs monthly, your mortgage/rent, groceries, clothes, debt and other necessities. Sit down and right down, break down everything and get a solid figure on how much you need. I would recommend that you also over estimate rather then under estimate so you have a slight buffer.
Step 2: Create a Plan
Now that you know how much you need to cover your expenses on a monthly bases, you need to now create a plan with Goals:
Goal 1: Figure our how you will make that money, people can always tell you what to do, but you have to go out and learn what to do. You can look into various investments such as shares and bonds however these do come with high risks. Instead start an online business. They are fairly simple to setup and quite easy to setup, you can either start selling on Amazon or Ebay, one of the most common businesses today is Dropshipping just click on the link and you can see our Blog about Drop Shipping. There are many other business ventures that you can scale enough to cover your bills
Goal 2: Once you have decided what side business you will start, you need to go out and do it. You don't need to quit your job just yet, first it is important to get your head around things, learn how the business works. If you really want a step by step guide then have a look at our
Ebay Dropshipping Masterclass. It is a step by step guide on how to start your own Drop Shipping business in 24 hours, scale it in 30 days and help you get a good residual passive income
Goal 3: It is now time to scale the business to a point where you are making enough money to cover your bills. The beauty about online businesses are, you can run it from anywhere in the world, all you need is a laptop and internet connection. You can manage the business on your lunch break and scale the business after work
Goal 4: Now that you are making enough to cover your expenses and you are working at the same time, you should be saving alot more too, you can then reinvest your savings into other passive income streams
Goal 5: Exceeding your salary will be the next goal, make enough money from your online business and other income streams so that you are making more then your current job. This way you will no longer be a part of that rat race, you will no longer be forced to work a job for your own money, you will be Financially Free, you will be happier.
If you really want to start this process now, then visit our step by step guide to get you online business started in under 24 hours and get on your path to Financial Freedom