"I will win the lottery"- a typical response to the question, "How will you become rich?"
Most people think that winning the lottery is the only way to become rich. It is a way BUT not a realistic way to become rich.
Instead of thinking about being rich I think in terms of what it takes to become financially free. So how would I define financially free?
My definition: financially free is the amount needed to fulfill your obligations generated perpetually without you having to work.
For example, if my total bills are 5k per month and I figure out a way to generate this amount without having to work then I am financially free and can pursue whatever I want within my current level of income.
A couple of good resources that I offer in this blog are books by David Bach and Loral Langemeier. The Automatic Millionaire book by David Bach teaches how to set up your life on automatic in order to get out of your way. Sometimes we are our own enemy and need to get out of the way of our own success.
Loral Lingemeier offers more of a creative way of thinking about what you do that could be turned into a money making cash machine. It will open your eyes to your routines and how to develop a plan. In it she showcases a few individuals and shows how they converted their interests into additional or full-time income.
Today's question is:
"What is your financial freedom number?"
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