Become Financially Free

Want to become financially free?

It does not have to be as hard as you think. You can do it, but you must have a burning desire to do it. People do not change unless they want to change.

First, you must learn discipline. Most people may find it hard to be disciplined. Especially, if your an adult that has been living self-sufficiently and have learned certain habits on your own. But this is a must. Certain people incur massive amounts of debt because of their lack of discipline. They spend wildly, using their credit cards to pay for things they can not afford.

Second, you should learn the difference between good debt and bad debt. In addition, learn to make quality investments with good debt. Bad debt is debt accumulated from purchasing unnecessary goods or services. For example, do you really need that 2nd or 3rd pair of shoes, jeans, or other widget. Good debt is the mortgage on the 30-unit apartment building you own that is earning a monthly positive cash flow.

Third, passive/residual income is a must. Many extremely wealthy people do not really have to work. They have assets and/or investments that make them money every single month without having to do much if any work. Passive income is money that is earned whether you are awake or asleep. Like the example a paragraph above, a landlord would be earning passive income as long as they were not personally managing the property. Assuming the rent and financing numbers made sense, a landlord should always have a positive monthly cashflow.

Becoming financially free is the single most important thing you should want or need is a quality education about finances. Whether it be reading online, offline, or real world experience.