Become Financially Independent, the Sure Way

Hi everyone! This is my first article on Medium, and I’m going to start by outlining the method I use to become financially independent in the coming years for sure.

Currently, I’m a student so I have years in front of me. But those tips are applicable no matter your age or your situation!

1. Build a reliable income

The first step is to build an income you can be sure won’t disappear. The easy way is to find a permanent job. If you’re a student, you can do a student job when you’re not at school.

The aim is to have enough money to live on and still be able to save a little every month. Even if it’s 100$ a month.

This first step is important, and this is a stage that most people will go through. You will learn what it means to be dependent, because eventually, after work, you won’t have much time. You will realize that you are trading your time for money, and you’re not the owner of the contract, you don’t decide how much your time is worth against money.

2. Multiply income sources

Once you have a job or any reliable income source, you will want to multiply your income sources. For now, your reliable income allows you to live quietly and enjoy a little. But you’re wasting a lot of time at a job for a salary you can’t decide.

What you want is to build your own income sources, so that you have a little more control over your salary. Even if these sources are not consistent, the aim is just to add some additional money every month you can add to your savings. It can be anything, for example, you can do some freelancing after work, or you can build a blog and monetize it. Even having a second job can be good.

This step is hard to go through because it can be hard to find time to build other income sources, and you won’t see the results of your work directly, but trust me, it’s worth it. I’m at this step and I’m already feeling some kind of liberty.

3. Build passive incomes

Now, you have your reliable income, and you’re earning some more money from other income sources. You also have some savings. It’s time to use them.

Indeed, most passive income sources will require you to invest money. But investing means risk. So you have to define the risk you’re willing to take before continuing. You have your savings, and you have to say “If I’m building this passive income source, it will cost me x$, but it will earn me y$ every month/year. I have a low/medium/high probability of never getting my investment back. Is it worth it ?”.

I will give you some examples of passive income sources (there are a lot more, I can even say possibilities are unlimited) :

• Building a blog: costs nothing, but requires a lot of work and time to earn decent money.
• Building an SEO-friendly dropshipping website: costs nothing, but requires a lot of work and time to earn decent money.
• Building an advertised dropshipping website: requires a lot of work, a medium investment, and has a high probability of make lose money.
• Investing in stocks: requires some work to study, an investment of any size, and a risk you can choose.
• etc…

You can also try to automatize active income or your job (if possible). For example, I knew a software engineer earning 80 000$ a year working 1 hour a day because he automatized most of his job.

4. Scale

Once your passive income sources are set up, you will earn money without wasting your time on a job where you can’t decide about your salary. So more time means you can try to build more passive income sources or scale the ones you already own.

Here, it’s up to you to be creative with the sources. But, if I can give general advice, it is best to diversify. It’s better to have 5 sources earning 800$ a month than one source earning 5000$ a month, even if you’re earning 1000$ less. It reduces the risk of seeing your income disappearing because it dilutes the risk into different sources.

4(bis). Reiterate

Anything can happen when you’re trying to multiply your money, and you can be completely wrong on some investments you were thinking were good. If you’re losing all your savings (I wish it won’t happen), you can go back to step 3 to earn them back.

Keep in mind it’s never a loss because you will have gained experience.

Conclusion

Everyone can do it. No matter your age or your situation, you’re in control of your life. It won’t be easy every day, but once you will have reached your goal, you will be so much satisfied.

I am not here to sell you dreams, I myself am not yet financially independent. But I am simply sharing with you my vision of things and the path I intend to take to become so. I hope you enjoy it.

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