The Key To Financial Independence

The key to financial independence is long-term residual income. Residual income is a cash flow that you generate monthly, quarterly, yearly, etc. from a action or decision that you made. Examples include stock dividends, monthly rent you may be collecting from tenants or commission you receive from associates in a m.l.m company you are a part of. This passive income is what puts people on the right(no pun intended) side of the cash flow quadrant and gives them the status of financial independence.

Most people in The Unites States are living paycheck to paycheck with very little money leftover for themselves after rent, utility bills and other living expenses. These problems can be solved by starting a business, but one of the most common concerns for those who are skeptical about starting a business online is where to begin, so here are five suggestions I recommend:

1) Decide Your Niche
It is okay if you choose to only market or invest in products that you are actually interested in, but they still have to be profitable niches if you plan on seeing any sufficient earnings from your hard work. Keyword tools will help you find what keywords are getting the most search engine hits. What I usually like to do is use a tool called hashtagify to see what search terms are generating the most traffic(As you can see by now, Twitter is my favorite place for direct marketing).

2) Write Down Your Goals
There's a famous quote that is known to have been said by Benjamin Franklin that goes, "Those who fail to plan, plan to fail". A study of Harvard graduates showed that of 3% of a class of students that wrote goals and planned to accomplish them, 13% that had goals in their mind but did not write them down, and 84% that had no goals at all, the 13% of the class that has goals they didn't write down earned twice the amount of the 84% that had no goals; and the 3% that write down their goals were earning a average of ten times the amount of the other 97% of the class.

3) Create a Marketing Strategy
This step actually goes hand-in-glove with the last step, but there are a few differences. Find a daily marketing plan that works for you and stick with it. I would personally recommend a marketing strategy that focuses on constant engagement with your targeted audience rather than constant promotion of your business, but to each his/her own preferences. Whatever you do, just make sure it works for YOU and keep working towards making it better as you learn and gain more experience.

4) Find a Mentor
Finding a mentor is one of the best things you could do to shorten your learning curve to success. Finding someone to idolize that you have no personal connection with is okay, but it will never replace having someone to offer physical support and guidance based specifically to your strengths and weaknesses. The only time I would recommend not having a mentor is if the only people you are interested in having as a mentor come with a price tag that you really can't afford, but otherwise, their knowledge and experience might end up being your campaigns best asset.

5) K.I.S.S 
Last but not least, keep it super simple! The common meaning of this is "keep it simple, stupid", but obviously you are not stupid if you are here to get advice about securing your financial future, right? I don't think so. Best of luck!

1 comment:

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