Want financial independence and to retire early? Is this a realistic possibility for most? It’s far more realistic today for someone under 65 to get themselves into this position. With the availability of the internet, anyone can use it to build a business which means they’re no longer trading time for money. This is a major key to becoming financially independent, and to retiring early.
Want financial independence and to retire early? Checkout these money advice tips and learn how you can build an online business which is scalable and automated.
Financial Independence Retire Early
What is financial independence? It means you have built up enough wealth to live on without working. Wealthy people have assets which bring in money on a continual basis. People in this position have assets which generate income which is at least equal to their expenses, if not more. Without a job, and with positive cash flow, you can live pretty much any lifestyle which you can afford.
Most people are tied to their work. Their jobs are the sole means of income, so their whole life evolves around it. If they lost their job, they are going to have some major problems.
Some Attitudes Of The Wealthy
Not all wealthy people have got there through their own efforts alone, but often, wealthy people have some habits which keep them rich and allow them to grow wealthier.
- They live below their means – so they can build up savings, investments and property portfolios over time
- Wealthy people pay themselves first – Before paying bills, rent, mortgage or for entertainment, they pay their income into a savings plan, or investment plan, and learn to live on what’s left.
- By paying off debt early, and staying out of it, they save money on potential interest payments
- They pay off mortgage early by over paying when they can. This reduces the term and interest payments, saving money and releasing cash flow once it’s paid off. This can then be re-invested
- Lowering their outgoings (reduce liabilities) and work on increasing their assets
- They keep their spending habits in check, avoiding unnecessary spending
Financial Independence – Retire Early
For many, financial independence and early retirement is a pipe dream. It’s not necessarily an immediate outcome though. It can take years to achieve it, and does for most. However, by taking the action steps above, over a long period of time, you can free yourself of debt and learn to live without many of the superficial material things which can distract your from this long term goal.
Another main strategy the wealthy use is that of ‘leverage’. Working in a job will always put limits on what you can earn. Not matter how much you get paid, you’ll always have to trade your time for money. Wealthy people have learned to leverage their time either by using a business model, other people or some method of automation.
Financial Independence Retire Early – An Online Business
An online business uses all three of these. It uses other people, a business model and automation. It can allow anyone to build and scale a largely automated business. The internet has been a complete game changer for many people who have become tired of the rat race and looked elsewhere for another way to live and earn money.
Many online entrepreneurs have already used the internet to build online businesses and create lifestyles of those who have financial independence and retired early. This is possible because of two major recent changes to the way society functions:
- Online (e commerce) business
- Automation
Before the internet, all business had to be conducted physically in some way. Since the advert of the internet, all kinds of business models have sprung up. The main one for online entrepreneurs is that of selling digital products. Digital products can be downloaded and accessed from anywhere in the world. It’s free to send digital products over the internet, so there’s very little cost involved. This has given rise to a business model known as affiliate marketing.
Financial Independence Retire Early – Affiliate Marketing
Affiliate marketing has enabled many online business owners to create lifestyles around their online businesses. Many of them also have created financial independence and have retired early. Affiliate marketing is basically a kind of referral marketing.
Because digital products can be sold anywhere globally, and because they are cheap to deliver, product owners can pay affiliate marketers 40%+ on the sale of their products. This means you don’t need to personally own products to build a business online. Plus you can start a business from anywhere and be instantly global – selling anything to anyone around the planet, without having to personally deliver anything, or ever speak to a customer.
Automation
Tools of an online business include websites, email auto-responders, sales funnels and sales pages. Since people can purchase directly from the internet, everything can be automated. This automation makes everything very scalable too. Because products can be sold globally, the world is literally your oyster, with an online business: financial independence, retire early.
Financial independence and early retirement is much more attainable with an internet business for a couple of reasons:
- It offers a method to stop trading time for money – You can build and scale up without being caught in the time for money paradigm
- It allows you to automate and scale up, building income from multiple sources
- Technology has made an internet business more accessible for everyone, regardless of age or experience
Access an online business system which can give you:
- A tailor-made website with a ready made sales funnel
- Training and education
- A community of online entrepreneurs
- A range of digital products which you can sell online