Financial Freedom in Your Grasp

I’m betting that you’ve heard this term “financial freedom” and are probably thinking “yeah, right. That can’t happen to me.” You’re wrong. The term seems vague and a bit dreamy, doesn’t it? It definitely seemed that way to me, until I figured out what it really meant — and realized that it is a completely obtainable goal — for everyone.

Financial freedom simply means that your passive income exceeds your expenses, and you don’t have to work for a living — you can actually live for a change. Passive income is money that you receive without working for it (for a primer on passive income, see my other article “The Truth About Passive Income” on my website http://cluestocash.rentrooms4cash.info). Technically speaking, people who collect a pension, income from a 401K (or other retirement account), and social security are financially free.

Here’s the thing. Just because you achieve financial freedom does not mean you are rich! All that means is that you don’t have to work to maintain your standard of living. But that’s a good thing! Most of you reading this are probably not millionaires — yet. It won’t take you as long as you think to become financially free! Remember, that just because you are financially free doesn’t mean you are obligated to quit your job, either. It means that now, you have CHOICE. You can choose to not work or work doing something that truly makes you happy, with no thought of the salary amount. It also means that you can take your newly found free time and start making MORE passive income. In addition, with the combination of education, time, and creativity, your limits will know no bounds! You can become massively rich and happy. You will be able to change the lives of your family and others around you.

There are many ways to get passive income. Interest from savings or CDs won’t get you a lot of income unless you have invested a lot of money — and you won’t get a great return. Stocks and bonds can not only rise in value, but also give you dividends, and the right choices will bring you plenty of passive income. Businesses that are systemized — that is, they run without your constant management — can bring you a lot of passive income but also require strategy, skills (which you can learn) and time.

Real estate is an excellent choice as well, and my favorite. Many people think that investing in real estate takes a lot of time, money and risk. That’s partly true — real estate, in the beginning, will take time. Realistically, you will have to spend some money (even if it’s only a little) and every investment is a risk, not just real estate.

Here’s a quick, easy, cheap, and painless solution — have a spare room in your house or apartment? Renting out a room in your home will immediately give you passive income that you can save and use to develop your business, invest in a stock portfolio, or buy that rental property.

I started renting rooms in my house after I had been laid off. I used very little money and I painted and fully furnished three bedrooms. I got some great roommates and collected money every month. After I found a job, I saved the rental income and I used it to start my businesses and invest in a stock portfolio.

Renting out rooms is easy to do. When you start, you are actually starting your own business! You can now deduct expenses off of your taxes you couldn’t before having your business. You can then take that money and start working on those other streams of income.

I know that some of you may cringe at the thought of sharing your home. And yes, you do make some sacrifices. However, in my experience, my tenants were rarely home, didn’t really use the kitchen, and paid the rent.

How much you can charge for rent varies greatly, depending on your area. Some neighborhoods, like Westchester, New York have rooms for rent for over $700 per month! Think about it — that’s just one room, how much can you get if you rent out more than one room?

Let’s get back to financial freedom. Renting out rooms in your house will bring you passive income. Chances are, though, it won’t make you financially free. That’s ok! It’s the key to the doorway — to getting other sources of passive income that will make you financially free.

So, rent out your rooms. Take that money and invest in your education. Learn about stocks, real estate, and starting your own business. Invest and start earning multiple streams of passive income. Become financially free. Earn more passive income. Become rich. Improve the lives of you and your family. Help others.

It’s easy. It really is. Keep reading my articles, I promise to help.

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