Wealth creation, and by extension Financial freedom has long been one of the primary motivational factors for individuals within any society. Humans are naturally inclined towards the pursuit of prosperity and wealth, due to the gathering of resources being highly effective in aiding one’s chances of survival throughout the prehistoric years of our species. Consequently, millions and millions of people including students, the unemployed youth, disgruntled employees, and those looking to retire in dignity all fret about how they can live the lives they so desire. Yet for all of the fluff and aspiration, there are very few individuals out there who have a solid understanding of financial freedom; and perhaps more importantly, how to achieve it.
This article will seek to do its part in changing the status quo of ignorance regarding financial freedom, by revealing what the subject is as well as methods to go about achieving it; in turn, helping all of you out there that may feel lost get a little more control over your own lives.
What is Financial Freedom?
Financial freedom is usually defined as the state of having enough financial resources (whether that be through savings, investments, or cash) to ensure one’s desired quality of life. This means having enough money to be able to do what you want when you want. Mind you that this doesn’t mean frivolousness. Those who are financially free often got there through at least some use of stern spending habits, economic restraint, and prudent investment. It does mean, however, that an individual should be financially secure enough that they can pursue their desires, hobbies, and goals without fear of being priced out of the same. This, therefore, calls for the establishment of steady, regular, multiple, and passive income streams. Loss Pretty Simple! But how many are prepared to follow the discipline that it takes to live a life of luxury?
Now that financial freedom itself is clearly defined, we’ll delve into the meat of this article; how aspiring independents such as yourself can achieve it and break your economic shackles – kiss your worries goodbye. We will look at the best wealth creation business ideas that are helping millions of people like you live comfortably.
Methods of Achieving Financial Freedom
Though the achievement of financial freedom is a difficult one to pursue, there are many paths one can take in their pursuit of it; numerous ideas and business models can be implemented by laymen and still produce substantial results. Often, many people approach the subject from the traditional methods of Savings & other Financial Instruments, Real Estate, Building Equity, The Barbell Strategy, “Live Below Your Means”, Buying & Selling, Tourism & Hospitality, Agriculture & Agribusiness, and many more. These methods are good but they very often require huge or substantial initial capital, and they suck the energy out of you. Hence we will look at other areas that are easy to invest in, and require very little capital to start. Here are our favorite top 5 open secrets to building wealth and financial freedom.
Dropshipping – Dropshipping is a digitally-inclined business model that exists within the parent field of E-Commerce. The business model revolves around the concept of outsourcing product creation, inventory, and delivery to outside suppliers; eliminating the need for inventory and allowing owners to singularly focus on the sales & marketing of their business. In other words, it is a form of retailing in which the seller does not keep stock of the products they sell but rather purchases the items from a third party for them to be delivered directly to the customer.
Due to the lack of inventory, this method has an incredibly low barrier-to-entry due to the extremely minimal amounts of capital required to pursue the venture. All that is required is the eCommerce platform and good internet service.
In addition to the lack of capital needed, the activity itself will generally demand less work of you than other methods of income. The outsourcing of nearly the entire supply line process means that owners of dropshipping businesses really only have to work on getting recognition for their products, in order to start generating income.
This model has even become a favorite amongst entrepreneurial students due to the combination of work/life balance and high income that the industry enables. They can even work on their smartphones on their way to and from lectures. Cool, isn’t it?
Print On Demand – This one’s for all the disgruntled artists out there just looking for a way to sustain themselves off their talents. Print on demand is a business model similar to dropshipping, in that it involves the outsourcing of the supply line process, but instead, it is geared towards art. Print on demand involves creating a design, then utilizing a third-party platform to print the said design onto the cloth (i.e t-shirt, hoodie, etc.), sell, and distribute.
Print on demand is another field of work that requires little to no capital to pursue, due to the usage of third parties as the ones that handle the material processes. In addition to this, print on demand is often carried out on third party platforms themselves, eliminating the need for marketing; allowing the designer themselves to focus purely on their work, so they can simply publish and keep it moving.
This business model is a favorite amongst those interested in artistry because it enables aspiring artists and designers to generate an income off their works, with little additional effort outside of the initial design process itself.
Social Media Marketing – Dipping into the field of digital advertising for the next business model/method, social media marketing is the topic of this passage. Although modern advertising & marketing has certainly existed for quite some time, the invention of the internet & the world wide web changed the entire foundation of the field. Now it is possible to achieve customer outreach at all times, in any situation, and with any context. This development subsequently led to the pervasive online advertising we see everywhere today, and this could be your opportunity.
Social media marketing is a subset of digital advertising that primarily concerns the operation of marketing campaigns using social media platforms (such as Facebook, Instagram, etc.). These platforms can either have aspects of themselves completely dedicated to the function of advertising (such as Facebook Ads) or advertising can just be a natural occurrence between users of the platform due to the high population count. Independents that seek to turn this into a source of income will likely do so through designing and running advertisements for clients on their preferred platforms.
Social media marketing does require a bit more capital to begin pursuing than the methods that were previously mentioned, but this is offset by the fact that you’ll usually be carrying this service out for a client that has paid in advance. Social media freaks can take advantage of their presence in this space.
Affiliate Marketing – Next, we’ll be taking a look at the business model of affiliate marketing. Affiliate marketing is essentially a business model built around the concept of providing exposure for another party’s product, then getting paid in the form of a commission each time your exposure leads to a sale. Basically, you’re selling other people’s products for them and getting paid to do so.
Affiliate marketing is another venture that requires relatively low startup capital and depending on your social clout, it can outright require none to start with at all; as you could then just utilize your social following to push the products of clients onto them, without expending any fees on exposure.
Affiliate marketing is seen as very desirable by popular youths who feel disgruntled with their cookie-cutter job and/or career, as it allows them to essentially monetize their popularity whilst never handling any of the nitty-gritty minutiae of operating a business, like a site upkeep.
Virtual Assistance – And lastly but not least, another opportune method of pursuing financial freedom is through becoming a virtual assistant. Virtual assistants are essentially mini-employees that will perform any number of micro-tasks for their employer. Such types of employees are usually retained at small, digital businesses that may simply need a few repetitive tasks taken out of their primary workload.
As a virtual assistant, you will find yourself preoccupied with several small tasks that can be completed in excess, one after the other. These tasks usually range from jobs such as managing product shipment and delivery, handling return requests or small customer complaints, engineering & overseeing follow-up contact with customers, and even things such as designing and running basic ad campaigns. These tasks are usually performed for a few dollars an hour due to their simplicity and ease of performance, but an individual can become a VA to multiple parties, stacking these tasks and in turn getting paid more per hour.
Being a virtual assistant is seen as desirable by many who are primarily preoccupied with things such as studying or performing the duties of their full/part-time job. This is because almost all tasks given to VA’s are simple, repetitive tasks that require little time & effort to complete; this fact makes virtual assistance a viable means of side income for those who find themselves booked the majority of the day with other activities. It is even more appealing to the retiree relaxing at home and having a nice time with their grandkids. It keeps them active when the kids are off to school.
In closing, today we have delved into the concept of financial freedom. We discussed, at great length, the true essence of what it means to be financially free and why the pursuit of wealth and prosperity has always been integral to society, and indeed the human species as a whole. From there we then delved into the countless methods by which one can begin to pursue their own financial freedom. From methods such as Dropshipping and Print On Demand which allow owners to outsource the supply chain process, to methods like Social Media Marketing & Virtual Assistance where one can perform tasks for needing clients in exchange for payment. In between these is Affiliate marketing where you’re basically promoting and selling other people’s products for them by simply using your website and getting paid for it.
Regardless of how you decide to pursue your freedom, the key is that it is your freedom, and you alone may guide the direction it treads. Just remember that the best strategy is to have steady, regular, multiple, and passive income streams that give you more leverage even when you’re sleeping, engaging with family and friends, or just out there having fun. Now go achieve greatness.
Happy hunting, and stay frosty.
Ps. Drop your ideas or comments. I love to read them!