How to achieve financial independence?

[egoless]

I want to dedicate my whole life to exploration and growth of myself and then helping others to grow. But for that I want to achieve financial independence first. Are any of you guys here experts on that topic? What are the best ways to build steady, passive income which will generate for the rest of your life? I want to be sure and confident to take the step into unknown. 

Edited April 26, 2018 by egoless

[aurum]

@egoless

Read Unscripted by MJ DeMarco.

[I Infinity]

Surprised to see this post! Know someone close who thinks the same way and dealing with the same sort of problems! Hoping that this topic gets enough helpful replies to help you and everyone else.

[egoless]

@aurum thanks I will. 

@I Infinity then let’s get it started  

[Nahm]

Residual passive income sources; Insurance sales, rental houses, song writing, book publishing, any turn key franchise (if you’re good with people & accountability), invent & patent, make an app, invest in someone’s start up, crowd funding real estate, REIT’s,affiliate marketing, drop shipping, YouTube channel & ads, air bnb’s, be a referralist, etc. Start where you can and parley it into the next larger income generating one. Delegation & outsourcing are key. 

[egoless]

1 hour ago, Nahm said:

Residual passive income sources; Insurance sales, rental houses, song writing, book publishing, any turn key franchise (if you’re good with people & accountability), invent & patent, make an app, invest in someone’s start up, crowd funding real estate, REIT’s,affiliate marketing, drop shipping, YouTube channel & ads, air bnb’s, be a referralist, etc. Start where you can and parley it into the next larger income generating one. Delegation & outsourcing are key. 

Great info Nahm! Do you have experience with any of those?

[Nahm]

@egoless Ya. Some are on auto, some are under way, some I’m just starting the learning. 

[egoless]

2 minutes ago, Nahm said:

@egoless Ya. Some are on auto, some are under way, some I’m just starting the learning. 

what's your current LP?

[Nahm]

This probably sounds like nonduality snobbery, but my life doesn’t have a purpose. It is the purpose.

[egoless]

1 minute ago, Nahm said:

This probably sounds like nonduality snobbery, but my life doesn’t have a purpose. It is the purpose.

 

Any recommendations for how to invest small amounts of money in a best way to create passive incomes in the future?

[Nahm]

@egoless Read, meditate, read, meditate...it’ll come to you.  I think most if not all your personal obstacles have been worked on, and are now behind you. So in a way, you’re 99% there imo. Exercise and meditate every morning, high energy and a calm mind are a solid combo. I know you want specifics, but it’s too relative. Keeping your LP in mind, a YouTube channel is probably a great start. Maybe be a silent partner for something simple like a Subway- go cover 50% of the start up with someone who wants to quit their job and work there for a while and has the other 50%. Rental houses are great, but not sure what you mean by a small amount of money. Rental houses range from as low as 20K (down payment & closing costs 4K) upwards into hundreds of thousands. 

Not sure if you saw this on another thread, but just an idea on a 5 year plan to have around 100k passive income for life....

If you net 50k from a job, and live on 25k, you can buy 2 rental houses for around 60k each year. If the rent from each house is 1000 a month, and you put all of the net after taxes & insurance towards a 30 year mortgage, it’d take about 5 years to pay each house off. It’s similar to laddering cd’s or fixed annuities. You’d be ‘done’ with the process in 5 years, and income would go up as mortgages are paid off, incrementally, years 6-10. I have a realtor who goes and looks at the houses, gets the inspection done, and emails me the contracts to esign. So technically, my time invested is going to the closing, which is about 30 minutes. Took a little while to develop that relationship with him, but I bet if you called 5 realtors, 5 would say hell yes I’ll do that for you. Maybe once every two years something needs to be repaired, and I text the appropriate repair person. 

There are also online home auctions. People routinely get houses valued at 100-200k for 40k. It’s crazy. I’ve looked at that but haven’t tried it.

That’’s just some info on one avenue. Some people can write a book in a week, and make residual commission from ebooks. 

Etc

edit: Time invested, the closing, and also posting on free rental listing sites, and showing the house for a couple hours to pick a renter and sign a lease. I use Zillow.com. It has free listings, it automatically posts the listings to other sister sites, a simple rental application for tenants, and even a simple property manager page to keep track of things visually. 

[Nahm]

Another thought on that, it really all relates to consciousness work. I find most people are pre-conditioned out of the whole idea of passive incomes, they don’t even entertain it, or learn, or ask. Being ‘spiritually free’, if you will, is a real game changer. No more fears and worries to try the new.  Money imo, even in the biggest picture, is just a game of relativity. The illusion itself in that way. It’s like that street game of 3 cups and a peanut, and someone is either trying to win on their peanut bet, or realizing there is no peanut, and moving some cups. 

[ajasatya]

this is what worked (and still works) for me: REAL HARD WORK

[egoless]

1 hour ago, Nahm said:

Being ‘spiritually free’, if you will, is a real game changer.

indeed. realizing that everything is just a RPG game changes everything. But in that game money is like your main resource to do and create what you want.

Edited April 27, 2018 by egoless

[BjarkeT]

It depends on what you want to earn the money from but otherwise I think its good to look at cal newports so good they can't ignore you book(one of the things from the book is to get good at rarer and valuable skills) and hes top performer course which could help you to know how to achieve it. 

[Nahm]

@egoless Yeah, and maybe as a reference point, I’m 43, I started working full time when I was 13. 

[egoless]

@BjarkeT I want to become skilled at one thing generating money to be free. I am not going to work 9-5. I want to have several baskets.

Edited April 28, 2018 by egoless

[AllyE]

I use www.biggerpockets.com for my passive income education. This site has everything you want and need for rentals and the housing market.

Good luck

[cirkussmile]

Nahm had great tips. It will come, just focus on your mission. 

It's ok to not have any money also! First you need to define what financial freedom means to you ?

For me I began with the wish to just be in the sun and meditate. It worked

 

[Nahm]

10 hours ago, cirkussmile said:

Nahm had great tips. It will come, just focus on your mission. 

It's ok to not have any money also! First you need to define what financial freedom means to you ?

For me I began with the wish to just be in the sun and meditate. It worked

 

Yes. Awesome❣️

@egoless Check out duplexes too.