Is anyone here financially independent?

[7thLetter]

If so, could you provide us with sort of a backstory?

What do you do? How did you achieve it? What were you doing prior to reaching financial independence? What are some of your daily habits, what you listen to, how long did it take, were you entrepreneurially-minded from the start, etc.

Edited February 3, 2019 by 7thLetter

[Consept]

Bit nervous writing this as i always feel like things could change any minute lol, but i think it will provide some value so ill answer your questions.

So yes im financially independent, I do Amazon fba, Ive recently started coaching people on business, previously i sold on ebay, started entertainment website and put on entertainment events (club nights etc). The span of my first official business ventures to now is about 12 years, and i would say for the first 6 years i made little to no money, lived in a room in a shared house and had to work at asda (walmart) part time and claim benefits (welfare). During school ai always loved the idea of business and started some probably illegal businesses, one selling copied cds, but i was always interested in business, specfically having my own business. Im not entirely sure where this comes from as no one in my family really does that or did that when i was younger, but for some reason i had this interest as far back as i can remember, maybe from around 10 years old i specifically remember thinking of it.

So my thing was i was going to make this work one way or another, it maybe that im quite lazy and dont like taking orders, but also dont like having such a set timetable working for someone else, it never made sense to me. 

My daily habits, well the thing its easy to get into a bad routine when youre working from home, so i had to really consciously get into certain habits, so i go to the gym 4 times a week, i meditate at least 15 mins a day, I try and eat as healthy as i can etc. 

Just to say as well i think what really helped me was when i started to get realistic with becoming financial independence, so what i mean is that before i wanted to create some ideal business for myself, i wanted to do something in the music industry that was cool and popular and made money and i wanted to say it to people and they be like, 'oh youre the so and so guy'. I realised this was all bullshit and unimportant, what was important was being able to make money and get that independence. So i basically just looked online for the best ways to do this, came across a strategy for ebay and ran with it. I learnt so much from youtube and blogs and all kinds of information and i think this really catapulted, so when a really good oppurtunity came along i had absolutely no hesitation, i was also broke so had nothing to lose. 

Anyway, i have a podcast on soundcloud where i go into everything in a lot more detail and break down actual ways to make money online -  

Any other questions just let me know, i am also doing coaching so if youre interested dm me, although its not that cheap just to warn you lol

 

[7thLetter]

@Consept Awesome, thanks for sharing your story.

The thing that stood out to me the most is that you do Amazon FBA. I’ve just started myself, currently shipping my first product from my house to Amazon.

Couple questions. Where do you source your products? And for product research do you just use junglescout? Is Youtube your main source of learning the material? And how can you get reviews before doing PPC?

My product is a 12-pack item for team sports and I don’t really think that I can do a giveaway with it, it just doesn’t seem like that kind of item.

Also, did you have a feeling that your Amazon products would do well? Or was it sort of a 50/50 kind of thing?

For my current product I honestly probably would just break even on it but I’ve learned so much. My mentality is that the most important thing to do it to just start. So I did my product researched and sourced the most attractive product. Now here I am shipping it to amazon which was kinda scary. But pretty confident it will go well. Next product I’m definitely going to take a look at my profit potential.

[Consept]

No problem, I do wholesale and online arbitrage, so its really buying and selling branded products i have over 150 skus at the moment. For research i use a site called fbawizard which scans shops and tells you what will make a profit. I dont do my own products but i may start that this year and yes id most likely use jungle scout. But from what i know its all about the research if youre doing your own product. 

Yeah youtube, blogs and facebook groups are the best bet, reddit can help also the thing is its so fast moving that you just kind of learn as you go. I dont really learn about what i do now because i learn so much doing it, but if i was to start doing private label id use those sources definitely. 

Main thing is definitely just to start thats the best way to learn so well done on getting started, youll learn a lot even if it doesnt go the way you thought, the secret is really just to keep going even if it doesnt work at first. Like i said it took me 6 years before i started seeing just ok money, so you do need patience. 

[Consept]

By the way i saw your post on your other thread and mindset for me is probably the most important thing, in fact its the first episode of my podcast series. To me everything follows the right mindset.

[Emerald]

1 hour ago, 7thLetter said:

If so, could you provide us with sort of a backstory?

What do you do? How did you achieve it? What were you doing prior to reaching financial independence? What are some of your daily habits, what you listen to, how long did it take, were you entrepreneurially-minded from the start, etc.

I am financially independent with my channel and coaching business as I make a little over $2k per month from it between ads, coaching, and other miscellaneous things. So, I'm not super wealthy but I'm really just in the beginning of the business end of what I'm doing.

So, I've had my channel open for about three years, but I had never really intended to make money from it beyond just ads. So, I hadn't thought of any of the potential for using it to market any service. It was my impression that I would just have my channel and a full-time job side by side. But this was unrealistic.

So, I had let my channel fall to the waist-side for a little over a year since my focus was on working. Then, when summertime hit, I decided it would be a good idea to add more content to my channel and be more regular about it. And then, because I'm was a substitute teacher, I had to go back to work in August when school started back and we really needed the money to recover from summer, which is difficult because we work with less income.

And I had been toying with the idea of doing life-coaching, but I was nervous. But after a few days of substitute teaching, I was really bothered by it and just didn't want to do it. So, I made a decision in the middle of the night that I was going to offer life-coaching instead of picking up a job the next day. So, I made a post on my Patreon that I would be offering it at a lower price than usual to try it out. And I was surprised that I was able to find a lot of people who were interested in my coaching services.

So, I'm currently working on expanding my business by creating new content for my channel and taking courses to get certified in life coaching officially. I also have a course on personality development that's in the works that I plan on selling. So, I anticipate that I'll be able to make more than the $2k that I already make as I continue to expand.

But the key reason that I can do this is because I already had quite a few subscribers on my channel. So, it didn't take any crazy marketing strategy to get people interested in my services. I basically just have to mention it in my video at the end that I off coaching or whatever else in the future. And there will likely be some takers. 

[Ethan_05]

I'm not financially independent but am working very hard to make this lifestyle a reality. The corporate lifestyle has never appeared to me, instead the idea of travel full time seems like how I want to live my life. 

One of the most challenging things, in my opinion, is first building the dedication and setting aside the time to learn business and marketing concepts, but also to have the ability to filter BS marketing and business information from information that is actually valuable. This is an extremely challenging thing to do and it's not a skill that you'll acquire overnight.

Like i've found that seth godin is great, but not the most practical. I mean if you understand his concepts deeply you can bring pragmatism into it, I've instead just been diving head deep into the field of digital marketing which if this doesn't go as planned as least I can work freelance or remotely in a digital marketing position to work towards building a "freedom business" as Colin Wright calls it.

[Nahm]

3 hours ago, 7thLetter said:

If so, could you provide us with sort of a backstory?

What do you do? How did you achieve it? What were you doing prior to reaching financial independence? What are some of your daily habits, what you listen to, how long did it take, were you entrepreneurially-minded from the start, etc.

I’m financially independent (no boss / self employed but still dependent on the economy). Paper route at 12, expanded & subcontracted it, full time hours via 3 part time jobs at 13. Developed focus, letting go, breathe control / inner body awareness, flow & confidence playing guitar & singing. Learned perseverance & commitment producing albums, sacrifice from having a family, management working up in retail, law of attraction from Ester Hicks, entrepreneurship, marketing, seo etc owning an agency, parlaying profits into rental properties. Currently 43, writing a book, having awakening conversations / starting a new life / company.

I agree that mindset is most fundamental. “Wether you think you can or can’t, you’re right”, cause you’re creating a life. 

Habits...Wake up early, self inquiry for a few minutes, 5 - 6 miles on elliptical, minor lifting, meditation / yoga, clean eating, mindfulness that experience is paramount, enjoying, loving, listening & asking questions, zooming in & out, practicing.

Non-Habits...Watching tv etc, eating sugar / sweets, carbs, breads... partying, enabling, justifying, blaming, wishing, hoping. 

Yes, I was ‘entrepreneurially-minded’ from the womb, as well as wanting to understanding all of reality. 

[Leo Gura]

@Emerald Good work!

[Emerald]

1 hour ago, Leo Gura said:

@Emerald Good work!

Thank you.

[outlandish]

What is financial independence to you guys? I think the dictionary definition would be generating sufficient income from rents, investments etc. to live without having to spend time on work, but seems like lots of you are talking about something else, maybe more like entrepreneurship.

I'm so far from the official definition, as my income is directly proportional to the time I spend on it, but I'm pretty much independent of having a boss and so on, and really get to call the shots with my hours, location etc.

[7thLetter]

@outlandish “Financial independence is the ability to live from the income of your own personal resources ." -- Jim Rohn.

[outlandish]

By that definition, anyone who is paying their own rent/mortgage, feeding themselves and so on is classified as financially independent correct? Whether they work at wall-mart 60hrs a week or are Ms. Sally Dividends living the good life on mojito island? 

[Consept]

Just now, outlandish said:

By that definition, anyone who is paying their own rent/mortgage, feeding themselves and so on is classified as financially independent correct? Whether they work at wall-mart 60hrs a week or are Ms. Sally Dividends living the good life on mojito island? 

No i think its that you dont have a direct employer, as in your future isnt in the hands of someone else. You are independent and work with people rather than for them. For example if you make music you can be an independent artist and hire studio time, marketing companies etc but you keep all the profits after that so its your business. Or you could sign to a label who sort all that for you and have the say so over percentages etc making you dependant on them. If you work for wal-mart 60 hours youre completely dependent on wal-mart for your wages you have no ownership, if you own a brand that sells in walmart you work with them, meaning that youre not dependent on them for your income and you dont have to work with only them or even them at all. 

[Consept]

2 minutes ago, rounder said:

@Consept oh shit I had to look it up you're 100% right lmao

edit: now i'm even further from financial independence. fuck me

 Enjoy the journey man, i was working shit jobs for like 8 years or something, working on a checkout in asda (walmart)! 

Just have your mind set on getting it no matter what

[Faye]

Yes. I'm self employed. Providing a service -- this is key. Low overhead costs and start up costs. University educated -- could have became an accountant, and that was the plan. But I had a little boy my last year of university, and in order to become an accountant in Canada it requires 2 more years of studying, while working, and I wasnt willing to lose those years of my sons life.  So, I decided to go out on my own as a bookkeper as I could make as much or more than accountant working for someone else. It's now been 3 years. I'm currently restructuring to go completely remote to have more flexibility. (Stay at home 100% of the time, versus traveling to clients/picking up paperwork.) I am on my own financially, no support. Have a growing emergency fund sitting in my savings account. Future goal to invest in rental property!! I've always wanted to be self employed. That's always been the goal. I'm still working on my daily habits. But I am up early every morning. It would take too long to list all of what i listen to, but read lots to. It all matters, just concentrate on an all around healthy lifestyle. Food. Exercise. Mind. It all matters. And will give you that motivation to keep getting better in all aspects of your life. Set small attainable goals. And just do it. Because it will never be the right time. (I've had sever social anxiety for years, and just did it anyway.) 

[7thLetter]

@Faye Thanks for the post. Got a bit of the chills reading your post

[Nahm]

@Faye Got the chills too.   Good for you. ♥️

[Faye]

@7thLetter @Nahm thank you !! 

[outlandish]

I propose that there are different stages to Financial Independence:

Stage 0: Dependent. No financial independence, completely dependent on a provider for livelihood. Examples include children, developmentally challenged being cared for by social systems, prisoners.

Stage 1: Employee. Participating in the workforce and economy as an employee, earning own livelihood via wage/salary/commissions. At this stage you are completely able to provide for yourself and your dependents' livelihood, via your earnings. You work for a company, you are an employee.

Stage 2:  Self-Employed. Solo entrepreneur/consultant/business owner. You own your business, you call your own shots and control the direction of your enterprise. You have multiple clients, and no employees.

Stage 3: Employer. You own a business that employs others. You're running the show, but your business has some independence and possibility of portability from you. Your business is probably incorporated.

Stage 4: Investor. You own property, stock, intellectual property and are able to survive purely and permanently off of passive revenue sources such as rents, dividends, royalties.

There are grey areas between these stages; a young adult living at home and working part time, going to school might be between 0 and 1. They stages are not necessarily linear; a common pattern is to  be Stage 1 almost their entire life, but be buying stocks and bonds on the side, and retire at stage 4. One stage isn't "better" than another; Stage 4 isn't necessarily the goal for instance. 

What do you think of this as a model? I just made this up, so I'm probably missing things.

Edited February 11, 2019 by outlandish
i kan spelling