Think your situation is “different” and you can’t reach financial independence?
Think again. Here’s how (from someone who had it worst)
I was watching a documentary over the weekend about this Orthodox Jewish influencer.
She was trapped in a toxic marriage with an abusing, violent husband.
She couldn’t leave him, as she already had 6 young children, and, since she wasn’t working —
she had no money to take care of them or herself.
But this is where it gets good.
Over time, she started building her own lifestyle brand online.
She picked up followers slowly, taking advantage of her unique worldview and lifestyle to create an audience of loyal, female followers.
Once day, when things got bad enough, she had a realization.
“I realized in order for me to be able to have a choice, I need money.
I started saving money for rent and began doing paid brand collaborations”.
She launched her own products to her audience, and soon after that — earned enough money to be able to finally leave her husband, and take the kids.
It's a story that hits you right in the gut, and it's one that had me thinking hard about how crucial financial independence really is:
Money = Independence = Choices = Freedom
So many people feel like they have no control over how Life turns out.
Instead of a toxic husband —
they might be trapped by a job they can’t escape.
Or a an income limit they don't believe they can break through.
What’s worst —
many people in this situation take comfort and tell themselves “focusing on money is superficial. It won’t bring me happiness”.
If you tell yourself that… your life has been far too easy.
Because those who had to fight at some point for survival know that money is the most important and meaningful thing you should focus on, first.
So in this week’s newsletter,
I wanted to share with you how to get started on the path to financial independence.
A situation where you will never have to work again.
Here are the 3 most foundational, first steps you need to take:
💪 Step 1: Learn to manage your finances
If you don’t know how to manage your money, how would you expect to make more of it?
Your first step in claiming your financial independence is by learning how to manage your finances instead of being afraid of them.
It’s easy to do:
Start tracking your income and expenses using a basic "P&L" Income Vs Expenses report.
This will get you in a mindset to start spending more consciously, and not digging your head in the sand.
Once you start tracking, you'll be in control, and that's where the magic happens.
💪 Step 2: Begin working on growing your income
At this point, most people will tell you to start saving money.
Instead of being focused on scarcity, I want you focused on abundance and begin brainstorming ways to begin increasing your income.
- If you still work full time — Focus on a skill or an expertise you gained from your job, that you can monetize outside of it. The fastest path to take is earning an extra income as an independent consultant or service provider.
- If you’re already in your business full time — Start focusing on additional revenue methods you haven’t used before, or on scaling your most profitable revenue generators to date.
At this point you should have a single goal:
How can I double my income within the next year?
💪 Step 3: Open an investments account
Lastly, it’s time to start thinking about your future.
At some point you’re going to want to stop working, so you can just enjoy life and spend more time with the people you love.
Your investments are the vehicle that will allow you to do that.
It means you'll have money invested on assets (like real-estate or stocks) that will earn you passive income each year.
Open an investment account,
and begin investing your savings into stocks, bonds, ETFs and other financial instruments that will allow you to build a profitable, growing portfolio.
You don’t need millions to make this happen.
Instead, simply focus on steadily putting money into your investments, and allow compound interest to do the rest.
Remember, your financial independence should be your highest priority.
It will allow you and those you love to have choices.
Invest your energy into it.
I’ll see you next Saturday on the next issue of the Digital CEO.
- xx, Nataliya.