PASSIVE INCOME CALCULATOR FREE
However, make sure it is a free personal choice and not due to financial constraints! So, to be on the safe side, find a way to make money while you sleep 🙂 Buffett’s deal is simple: as long as you enjoy your work, you can work forever. There is a caveat to his statement, fully backed by his own life: the unstoppable 92 years old Warren never stopped working, and you can expect to watch him do so until his last day. If you don’t find a way to make money while you sleep, you will work until you die. As the great Investor Warren Buffett once said, It is essential to develop extra income streams, most importantly, passive income streams that you can leverage without locking your time. You need a multiplier effect you need to give every dollar a job! Considering inflation and your future financial needs, the simple act of saving is necessary but not sufficient. Such a strategy does not simply suggest saving money for the future. Such a strategy does not necessarily require you to engage in a specific line of work it does not require a high income, as long as you can pay yourselves first and set aside 10% or more of your monthly income.īottom line: is not important your gross salary, or your net salary, but your “saving-investing ratio”: how much you consistently pay yourself first every month and invest. This first income stream provides the “seeds” to be planted (invested) to secure a future harvest. Your work is required to generate a consistent flow of cash to cover your running costs, saving and investment targets. The most effective financial strategy is based on two main pillars: active and passive income streams. The strategy for achieving financial security and freedom has nothing magical it is not supposed to be a secret.įinancial success is 80% soft skills ( mindset) and 20% technical skills ( money management, investing and entrepreneurship).Ī good financial outlook entails the optimal allocation and management of your present and future financial resources aligned with your lifestyle and values. the performance of the investments you choose.your present and future lifestyle (average expenditures of our household).your financial aspirations: do you want to reach “ financial security” or “financial freedom”?.
Your financial goal and the time required to reach it is a function of:
PASSIVE INCOME CALCULATOR FULL
On the other hand, if you feel your current job or business market is highly uncertain, if the welfare of your country won’t fully provide you with the necessary support, if you ultimately want full understanding and control over your financial future, it is then crucial to identify a numeric target for your financial goals and start the process to secure it. Let’s be clear: if you live within your means if you have a “safe” job, career or business, and if the government/welfare of your country look after you and provides a suitable retirement package, then calculating your financial freedom number appears an academic exercise, a nerd curiosity. Identifying a numerical target can dramatically help. You must remind yourself that it is difficult to achieve and improve something you cannot measure.
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You can’t improve what you don’t measure (Peter Druker). However, it is difficult to monitor our weight if we don’t measure it and don’t have a specific goal. Somehow it is like knowing to be out of shape we know we might have gained weight, but we don’t want to step on the scale and know how much. Most of us are scared to look at our current financial position. What amount of money makes us feel we have reached “financial security” or “financial freedom”? Do we know the number? Is it 500,000? 1 million? 10 million?
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