Reaching financial freedom is 100% about your money mindset. According to Investopedia, financial freedom means having enough money on hand to afford the lifestyle you want, without having to work.
I want to be honest.
When you go on a journey to break out of societal norms and explore new ways of making money, there is a lot to learn. So much that it can feel overwhelming at first, right?
I can relate. On the bottom left is me 5 years ago. Up there is my freedom life.
What was missing to bridge the gap?
2 Things: KNOWLEDGE & ACTION
It’s quite simple actually.
But what many don’t get is that it’s not about all the details. You will figure those out along the way, step by step.
What is most important is to understand a couple of key money mindsets.
I want to share with you what I wish I knew 5 years ago, so you can bridge your gap faster.
I selected 6 money mindsets that will make a big difference for you going forward.
To get you closer to your life of financial, time, and location freedom.
Once you know these money mindsets, there is no way that you will not want to take action.
It just wouldn’t make sense not to.
Here they are.
1. Your freedom life is cheaper than you think it is.
Whether you want to reach financial freedom to quit your job and go travel, to build your dream business, to start a family, or to read books all day … , if you think it, you can do it.
Yes, it will take planning, discipline, and will-power but by making your freedom vision more tangible, you’re taking a big step towards turning your dream lifestyle into reality.
When you dream big, don’t think “I can’t afford it.”
Change your money mindset and ask yourself instead: “How can I afford it?”
When you break down your big vision into concrete goals, you will realize that reaching financial freedom won’t take you as much money or time as you had imagined. Challenge yourself to bring your vague ideas to paper, and create a vision board! Go ahead with our vision board template!
2. You already have the skills to create passive income, you just need to (re-)discover them.
You are unique as a person, and so is your skill set, your knowledge, your experiences, your interests, and the combination of those.
And the great thing about passive income is that there are options for everyone, suited to your unique circumstances and preferences. If you’re curious, here are 11 passive income ideas to get you brainstorming.
There are two guiding principles we recommend our 9-5 Escape Plan students for being successful in creating passive income and reach financial freedom:
- Invest in what you understand.
- Use your uniqueness to create value for yourself and for others.
3. Not investing makes you lose money – not the other way around.
Yes, investing money always exposes you to a certain degree of risk. Generally, the rule holds the highest the risk, the higher the reward.
That being said, not investing your money and keeping it in the bank also exposes you to a risk.
Here comes one of the surprising money mindsets! Inflation rates are higher than the interest you might earn in your bank these days. In simple terms, prices rise overall, and if your money doesn’t rise by the same percentage, you can buy less things in a year from now with your money.
Here comes the good news. There are ways to mitigate risks of investing: Investing your money in assets or industries you understand, invest small amounts, and diversify your portfolio.
Being smart about where your money goes is the new sexy, and there are tools that make it super easy for you to get started.
4. Whatever passive income business you’re in, you’re always in the business of creating value.
When you think about setting up a freedom based passive income business, what comes to mind?
Let us guess.
Setting up your website, all kinds of technical challenges like SEO, creating content on social media, doing sales, … so overwhelming!
So here’s a thought that will help you reduce overwhelm:
You are in the business of creating value. Somebody right now in the world is looking for the expertise or product that you have to offer.
Your website, social media, etc. are only tools to help you do the job.
Instead of diving head-deep into any technicalities, ask yourself: How can I deliver value in the easiest and fastest way? Keep it simple!
5. Be patient. Don’t aim for overnight success.
Overnight success is a myth. Everyone who has seemingly achieved ‘overnight success’, did it because they invested time and energy to get to where they are.
We can’t wait to get you on your journey to your version of a freedom life, but let us just share one important money mindset with you.
While the challenges along your path may be external, the real test is internal. So when you run into obstacles (which you will because it’s normal & it’s what makes you grow), focus on what you can control: your attitude and your actions.
Reaching financial freedom is a process that will require time. Start in your 20’s to benefit from compound interest. Be patient, it will be worth it.
6. The greatest power you have is the power of choice.
This is one of the most powerful money mindsets. The best money strategies, techniques, and knowledge won’t help you if you don’t choose to show up and do the work – every single day.
You have the power to make this decision. To choose to start investing, to start your passive income side hustle, to choose to learn, to choose to keep pushing when it’s hard, to choose to take at least a tiny action every day.
When you make this choice every day, you create momentum. It’s like biking. To gain speed, you need to start paddling. You might need to do some hard pushes in the beginning but once you’re in motion, it’s difficult to stop. Keep moving!
So those were the 6 money mindsets that are at the core of everything we do ourselves and everything we teach to our students.
It’s these learning that allowed us to generate 5-figure passive income, and live our version of a freedom lifestyle.
We want to help you close the gap between you and your freedom life faster.
That’s why we invite you to join the wait list for The 9-5 Escape Plan program.
Learn the money mindsets to to escape your 9-to-5!
We help you to create a plan to create your dream life that works for you. We walk you through the steps that you need from creating your freedom vision, to defining new income sources, to taking action, and we hold you accountable!
The most effective way to live your dreams is by creating freedom and time!
We teach you everything you need to stop trading your time for money. Instead you will learn to automate your income. This way you can choose what you do with your time.
Sign up to the wait list to learn more about The 9-5 Escape Plan and get an update when we will be open again for enrollment.