The Secret to Financial Freedom: 8 Ways to Kickstart Your Wealth
It’s no lie that so many of us strive to be financially free. Money is one of the most significant drivers in the world today. A key point that most people miss however is that money really does not buy happiness on its own. Sure, you may be thinking that “Alpha, if I had a ton of money, I could buy any house, any car, quit my job and live the life”. Now while that is true, After some time, you are going to get bored once you have bought everything and if you have nothing else that is fulfilling or satisfying this is where the depression kicks in. There are so many stories of rich folk having very depressing lives and I don’t need to get into this, you’ve probably heard it before. Nevertheless, we live in a world where we need money increasingly given the rates of inflation that we are experiencing globally these days.
The way I look at it and how I urge you to look at it is while money does not buy happiness money can grant you freedom. Freedom to make your own choices. Freedom to live life on your own terms. Yes, you will need to have things like fulfilling relationships and goals at the same time, but you will have the freedom to work on anything you like. If that sounds like something you could do within your life, stick around here and we’ll help you get there.
“while money does not buy happiness, money can grant you freedom”
So how do we get there? Unfortunately, like most good things in life, it doesn’t come easy. It’s gonna require some effort, commitment and dedication. This is all new to you and you are looking to kickstarting your journey towards financial freedom. The rest of this article will hopefully give you some clear guidance on what you can do to start your journey. This is a journey shared by the best of us and is something we can all work on together. So let’s not waste any time and dive right in.
So what’s the secret? Anyone who knows anything about personal finance and financial freedom will tell you that the main thing you need to create wealth is to generate multiple streams of income. Arguably one of the most famous people to advocate for this is Robert Kiyosaki in his book ‘Rich Dad Poor Dad’ which is considered one of the best selling personal finance books of all time, selling well over 40 million copies to date.
“the main thing you need to create wealth is to generate multiple streams of income”
The idea struck me back when I was a student in university. I was wondering how I was going to pay for a house, car, bills, tuition, family life and everything else on a single salary. It just didn’t seem possible to me. So I started exploring ways to generate multiple streams of income and here I list for you the common investment options that I was able to find on which most people build their wealth.
1. Start a Business
This one should come as no surprise, but starting a business is one of the most common (and fastest) ways to get rich quick. However, that’s easier said than done because as they say, one in three businesses fail. So this one is certainly not the easiest, but if you have that business mindset, if you have always wanted to have your own business, if there is a problem that you have a solution for, don’t let anything stop you. Go for it.
2. Online Selling
Similar to above, this is essentially starting a business, but in this modern internet day and age, it can be done a little differently and I believe with a bit lower risk and capital than starting a traditional business. This can take the form of selling on websites such as Amazon and many others. Amazon’s Fulfilled by Amazon (FBA) is an increasingly popular way of selling that you can look into. Dropshipping is another form of online selling where the seller (you) does not keep stock of the products, but instead transfers the customer’s orders and shipment details to a manufacturer, wholesaler, or retailer who then ships the products directly to the customer. If like most people you are now buying a lot of things online, why not become a seller?
3. Affiliate Marketing
Affiliate marketing is another common way that people build their wealth and generate multiple streams of income. In affiliate marketing, you would partner with a company or brand simply by signing up on their website to promote their products or services in exchange for a commission on sales made through their unique affiliate link. This means that you don’t have to create your own products or handle customer service, you simply promote someone else’s products and earn a commission for each sale made through your referral. Affiliate marketing can be done through various platforms such as websites, blogs, social media, and email marketing. It is a popular choice for those looking to earn passive income and build financial freedom. By promoting products or services that align with your interests or audience, you can potentially earn a substantial income through affiliate marketing.
4. Content Creation
I think no list for financial freedom would be complete without content creation. Quite easily the most popular method of wealth creation over the last decade, content creation on platforms, such as YouTube and other social media platforms now have the potential to reach a large demographic of the population, and is no doubt effective to say the least. This is so effective because content creation incorporates multiple other strategies such as the aforementioned affiliate, marketing, as well as advertising. In 2023 alone, YouTube apparently generated 31.5 billion USD in ad revenue. That’s certainly something.
5. The Stock Market
I am a firm believer that everyone should be investing in the stock market. It is by far much better than just keeping money in your bank or savings account. It is well known that inflation is reducing the purchasing power of your money. Especially as I write this in 2024, regardless of which country you’re in I’m willing to bet you have noticed how things, from groceries to restaurants, have gotten more expensive and what you could buy before with a certain amount of money you cannot do now. Putting a little bit of money into the stock market every month is a great way to get your money to work for you while you sleep. You can make it easy or harder depending on your interests. You can buy individual companies if you like or general stocks, such as exchange traded funds (ETF) if you want to keep things simple. Not to mention many stocks offer dividends, so the more shares you have, the more amount of money you will get in dividends. This makes it a great long-term play for you to just keep around.
6. Real Estate
Real estate is one of the most common ways people get rich. It basically involves buying and selling properties. Because buying and selling prices are usually higher and then other forms of investment mentioned, returns from real estate often larger. Unlike other forms of investment, real estate allows for the potential of rental income in addition to property value appreciation. This means that you can generate passive income while also benefiting from long-term capital gains. Definitely one method of investment to consider.
7. User Generated Content
While not exactly an investment, user generated content (UGC) is an increasingly popular side hustle that I thought I might mention here. UGC is basically content such as photos, videos reviews, testimonials etc. Generated by people for company products/services. Many companies nowadays, particularly newer ones which do not have an extensive following or customer base, pay for UGC in order to drive traffic towards their products/services. Obviously requiring little-to-no initial capital, this has proven to work for people and could just be the one for you.
8. Freelancing
Outsourcing jobs is increasing in popularity nowadays. Many people from content creators to large scale businesses outsource various things based on their need. if you have a particular skill, this could be something that is in high demand and could be a substantial source of income for you. A lot of things like graphic designing, writing, editing, proofreading, etc. can be done online on websites such as Fiverr, Upwork and many more. While this is still a form of active (not passive since your time is required) income, it could be a simple way for you to generate some cash on the side.
So it’s safe to say that there are a multitude of ways to generate multiple streams of income for yourself. I’ve just mentioned some of the more popular ones, but there are so many more.
The key takeaway here is that if you really want to achieve the goal of financial freedom, you have to be willing to step outside your comfort zone and start working to generate some additional streams of income. There are so many people doing it now and becoming successful from it. Why not you?