HOW TO TURN YOUR LIFE AROUND — FROM FINANCIAL DISTRESS TO FINANCIAL FREEDOM
Knowledge and action equals success
Merely nine months ago, your life was different.
You had a job, a regular income a sense of security.
And then…it all has changed.
What about my security, you might think.
Security, what security?
Perhaps job security?
Or Financial security?
Not only are those things from the past, but a myth all along.
I know you’re experiencing financial distress right now.
So the question is how do we eliminate it first and then set you up in a way that it is easier for you to wetter the next financial crisis.
Because it is not a question of if it will occur, but when.
Let’s talk about your
I can here you yelling
Yes, Financial Freedom, why not?
I know, your thinking Financial Freedom sounds like a wonderful thought, but c’mon.
Yes, I’m serious; Financial Freedom is achievable, for anyone.
It is of total unimportance how dire your financial situation my look to you right now, there is always a way to turn it around.
Recommended Reading: Getting out of debt
But before we talk about how to achieve it, let’s make sure we actually know what it means.
To many people it means very different things.
Financial Freedom equals financial security equals financial independence…huh?
Having no debt, don’t have to work — ever, being able to buy what you want without any restrictions, simply being rich. That kind of sums it up what most people think of Financial Freedom.
But let’s take a closer look:
1) Financial security. This sounds great, but in reality it does not mean much. It simply represents the fact that your current income, generated from all sources available to you, exceeds your monthly expenses.
2) Financial independence. You don’t depend on your day job any longer to have a comfortable living. Your income derives from investments, rental properties, insurance or pensions of any kind, still no freedom though. Yes, you do make more money than you need, but that’s where you hit your ceiling. On top of that Investment and rental properties are not that reliable and can go sideways in a big way. Than your only assurance your bare survival is met are your pension plans, if you have some.
3) Financial Freedom. In my opinion you have arrived at Financial Freedom when you are debt free. When you have a mix of different income streams that you’re in control off; a mix of passive and “push button” incomes. It is the stage where you’re truly free to do what it is you want. You might still work to some extent, and you probably should, to remain in control of your Freedom and enjoy mental and social engagement.
In other words Financial Freedom allows you to have ownership of your finances and how you enjoy your life.
Financial Freedom is easier to achieve when you start early in life and you don’t need to climb out of a hole first. But never the less, in most cases you can still get there, no matter where you start, one step at the time.
Analyse your finances, create several income streams (including passive and push button) pay down your debt and enjoy your Freedom.
You Can’t Cheapen Yourself Out Of A Dire Situation
If being employed has taught us anything, it is that job safety does not exist. Yet, for most people their every day job is their only source of income, a very risky way to live.
The only solution is to have at least one additional, even better, multiple sources of income.
What happens when it hits you?
When your employer cuts your hours or even worse, you lose your job?
You can try to cut expenses by tighten your families’ belt.
But you can only do this to a certain point, before you run out of options for further tightening; there are no more holes left in your belt. If you would try to cut expenses even more you would have to stop eating, putting gas in your car, pay your gas or electrical bills. These are not considerable options.
Instead the only real option for you is, you can always make more money, there is no ceiling.
The more money you make, the more you can put down towards your debt or prevent your family from financial discomfort. Makes sense?
There is a saying:
“Every penny you save counts.”
I’m saying “sure, but every dollar you make counts more”!
And this leads us to a critical point in your quest of recovering financially and achieves Financial Freedom…
You Need a Job or two
One of the best opportunities to generate an income past 2020 is clearly online.
Opportunities are huge in freelancing, blogging, and the gig economy.
As COVID has changed drastically the way we’re working, it comes as no surprise that employers have discovered that working with freelancers has many advantages over fulltime employees. For that reason freelancing is booming right now, and will so for years to come.
How are your writing skills?
If you’re somewhat confident writing and spelling, I thing freelance writing could be a fantastic opportunity for you. Not only could you, in this current financial crisis, make quickly some very much needed money, but perhaps even start an entrepreneurial career as freelance writer. This would not only help you out now, but put you in a much better financially position for when the next financial crisis hit, and it will.
What Are The Benefits For Freelancers And Why You Should Look Into:
· Freelancing is not seen as an odd thing anymore, instead as part of the new normal
· Work opportunities are plenty
· Companies are looking for specialized people and offering tailored solutions
· Freelancing earns more money than ever
· It’s easy to have multiple clients and therefore multiple income streams At the same time
· Being fulltime employed, one can lose its entire income in one moment. This is almost impossible for freelancers.
· By working with a wider range of employers and industry types, freelancers are less impacted by industrial up and downs.
· Unlike in regular employment, a freelancer can earn more money by taking on more work, offers more specialization and skill levels.
· The freedom to choose clients and type of work.
· Being geographically independent, a freelancer can work and live anywhere in the world, regardless where his/her client is located.
· Finding work is relatively simple
· Its inexpensive to get started
· Immense freedom and flexibility all around
Despite that freelancing has a lot going for it, it comes with a bit of a challenge too.
No matter if you’re an experienced freelancer or just starting out, a freelancer always has two jobs.
1) Finding work
2) Doing the work
Finding a freelance job is really not that difficult, but can be a bit intimidating when you’re new to this, have no clients yet and not much experience.
To make this task a bit less challenging, let’s talk about what you need to know and do to find freelancing jobs:
1) Showcase what you’re good at
2) Pitch to your prospects
3) Where to find your clients
1) Showcase What You’re Good At
For that you need to have a writer portfolio. With a writer portfolio you can showcase your skill level, making finding writing jobs so much easier.
To create a writer portfolio, you have two great options.
1) You can sign up at a writer portfolio site, many are free. To find such portfolio site, just google “best writer portfolio websites” and read through the many options. Easy as cake.
2) Your second option is to display your writing samples on your blog or website. If you don’t have one yet, you can create a blog or website very easy, fast and cheap, even free using WordPress.
But what can you do if you don’t have any writing samples?
You can solve this problem relative easy, here some good tip on how to create wring samples quickly:
A) Write guest posts
Before you start writing guest posts, it is a smart idea to create a simple “portfolio showcase” website. There you can list all the links to your published guest posts.
What is a guest post? A guest post is post written by you, published on someone else’s blog/website. Usually, especially when you’re a beginner, you write for free, except they author bio at the end of your article. When someone loves your article and wants you to write one for them too, they can get in contact with you though the bio. So make sure you write a bio with all your relevant contact info.
B) Start a Blog
This is probably the easiest way to present yourself as a writer. Post some well researched and written posts and include a link to it when you pitch to a prospect. You can start as blog literally for free, the only starting expense is your domain.
2) Pitch to your prospects
Pitching is an art you have to hone over time. Don’t just send your prospecting client any willy-nilly proposal for a post, no you need to do a bit of a research. After you found their post for a writing job, take a look what this editor or company usually writes about, what is their language and style. By doing this you gain quickly an edge over other beginning freelance writers. This might look like it’s not a big deal, and it’s not. But in order to compete for the “good” writing jobs, the ones that allow you to make a living writing, you have to train, like any good pitcher (do you get my drift here — Train — Sport — Pitcher, haha) and really develop your skill level, like I said “pitching is an art!”
3) Where to find your clients
The easiest way to find writing gigs is searching at popular job boards, the downside is? The boards are, well, popular, and with that come heavy competition. But never the less it is a good start to get your feed wet and you do have a good chance to find writing jobs.
Just search Google for job boards. Check them out to see which feel alright to you, pay attention to the cost associated for you to serve a client you found on that board.
Be forward thinking!
But don’t just make more money to cover and secure the basics but to improve your life, climb up the ladder towards Financial Freedom.
There are two reasons why you would like to make more money.
A) To reduce your debt, eventually, become debt-free
B) To change your lifestyle or achieve Financial Freedom (retirement / early retirement), live the life you would like to live. This can include work, but only because you want to work.
Over to you now!
Whatever the reasons are why you need to make more money.
To make it happen requires action on your part.
If you can imagine that freelance writing could be a thing for you, I suggest reading my post:
And learn more about how to become a well-paid freelance writer.
Photo by Bruno- Emmanuelle on unsplash