5 Things I Have Learned On My Path To Financial Freedom
5 Things I have learned on my path to financial freedom this week...
Hello and welcome to my very first blog post reporting from my lovely new website #whimsigift. Before I jump right in to the 5 things I have learned, I want to share with you a little about who I am and why you would even be interested in what I have to say. First off, my name is Christina and I currently reside in the mid-west region of the US, in North West Arkansas (NWA). I was not born here but transplanted almost 7 years ago from South Carolina for my corporate America job. I am a wife, mom and busy business professional. I have been married to the love of my life Darrell for 26 years now (yes, we married as babies...haha). Check us out:
I am a mom to two grown kids, Kristopher (24) and Heaven (20). Throw two fur babies in the mix as well. Pepper, our temperamental papillon/beagle mix and Lil' Bit, the bob-tailed cat.
I have been on this journey to a better life for a while now. More specifically, I have been searching for ways to obtain financial freedom religiously for over a year. I have gotten big into listening to financial podcasts this year and all of them have consistently had this advice: "Have multiple streams of income". In other words, don't put all of your eggs in one basket.
My reasons are like most people and families I know. I want a better quality of life for myself and those I love, financial freedom to do the things we enjoy in life, hopefully retire someday and peace in knowing that there is enough money to sustain our household without worry of the rug being pulled out from under us.
Which brings me to this...
The 5 biggest things I have learned this week on that journey
1) It takes time
*Time to figure out what avenue to take
*Time to research
*Time to glean from others wisdom
*Time to get it all started
The main thing here is to have patience. I know, who has that... right? Let me tell you this, you are absolutely going to need it. No matter what avenue you choose to pursue on your path to happiness and financial stability, it takes time to figure out how to do it. Anything worth doing is worth doing right, so have the patience to learn about the business, your craft or whatever it is you decide to chase down. Trust me on this!
2) Finding ways to make "passive income" ain't easy y'all.
So many choices yet so little time. But wait, we have nothing but time, right? When you start researching all the different ways, it can be daunting and confusing. What do I choose? Here are some of your choices, just to name a few:
- Amazon FBA
- Amazon Merch
- E-commerce sites (drop shipping)
- Stock trading
- Real estate
Like I said, a lot to consider out there. Each one of these can lead to a potentially "passive" income BUT a lot of non-passive labor needs to be applied in getting them started. You have to work at it...hard. There is NO easy path. Just roll up your sleeves and get going with it.
3) Squirrel brain is real...for real.
When you start this journey, there can be MAJOR information overload. This is especially the case when you start looking for the gurus in the business. Some are "so called" gurus who threw together courses and books just to get some of your money but when it comes down to it, they give you just enough information to make you mad but NONE of the inside details that will help you make the next best decision or be even remotely successful. I mean, where's the benefit in teaching you all of their secrets, am I right? What's that saying? You'll know just enough to be dangerous...
It can be frustrating but remember tip #1, it takes time. The last thing you want is to choose Amazon FBA, spend all the time to get approved, careful consideration of a product to source, money spent to source it, then lose it all when they shut down your account for a trademark violation. It happens...everyday...several times a day to people who jumped the gun and didn't take the time to figure "FBA" out. Carefully consider and learn your niche. Take the necessary steps to protect what you are working so hard to build. This was a BIG one folks. Do it right or don't do it at all.
4) Pick one and go with it...
Just do it already! Launch that website, write the blog, set up on Etsy...just do it. I think the key is to focus on one thing at a time. When you start reviewing opportunities, it's so easy to get excited about them all. Focus on one area, make that successful and when you are making a profit, begin on something new. The key is not to have all of your eggs in one basket. Spread it over several channels and outlets.
AND last but not least...
5) Nothing is completely free...
It goes without saying, nothing in this world comes for free or completely free. My goal is to start something up with minimal investment. I already knew from my research that some amount of money was going to be needed for the basics. Now, I'll tell you this, you CAN build a website for free BUT for ultimate optimization, you want to purchase your domain name. Yes, you can open an e-commerce store with dropship only items BUT you want to eventually sell private label brands. This is where the sustainable and stable income will be made. This, my friends, is where your empire lies.
My plan for this blog is to be completely transparent about my daily struggles and wins on my path to a better life and financial freedom. What are my next steps? Well, I have my domain site up, obviously. My Etsy shop is created. I already had handcrafted products to post, so I did. I am waiting on my "FBA" account to be approved as well as the "Merch" account. I love designing t-shirts and have already been hard at work on designs that are ready to upload once I get notice of the approval.
The more I read up on "FBA", I'm not sure if that avenue is for me. I am nowhere close to sourcing products much less branded products. I am going to focus on the "Merch" side and designing products for my Etsy shop. That is plenty to keep me busy until the approvals come in.
Here is your action plan:
1) What one thing are you going to do this week to move your financial freedom
2) What's the next best decision and what can you do to make it happen?
Next, I want to hear about it. Leave me a comment with what you are doing and were you successful. Remember, success is measured by effort. Progress is progress no matter how small the step.
My hope is that you find some enjoyment in reading the musings of my mind and also encouragement. As I learn something new, I will share it, with my own review on how it worked and details of how you can make it work for you.
I encourage your feedback, good or bad. I am also available by email if you want to send your question(s) or comment(s) privately to me at: firstname.lastname@example.org
Until next time my friends, keep reaching for those goals. The only thing standing between you and your success is YOU. Make today Whimsical!