10 Ways To Financial Freedom
By Lee Coleman
Posted Monday, October 4, 2004
Use any of the 10 following ways to become financially free. In an informative article, find pro’s and con’s for taking any of the “10 routes” and practical advice for doing so.
THINK BIG AIM HIGH!
10. WIN A LOTTERY – okay,okay I know a lot of Internet Guru’s, life-skill advisors and writers who will cringe when they see this. But there are ways of increasing your chances. At the time of writing, the odds of winning the U.K. lottery are around 14- million to 1.
There are a number of ways to improve your chances of winning –
a) Play regularly, the more you play, the better your chances.
b) Join a syndicate, the more lines you cover the better the odds.
c) Use the same numbers, a great number of people who win cash in the lottery use a fixed set of numbers e.g. birthdays of family members, memorable dates, phone numbers etc.
d) Try wheeling pairs, you can find more information about this technique at (http://www.thelotterysite.com/predicting.htm).
Pro’s – You can become extremely wealthy or be a Millionaire overnight.
Con’s – The cost, each line has to be paid for, the odds are still very high. If in a syndicate you will have to share your winnings.
This shouldn’t be viewed as a good route to take for anyone that wants to be financially free, but if you have a few quid spare, you can be lucky. Maximum return for a minimal investment. Somebody wins every week, you are as lucky as anyone else.
9. MARRY FOR MONEY – Oooh, that’s gonna go down like a fart in a lift! Highly unethical, not recommended, but are you dating?
Does it matter how much your partner is worth? 70% of people end up in dead-end relationships, unhappy and broke. You have the choice of marrying anyone you decide to. 37% of people marry for convenience, children, because they get pressured or for legal reasons.
Before you marry anyone, find out if they can support you. Don’t just settle for second best, if you are NOT totally in love with the person you choose to marry, make sure they are loaded. That way at least whatever problems you have to put up with in your marriage, money won’t be a worry. If you get divorced, you can expect to receive a reasonable settlement figure that will help to insure that you are catered for financially.
Pro’s – If your partner is elderly you are likely to receive a majority of your spouse’s estate, Money makes Money, if you marry a wealthy person the chances are you’ll have good opportunities to make your own fortune.
Con’s – You make your bed you have to lie in it, whatever happens you are responsible for the decision you made. You may be pressured by family members if they “get wind” of what you are doing. You may be asked to sign a pre-nuptial agreement voiding your stake in any fortunes.
8. SECONDARY INCOME – These days it’s not uncommon for people to have a second job in order to boost their income. Most people struggle to pay every day bills and expenses let alone afford to have savings or money to spare. Your second job should also generate a large enough income to justify the extra hours you work, but not effect your main income source.
“ I had a good friend who worked 2 shifts daily at a paper factory, at the end of each month he took home over double a normal wage”. “I also used to be a retained firefighter and in a month could earn anything up to £1000.00 in addition to my normal monthly wage”
Pro’s – With a second income, you should earn enough to ensure a financially secure future and be able to afford a few luxuries.
Con’s – How long you can keep a second job going. You will be exhausted And have very little spare time at all. You could be liable for higher taxes which would not make it viable. Your employers may object to you having 2 jobs, you may loose one or both of them.
7. AIM HIGH – You want to be the boss, are there promotion prospects at work? You could work every extra hour available, be dedicated and if you are successful you may even be head-hunted.
“ I employed a sales rep for £18,000 per annum, after 2 successful years he was headhunted by a competitor who eagerly paid him £25,000 per annum + car + bonuses + pension. Another year later he was promoted to assistant manger earning over £35,000 per annum + bonuses etc”.
You should be frugal with your money and invest in multiple pension plans over the next few years. You should pay off your mortgage early (if you can afford to pay a little extra each month you will pay less interest) and be more financially secure by the time you retire.
Pro’s – If you are headhunted, you can expect higher wages with superior benefits, e.g. company car, pension, bonuses etc. If you work your way to a top position within a large corporation your remuneration package should be substantial enough to make you financially free.
Con’s – There will be strong competition from colleagues, by the time you are in that sort of position you will be highly stressed, burnt out and will have had to sacrifice most of your spare time and family life.
6. BECOME SELF EMPLOYED - How well do you know your job? could you do it better on your own? Your bosses have a lot of every-day overheads, any profits are for them or the company’s development.
You can give their customers the same service for less. There are many organizations set up specifically to help people get started in business for themselves (this helps your government keep unemployment figures down)
e.g. “ I left a company I worked for after 14 years, became self employed and at least 20 of the company’s customers gave me their business after only one phone call, because they already knew me and it cost them a lot less for my services”.
Pro’s – You will be your own boss. You will keep all profit. You work the hours you want, overheads can be minimal, you only have to work with who you want to.
Con’s – The buck stops with you, it can take a little time to adjust and establish your business, If you don’t work you don’t get paid.
5. START YOUR OWN COMPANY – Once you are self employed or, you have some capital (e.g. inheritance, lottery win etc) why not employ others to do your work for you. You may reach a point where you have too much work and you will have to choose to turn down addition work or take on more staff. Run properly, a larger company can provide comfortably for you and your family for the rest of your lives. Once established with a good customer base, it can be sold for large sums of money.
Pro’s – Successful business can result in almost anything, e.g. look at Richard Branson’s empire or Stelios from Easy Jet.
Con’s – There are many con’s against running a larger company. “ In the 14 years I worked for the same company, 1 employee left, setup on his own and took clients TWICE , the company secretary was stealing from the business for over 5 years, Your employees do not have the same interests as you in your company and you will have to clear up any problems they create. You will need to be the first one in and the last to leave and work every hour you can if you want to be successful.
4. INVEST IN PROPERTY – This can be in your country of residence or overseas. In the U.K. alone at least 35% of people have considered or are actually purchasing investment property.
In today’s unstable investment market, property can be one of few proven methods for a good return on your money. Many overseas locations offer the chance for second homes at reasonable prices. e.g. “At the time of writing, it is still possible to purchase a property and land in France for less than €20,000.00 ”. In the U.K. you cannot even expect to buy a small building plot for less than £50,000.00.Prices are still rising which makes it possible, for anyone, with money to invest, to reap substantial rewards.
Pro’s – You have the chance to own a permanent holiday residence in a desirable location which can generate a good income if you rent it out over the holiday periods. Development potential, many landlords in the (U.K.) buy large townhouses and convert them to flats and bedsits. Houses rarely lose value. You can purchase property at auction and resell making good profits just by being in the right place at the right time.
Con’s – There are many things to consider before purchasing property. If you are buying overseas, ensure you are aware of all the red tape and bureaucracy. You can be misled by estate agents, If you do not know the area in which the property is located you may have problems selling. If there is civil unrest in the location of your choice, you may lose everything. e.g. recent problems in South Africa and Zimbabwe.
3. BECOME A WRITER – There are many people today making huge amounts of money writing. You do not have to be Jeffery Archer, Barbara Cartland or an award winning journalist in order to make a living from writing.
Anyone has a number of things to write about, life experiences, work related topics, sport, hobbies etc, etc. Again there are literally hundreds of articles and good resources on this subject available on the internet. Author J.K. Rowling is now amongst the richest women in the world due to her Harry Potter novels. She has been writing since the age of six, but never actually published the first Harry Potter novel until 1996. Somewhere, someone will be interested in what you have to say.
Pro’s – Both fame and fortune could come your way, you can earn from many different sources including magazines, newspapers, news-letters, television and radio.
Con’s – It can take years to be recognized, writers block can be a, a, a uhmm, a oh you know what I mean!! Knock backs can be very disheartening and regular. You must persevere.
2. MULTI LEVEL MARKETING BUSINESSES– Why is it, MLM has such a bad reputation? In Japan over 40% of all business is carried out using MLM techniques. Just type in Multi Level Marketing in your search engine and there are currently 2,840,000 listings on the subject in Google alone. Here’s a quick idea of how it works.
e.g. Normal business.
Manufacturer sells product to Distributor
Distributor sells product to Wholesaler
Wholesaler sells product to Retailer
Retailer sells product to Consumers
Lets say the product costs the manufacturer £5.00 to make.
The distributor pays £8.00 but must buy in lots of 1000 units.
The wholesaler pays £12.00 each in lots of 500 units.
The retailer pays £14.00 and can buy in lots of 50-100 units.
The consumers normally only want 1unit and pay £20.00 for it.
Obviously if the manufacturer wants to increase sales he can Sell to more distributors who in turn sell to more wholesalers who sell to more retailers etc, etc.
MLM principles are very similar but without middle men, wholesalers or retailers it is possible for an agent to buy directly from the manufacturer in low volumes at the same price as a distributor (e.g £8.00) the agent sells direct to the consumer and makes a good profit.
If the agent decides, they can “sign-up” people to mirror their business and the company will pay commissions to the original agent on any sales made by their downline. This means you can be earning money without any effort on your part, other than enlisting other agents. Imagine introducing 2 agents who in turn introduce 2 agents who then introduce 2 agents, you get the picture? It is possible to build enormous downlines of agents all earning you money, almost with unlimited income possibilities.
Pro’s – It is possible to build an almost unlimited income from a MLM business opportunity. MLM techniques can be used to market an existing product being distributed by “normal business” means. Overheads are low, agents are self sufficient businesses themselves, not employed.
Con’s – There are hundreds of different types of MLM opportunities. Some work, a lot don’t. If you want to market by MLM, you must fully understand the techniques and procedures involved.
1. HOME BASED INTERNET MARKETING BUSINESS – This is without any doubt the best proven method of attaining financial freedom. It is easily possible to build a hugh network of automated websites, have hundreds of top quality products without even spending a penny. Some of the top “Internet Guru’s” are earning six figure incomes and have army’s of affiliates all selling their products. Once established websites can generate “multiple streams of income” 24hrs a day, 7 days a week, 365 days a year from a customer base of approximately 600 million people. There are unlimited resources and support from experts all over the world to help you advertise for free and guide you to successfully reach your ultimate goal and be financially free for life.
Pro’s – Ever increasing customer base, endless availability of powerful tools and products. You can start an internet business on a shoestring budget in your spare time as a secondary income, be your own boss, all the advantages of an MLM company, few small overheads, almost unlimited streams of possible income. Free advertising, Free Websites, Free products.
Con’s – It takes time and effort to build an internet business, In the early stages development can seem slow, you will need to become computer literate and learn as you go. It can seem daunting but if you take your time and go step by step the results can be unbelievable. There are initial costs with any business but these can be kept to a minimum if you are careful with your choices.
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