Hi there! If we haven’t met, welcome to Be Passionate and Prosper! My name is Mandy and I started this financial blog because I see people struggling to live a “good life.” Of course a “good life” might mean different things to different people, but for the sake of simplicity, I’m just going to speak to the desire for financial independence.
What is financial independence?
A great deal of my anxiety was cleared up when I was able to tackle my credit card and school debt, build a business that I loved and then “retire” early. I now spend my time on what I call passion projects (some people might call these projects work… I don’t because having a purpose MAKES me feel alive everyday. AND I can do them if I choose, or I can travel, bake, play with my dogs, or do whatever else strikes my fancy).
Don’t get me wrong, attaining financial independence was WORK in itself. It took a massive shift in my habits to get there. There were defining steps I took, and looking back, I can see that those steps helped me achieve financial freedom much earlier than I ever expected.
Most of the steps were outside of the norm. I tried working for someone else, and quickly realized I was never going to “get rich” that way. So I quit and started a business. I stopped spending money unnecessarily, and I saved half of my income in index funds in the stock market. Then I acquired assets (equipment for my business and rental houses) with the profits from my business. This all took time, about 15 years to be exact. But it was done without someone guiding me… I want to cut that time in half or even better for you!
Financial Independence in 7 Years!
My goal for you is simple… obtain financial independence and retire early. If you follow along here long enough, I want to propose that you can retire (if you so choose) in seven years from now.
I’m not saying this is going to be easy. In fact, you will be introduced to many outrageous concepts. But one of the greatest gifts you will obtain from taking on this lifestyle is you will become aware of what really makes you happy… I mean reallllly makes you happy. Not cars, nor clothes, or the latest gadget or toy.
Roadmap to Achieve Financial Independence
Think of this as your financial road map for the next seven years. It’s designed to help you navigate life more simply so you can GROW RICH faster!
It’s time to fix your finances and begin living a passionate life! True happiness comes from simplicity. As you play with these concepts, think of them as ways you can have fun challenging yourself. Every time you are about to make a financial decision, challenge yourself to have yet another breakthrough.
Step by Step Guide to Financial Independence
I’ve designed this page so you can come back to it and use it as a step-by-step guide. Bookmark it now and revisit it as you accomplish your money goals. Or sign up here for weekly emails to help you stay focused along the way.
Here are the major steps to accomplish in your money journey… Simply click on the links below to learn more!
Cut back wasteful expenses
Begin by freezing your credit cards, take your power back with your finances, pay cash for what you need, use a budget and share it with your spouse, rate your expenses from most to least important, have check-in talks about plans with money, use budgeting envelopes, have frugal healthy hobbies or fun, eat healthy, cut back unhealthy habits, recycle, travel on the cheap (stay in hotels outside of major cities), travel for your business to write it off, avoid shiny stuff syndrome, avoid monthly expenses, downsize your living situation, move closer to where you work, reduce the amount of cars of use a bicycle or walk to get around.
Clear Clutter
Throw out, donate, or sell items that no longer fit your new simple lifestyle, get rid of expenses related to hoarding stuff (stop paying storage rental on stuff that sits around, sell your old stuff for profit), cut monthly subscriptions (cable, gym, others?), get rid of your ridiculous car.
Start a business
Start a side hustle, setup a business for writeoffs (tax time benefits), start a business you are passionate about that aligns with your purpose, become an affiliate for products you love or get sponsored for products, make sure you are protected (LLC or Corp), reduce your husband wife tax rate (if one spouse is still working), husband and wife businesses to start, side hustles while you are working corporate, and/or if you are working (max your 401k to reduce your tax bill).
Pay off debts
Start with the smallest credit card balance first or larger interest rate card first (pick a plan and stick with it to pay off debt). Tackle your student debt, pay off car loans, reduce credit card debt and more.
Save 50 percent or more of income
Track your income, save automatically, figure out how much to save, invest in index funds with low cost ratios, invest long term, look at stock market and fund charts twice a year for changes, check charts weekly to get a feeling of where the market is headed.
Purchase real estate
Look for a starter home to turn into an investment rental someday, buy real estate where you want to travel (because you can write it off when you go check your property!), one person in the family becomes a real estate agent (to save at tax time).
Reinvest
As your business grows, reinvest income in assets (real estate, equipment, etc), move out of your starter house and rent it out, buy a second home for deductions, reinvest dividends from your stock investments.
Automate
Sell your business or automate it, reinvest in passive income (index funds), real estate, new businesses (for write offs).
How to Grow Rich
If you would like to grow rich more quickly, I would suggest receiving weekly emails with article from this list, click here.
And PLEASE share this information with your kids, family, and friends. Copy and paste the link to this page and email it to them. I want to help as many people as possible!
Share your success!
If you accomplish a part of this Be Passionate and Prosper Journey, please take a picture of you and your family and hashtag it on Instagram to #BePassionateAndProsper.
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