Regardless of your current financial situation, you have to admit that the idea of being financially free sounds pretty nice. But first we need to ask the question: "What does Financial Freedom really mean?"
What does Financial Freedom really mean?
To us, it doesn't mean £150 million in the bank and a super yacht. It means having the freedom to relax and live life on your own terms without having to worry about the trappings of a 9-5 job. In our opinion, Financial Freedom comes from many different channels. We have avidly followed the FIRE movement for a few years and as a consequence we are now very active property investors.
Over the past few years Property Store has helped us become financially free and travel the world. Now we are making it available for everyone, so that it can help YOU too!
What is the FIRE Movement?
The FIRE movement is a lifestyle that stands for Financial Independence, Retire Early. It's a way of living that advocates the idea of Financial Freedom through savings and investments. On average, most of us can't retire before our age 65 without some sort of income stream unless we inherit money. However, this doesn't mean it has to be that way for you!
On average, most of us can't retire before our age 65 unless we inherit money
But why do so many people never achieve this?
According to Financial Samurai writer Sam Dogen: "the reasons are endless which includes poor mathematical abilities, fear of math (or failure), lack of self-confidence, bad spending habits/insufficient income leading to constant job hopping and unemployment."
So how many years would it take me achieve this sort of lifestyle?
First we must understand the key principles of the FIRE movement, which include Financial Literacy, Passive Income and a Low Spending Lifestyle. Let's break these down one by one:
Financial Literacy is the ability to make, save and grow your money. Financial literacy allows you to put yourself in a position of power where you can take control of your financial destiny. Reading books to educate yourself is your best course of action to get started here.
Passive Income involves earning money from sources that usually require an investment but can be done while you sleep! These include things like rental properties and even blogging with Affiliate Marketing.
Low Spending Lifestyle
With a low-cost lifestyle and a simple routine you can achieve Financial Independence by saving aggressively and investing wisely in assets that will grow over time such as property or stocks/bonds. There are of course extremes to this, however, if you simply maintain a solid budget you should be able to reduce a lot of your monthly expenses.
How can you start your journey to Financial Freedom using Property?
Financial Freedom through Property is of course our preferred option to sensible long term wealth. If your planning to take the same path, make sure to read our blog about the mistakes we made when we first starting out. You may also want to check out the common property investment strategies.
Property Investment will always provide an excellent hedge against inflation and property prices almost certainly only go up over time. To achieve Financial Freedom, you need to own enough quality property in good locations with high rental yield (the rent as percentage of purchase price). The goal is simple: increase your net worth every year!
Property prices almost certainly only go up over time.
So, in truth, financial freedom can be a reality for anyone, but it doesn't come easily. Financial literacy and property investment are your best bet to achieving financial independence through passive income. Financial Freedom is about choices - whether that means working in an office until the age of 65 or retiring early with a comfortable pension fund. You have the power to choose how you spend your time, so make sure you're making informed decisions every step of the way!
How can Property Store help?
Property Store is a Property Management CRM Software designed by property investors for property investors. If you decide to to be a property investor yourself, the software will help you by lowering the barriers of entry.
An example is that the CRM will help you easily discern good property deals from the thousands of property listings across UK. Though you will still need to know how to spot a good deal even with the CRM so for now, take advantage of our free trial.
Want a free trial of Property Store? Sign up now and get your first week free!
Not convinced yet? Click here to attend our free webinar where we will show you how Property Store can support you in your property investing business.
Want to see more? Head over to our features page where we recorded a live demo that you can watch to see Property Store in action.
Looking to be to be financially free? Check out our blog on how Property Store can help you build your dream property portfolio so that you can live life on your own terms.