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The question I’m most often asked is not simply “how do I become financially independent?” but rather “how do I become financially independent as quickly as possible?”
While there’s no one-size-fits-all answer to these questions, I can help you determine the best course of action to find your version of financial independence…as long as you’re truly committed to the actions you must take. If not, stop reading now and keep ignoring your finances. But if you are really serious about this, read on!
Unfortunately, most of us depend on the man. That means we require a business owner to sign our paychecks. Yet being the business owner comes with challenges of its own: the well-being of your employees, the success of your company, pivoting with changing economic conditions.
However, one great advantage that a business owner has is the ability to build wealth more quickly. If the business is producing enough cash flow , they can live the lifestyle they want now, pay their taxes, and put aside money in a pension plan and other investment accounts to build wealth and retire in the timeframe they want. The business itself is an additional asset that can add to their personal wealth when it’s sold.
Remember “Animal House”? “Roadtrip!” When we’re young, it’s exciting to be spontaneous and fly by the seat of our pants — just hit the road with no reservations and see what happens. It’s exhilarating…for a while.
What amazes me is when people, especially business owners follow this approach. Hey, I was one of those business owner!. I didn’t have a plan in writing for the first five years I was in business, and in retrospect that was a big contributor to my business almost going under. According to the U.S. Bureau of Labor Statistics, about 20 percent of small businesses fail within their first year. By the end of their fifth year, roughly 50 percent of small businesses fail. After 10 years, the survival rate drops to approximately 35 percent. Want to be one of them?
Do you want to make the best-informed financial decision all of the time? Duh. Of course you do. You’re not a dummy. Well, what if I told you there was a way to always make the correct financial decision? It probably sounds like some scam, but it isn’t. It’s the power of compounding that Albert Einstein supposedly referred to as “the eighth wonder of the world.”
There are plenty of bad four-letter words out there and, if you’re like me, you can’t help using some of them at times. But “debt” isn’t one to avoid. The truth is, we’ve been scared by pundits and talking heads about having any debt when in actuality debt can actually be a good thing. I call this “good debt.” Hear me out before you roll your eyes.
Every day, financial pundits smugly tell you how to invest, but never tell you how to get the capital to do so. Well, luckily for you, I’m not like other financial pundits and I know where to find cash for a business. This isn’t a magic trick. There’s no abracadabra nonsense. Instead, I’ll help you find money that you aren’t using now. You’re probably saying to yourself or the computer screen that it can’t be that easy, but trust me, it is.