Presented by Luke Lintz
Understanding the concept of financial freedom is a pivotal step any individual has to take to start walking the “unpaved road” of securing a future without worry. Financial freedom means supporting the desired lifestyle while having a cushion of resources to sustain it. In any case, it takes multiple streams of income or actively working in a scalable industry that can ensure that money comes in faster than it is coming out.
Joining the top 1%percent in the USA is a lofty financial feat. Per the United States Census, a person’s average net income to achieve this status is well over $800,000 USD per year. Considering that the median salary is around $45,500 USD, it would take the average American 17.5 years to make what the top 1% makes in a year. Even the household income numbers don’t look that promising, with the median income just over $70,000 USD – as opposed to the $2.9 million USD for those considered rich.
Cam Moar, a co-founder of a multi-million dollar dropshipping business, emphasizes the importance of pushing through the hardship to reap the rewards later. Starting as a humble carpenter and taking risks to develop a successful business meant stepping out of his comfort zone. He could’ve easily been another story of a disgruntled employee who hated his job, his boss, and wasn’t making enough to make ends meet. Instead, he opted out of renting his time to work and push ahead of the statistics.
How To Not Get Discouraged?
Understanding that nothing is free is crucial to making the first step towards financial freedom. A job means renting out hours or a sought-after skill set to complete a task in exchange for a monetary reward. High-paying employment is scarce, and people working in those positions have a long tenure. In reality, there are instances where working a 9-to-5 can make a person wealthy but not independent.
It’s either the company name bringing in the clients or networking—in any case, and every job has its financial plateaus. However, your life is set for success when your business is automated, and your money works for you instead of the other way around. Moar points out that working for your ideas and seeing them become a reality is much more rewarding than any possible promotion.
But, there are scalable industries, especially today. The only part left to complete the equation is to take the leap of faith. But being alone is not the best option, especially with mentoring networks like the one Cam Moar made for all those willing to pursue more extraordinary things in life. For Cam, it’s the coaching part of his business from which he gets the most satisfaction. More than 2,500 people he has mentored have quit their jobs to pursue a career in dropshipping, making well over what they wanted.
Is Financial Freedom Actually Achievable?
Being financially independent seems unachievable from an average man’s viewpoint. Suppose your standards require luxury cars, mansions, or expensive travel. In that case, it’s pretty realistic that your financial freedom might come later than expected or not at all. This is mainly because all the aforementioned are cost generators—meaning they cost you money rather than make it.
By banking standards, HSBC deems financial independence a bit more down-to-earth. You’re classified as independent when you:
- Own a home
- Can afford to plan your or your children’s education
- Can pay bills and installments on time
- Are starting to invest
- Can start a business
When you set up your goals like this, financial freedom might not seem that far away. When your income is steady enough to think further than securing clothes and food, the next natural step is to own a home. That, just like good education or knowing how many resources you can invest and where, requires a significant financial commitment.
But, having a plan and sticking to it can help you along the way. Now, it’s just a matter of one critical factor: time. How fast do you want to achieve your goals, and how much it means to you? For Cam Moar, having life experience and the patience to deal with the ups and downs of your business count the most. Pursuing a dream is not easy, especially one which brings significant financial rewards. That is why Cam has developed an online coaching business that helps all those seeking financial freedom reach it.
How Do You Know You’re Ready To Start The Journey?
Whatever timeframe you put it in, the best time for change is today. The costs of missed opportunities rise daily, and keeping up with the changing markets is becoming more demanding. With inflation rates reaching record heights in 2022, the response is to earn more money or start cutting costs. Per Cam Moar, building your future depends on your will to push through the fear of the unknown. Being a risk taker can be very rewarding.