Most people are looking for the latest ideas to achieve financial freedom. People want to better their lifestyles and they want to look out for the future. They want to be able to spend more time with their family and less time working. They want to be able to live the life of their dreams but unfortunately, most people don’t ever realize their dreams in life, not because they don’t want to, or because they are lazy, but because they don’t know how. Before I get on to the list of the latest ideas to achieve financial freedom, let’s first look at what most people are doing in life today, yet are not likely to gain financial freedom.Ideas that just don’t work:
1. Saving money
Yes, you can get wealthy and become financially free by saving money, the truth is this method takes many, many years. Now, I am not saying don’t save money, in fact if you study successful people and principles, you will see that one of the steps to wealth is in fact to save money. What I am saying is that saving money on its own will not likely be enough to gain financial independence. There are a couple of reasons for this. Firstly, most people spend what they earn; they don’t have money left over every month to save. Secondly the rate of inflation is usually higher than the interest rate banks give, so in the end you are actually losing out. For this reason I would not consider saving money as one of the latest Ideas to achieve financial freedom.
2. Being an employee
The biggest problem with being an employee is that you trade time for money, and we all only have 24 hours in a day (caught in the Rat Race). There is a minute percentage of employees that actually earn enough money that they can save/invest it quicker than they spend it. These people however are not the average person. They are people with three or four degrees and were always the ‘A’ student. These are the really brainy guys. Also, another big problem with being an employee is that you don’t get paid your full worth, you can’t get paid your full worth because your company has to make a profit from you.
3. Self employed
Being self employed is better than being an employee because you don’t have a boss, and you are a little bit more in control of what you do day in and day out. Again, however, the biggest problem with being self employed is that you trade your time for money. If you don’t work, you don’t get paid. The reason the above methods are not considered latest Ideas to achieve financial freedom and unlikely to make you financially free is because they all lack leverage.
Now let’s look at some of the Latest Ideas to achieve financial freedom that do work:
1. Start your own Business from ground level:
If you have a passion for a particular product or service, or if you have identified an unfulfilled gap in the market, then potentially you could start your own business. I say potentially because you would need to do full due diligence before jumping straight in. Most multi-million pound corporations were started by a single person with an idea, from very humble beginnings in a garage or spare bedroom. Some examples of such companies are Microsoft, Virgin, Dell and EBay to name but a few. If you see an opportunity and you have faith and determination, you can make it really, really big! So do you have the next of the latest ideas to achieve financial freedom?
2. Network Marketing / MLM
Starting your own business from scratch can be very daunting and costly if you have no previous experience running a business. This is where network marketing is the perfect training ground. You buy into an established ’system’ for what is relatively very low start up costs and you earn while you learn. Network marketing is not like being employed. If you work your business, you can turn it into a million pound organization. Similarly, if you don’t work at it, you will not succeed. Network marketing is unfortunately one of the latest Ideas to achieve financial freedom that people are very sceptical about; People dismiss it as a pyramid scheme without understanding the difference.
3. Property Investment
Property investment isn’t one of the latest ideas to achieve financial freedom as it has been around for centuries, but in my opinion, is the best medium to long term investment you can make. Statistically, properties in the UK alone have increased by about 10% per year for the last 80 years. Sure there have been periods where property prices have slumped, but they always regain that loss, and always go up in value over the long run.
4. Investing in Shares
There are a number of different shares you can buy, including preference shares, bonds, and gilts but the most popular type is the ordinary share. Ordinary shares simply represent ownership of a company. So, when you buy shares, also known as equities or stocks, you literally become a part-owner of that business. If, for example, a ABC Plc has 100,000 shares worth £1 each and you buy £1,000 of shares, you own 1% of the company. As a shareholder you have a say in the company’s affairs by voting at company meetings and, of course, the ability to share in its fortunes. If the company does well, the value of your investment should rise but if it does badly, you could see your shares fall in value.
5. Self Development
Let’s face it, the only way to get rich quick is to win the lottery, inherit a fortune or rob a bank. The odds of winning the lottery are practically impossible, not many people have rich grandparents, nor does the prospect of jail appeal to average person. It is however possible for each one of us to make millions upon millions every year, but the truth is we don’t know how. Your not going to find a book with a readymade recipe for wealth that will make you wealthy after reading it once, because if that book did exist, we would all be wealthy wouldn’t we. But what we do need to do is learn from the best. Learn from people who have been there and done it already, and how we do that is by surrounding ourselves with their presence, their knowledge and their experiences and we do that in the form of books and audio training. Self development is the most underrated of latest Ideas to achieve financial freedom, yet probably the most important.
6. Clear Bad Debts
Firstly, we need to understand that there are ‘good’ debts and ‘bad’ debts and we need to understand the difference between them. Not all debts are ‘bad’. Some debts can actually make you money. The richest people in the world today have millions of dollars worth of debt, because they understand leverage. If you have a mortgage for a buy-to-let property and you have tenants paying off the mortgage, this is a ‘good’ debt as it makes you money. You want to accumulate as much ‘good’ debt as you can. Examples of ‘bad’ debts are credit cards, car payments, department store cards etc. You are generally paying a fortune (anywhere up to 30%) for these debts and all it is doing is restricting your monthly cash flow. Setup a system so you can pay these debts off quicker, and be disciplined not to get into these debts again. This does not mean you’ll never have a fancy car or boat, but what it does mean is that if you do your investing correctly, and build your businesses, you will be able to buy that car cash.
7. Make Money Online
There are a number of ways you can make money online, working from home and one such way is affiliate marketing. Affiliate marketing is effectively promoting web business, and being rewarded for every visitor, subscriber, customer, and/or sale provided for your efforts. Another way to make money online is create your own web page. A web page on its own won’t make you money, but if you can create a website that generates large volumes of traffic, you can make money by getting companies to advertise on your site. Another way which has become very popular with people working from home is through EBay. Some people browse EBay all day, and find items that are undervalued. They buy these items, and resell them again for a profit. Some people make or distribute products through EBay, and they are making very, very good money indeed.om
8. Create unique product / Service / Invention
Another way to make a lot of money is to invent an object or service that will make people’s lives easier, or that a lot of people will want. Coming up with inventions is a lot harder that it sounds, but not all inventions have to be complicated. While browsing the internet, I came across a website that sells plastic wishbones. Yes, somebody has come up with an idea to replicate turkey wishbones for Thanks Giving in the States, the idea is that you buy a couple of them and everyone at the table’s wish can come true, not just one persons. The company is now producing over 30 000 wishbones a year and at $3 each they are making a fortune
