Going Self Employed:From Being Broke To Being Financially Independent
This is the part 2 of a three part series. To read part 1, click here:Going Self Employed For Financial Freedom: The Mindset
Wealth and self-employment are not an event. They are a process. You need to cultivate your skills, knowledge and character to become financially independent.
You can’t simply quit your job without a plan and without an idea on how you will make money.
Here’s is the real no bullshit way on how you can become financially free and achieve whatever you want:
1. At first, all you need is an idea. You must have a vision.
2. Secondly you need to make a plan on how to execute the idea.
3. You have the plan. Now you have to take a calendar and write goals with deadlines.
4. Start executing your plan. Don’t let anything distract you from your goal. Work on your goal until you die, until your nose bleeds from the fatigue.
5. Keep working even if you don’t see results. Winners never quit and quitters never win. If you quit you will never see results. You will succeed only if you continue trying when you don’t see instant results.
You might have not achieved nothing for months and then comes that day that you make 2000$ dollars out of nothing.
6. Then you start again from step 3. Set even higher goals and you will notice even better results soon.
Prevent Terrible Situations Before They Happen By Making The Right Choices
It’s easier to take the step out of your comfort zone, quit your boring job or college degree and become independent when you are on your own.
You don’t have other people to be responsible for, it’s only you. Only you will experience your failures.
Things get more complicated when a wife or kids become co-stars in your life’s movie. Things get even more complicated if you have tons of debt to pay.
If you have a mortgage, a car loan, a cable TV, grocery, water and electricity expenses. Student loans? That’s another pain in the ass.
Is going self employed possible in these cases?
Sure it is. Though, it might be harder. But if your family shouldn’t be a burden to your success. Your family should be an extra reason, an extra motive that will help you succeed.
However an unsupportive family, a nagging wife, or child support can definitely be a huge pain in the ass.
You can still do it in these cases. If you really want it, you can do it.
But the best approach is to be provident and never get yourself to this difficult points from the beginning.
If you are young and you are on your own you should be extremely careful about your choices, because these choices will shape your entire life.
If you choose to have sex without a condom at 21 you might end up with a child at 22. You might also end up with a someone that doesn’t care about you. Someone who just happened to bring your offspring to the world.
All these hardships: debt, student loans, unsupportive partner, unwanted child support can be prevented if you make your choices wisely.
The real cause of poorness is BFC: Bad Fucking Choices
The choices you will make tomorrow will sculpt your entire future. You can’t imagine the outcome a silly little choice can have in your near or far away future.
People think that poorness and misery happen in an instance, but they are not.
They are cultivated by continuous poisonous choices that add up. Choices and decisions you take today determine your far away future.
Jim is 19 and an honored student. He is jealous of his friends who have well-off parents and drive expensive cars. He feels that he is useless. He falls in love for a girl and wants to buy her a gift for her birthday. He doesn’t have the money to get her what his friends buy to their girlfriends.Then he decides to steal a local grocery store. He makes the robbery and buys his girlfriend a beautiful gift.
However, after some months he needs more money to go for holidays with her and their friends. Jim has no money for vacation and his parents can only give him 100 dollars. He decides to steal another store because this method worked the last time…he finds a gun from a guy in the neighborhood.
He has no intention to use it, he just wants to frighten the owner and get more money. He did it once and believes he can do it again. And he does!
But a 14 year old kid gets on his way while running out of the store and Jim accidentally shoots the little child. After some day he gets caught. He is sentenced for 35 year in jail.
His life is destroyed and he can’t stand the guilt of shooting an innocent. After one year in jail trying to show good conduct to get some privileges, he finds out that his girlfriend dumps him for someone else. He falls into drugs and dies at 24.
That’s were a single robbery lead him after some years. A 50$ robbery was the reason he died at 24.
Each choice you make is extremely powerful. It is followed by another and other and other and all together add up.
Where do you think the choice of smoking weed in parties will get you seven years from now?
What do you think will be the consequences of eating unhealthy every day?
Where do you think the choice of driving with 100 km/hour in a small road will get you one day?
When years pass by it’s hard to change the final outcome of your choices.
That’s because the choices you make now have severe consequences that are strongly established in your future. The consequences become more severe as time goes by and create your lifestyle.
A poisonous lifestyle can’t be easily changed if its consequences have already affected your life.
The real cause of poorness is poor choices.
Taking the right choices is the biggest power you have in your life.
Of course, you can’t know the outcome of every choice you make.
But some choices have standard outcomes:
You know that having sex without a condom can result in HIV or an unwanted child.
You know that smoking might cause you lung cancer.
You know that eating unhealthy will make you fat.
You know that driving your car when you are drunk could result in you being severely injured. Or injuring someone else.
Don’t you know? You know but you risk it. Don’t take such kind of risks with your life. You deserve better than this.
5 Crucial Steps For Going Self Employed & Becoming Financially Independent
Now you know that going self employed is basically a 6 step process:
Idea → Plan → Goals With Deadlines → Execution → Don’t Quit If You Don’t See Instant Results → You Finally See Results → Start Again From Step 3.
You also know how your choices can affect your future either in a positive or in a negative way.
You know that the best approach is to prevent a hard situation before happening by being more provident and well-prepared.
Now you have to know how to set up the right foundations before going self employed and quitting your job.
If you want to escape the 9-5 you need to follow some important guidelines to avoid unnecessary trouble:
1. Don’t Put Yourself In Unnecessary Expenses
You don’t need a fancy car or the new model of iPhone to be happy. You don’t need a huge house with a pool, four bedrooms and an enormous living room. These are materialistic needs. Emotional attachment to objects will destroy your opportunities for going self employed.
Don’t buy anything you can’t afford with cash. If you consider about buying something, you can buy it only if you don’t even care about the money you will spend on it.
Think about a chocolate. Do you even think that the chocolate’s cost will affect your wallet? Of course not. You just go and buy one.
That’s the way you should act with everything you buy.
If your thinking process about buying something is similar to the following you should forget it:
Hmm, I can get this car supposed I get a 2% rise in my paycheck.
This new 600$ phone is so amazing. I can afford it only by paying 45$ per month for three years if I still have my job.
Supposing that my investments go well and the economy doesn’t break down I could buy this house.
Buy only things you can afford with cash.
If you can afford a used phone with 100$ buy a used phone. There is no shame in that and it’s better than paying 45$ per month for 3 years.
Buy a third-hand car with 2500$ instead of a new one that requires a loan and 3 year-long monthly payments.
Only buy things that your pocket can support. Things that won’t be irreplaceable if you lose them. Things that won’t affect your life quality if you can’t pay the dosage.
2. Try to Find Time to Work on your Business During Your Job
I work every time it’s possible. When I am waiting for an appointment in the doctor I read a book that will help me be better in my business.
When I drive back home I listen to an audio book or a podcast. When I eat I am thinking of the next steps needed to make more money, achieve my goals and grow this site.
I am thinking of D&C 24/7. I am thinking of my goals and dreams every moment that goes by.
When I was working as a barman to make some pocket-money I didn’t do anything else rather than thinking about my business and my personal development.
The result? Now I don’t need the barman job to give me pocket-money. I also don’t need my parents to pay my expenses.
Think about your business plans, and read books while you are working. Most office jobs offer plenty of free time. These jobs are time killers.
If you need the money from this job to support yourself then keep doing it but take advantage of every bit of time that you have.
Access the internet and read. No internet? No problem! Download 10 pdf books in your phone and read them.
Is this unethical towards your boss and colleagues?
Of course not. Do you think your boss will give you a double paycheck if you work more? Huh let me laugh. He will not give you shit.
Your colleagues will probably be losers so why do you even care about what they think? Basically, they are 100% losers. If they weren’t they would be drinking cocktails in Hawaii instead of working 8-10 hours per day for a paycheck.
3. Downsize As Much As You Can
If you are serious about going self employed you should consider doing some sacrifices. Living in a big and comfortable apartment that you can barely afford costs you a lot of money.
The same applies to paying your house’s mortgage every month.
If you are paying 1500$ month for your rent then move to a cheaper apartment with 500$.
What’s the point of making 30.000$ per year when you spend every dime of them? Cut down your expenses as far as possible. Wouldn’t it be better if you made 30k and spend only 20k of them? You would have an extra 10k per year.
This money won’t make you rich but can definitely help you start a small business.
It’s tempting to want to live in comfort, have a fancy phone, car and house. But if you want to be really successful and be your own boss you have to downsize.
If you need to live to a cabin to do so then go live in a cabin. Just downsize, cut everything that isn’t necessary and live in simplicity.
When you have to think about your payments you are distracted from your business.
4. Save Money For Your Resignation Day
If you decide that going self employed is right for you then you might be wondering when you should quit your job.
It will take some time to build your own business and you need money to pay your expenses in the meanwhile. Work until you have enough money aside to cover your expenses for half a year after resignation.
This presupposes that you have cut all the unnecessary expenses and stayed away of debt.
In the meanwhile of the money saving process you will be continuously working on your craft. When you quit your crappy job, use what you have learned to start your business. This will speed up the process.
5. There is No Time For Resting
Until you achieve your goals you should never stop working towards them. Winners have no time to rest.
You can’t spend time to chill out when you aren’t 100% financially independent. You can’t spend time to party and get drunk when you won’t have money to buy food the next day.
How is it possible to lay on your sofa and watch TV to rest when you don’t have money to live a decent life? Or when you hate your job?
If you haven’t got what you want out of life then you should be spending 25 hours per day working to accomplish your goal.
Going self employed isn’t easy. Only the strong can do it. The weak will stop in the middle of the process and will find excuses to stop working.
They will say that they need rest.
You are not a weak loser and you are not allowed to rest until you accomplish your goals. Never rest, only hustle.
Do you have what it takes to become self employed? Or will you keep living paycheck after paycheck?