Beginning the Journey to Financial Freedom

I officially begin my journey to Financial Freedom next month!

Here I am going to outline what you should expect as I go along this journey. MY current idea is that I will post in three general categories – Journey monthly updates, financial freedom tools, and money. Let’s break those down.

 

Journey monthly updates: My goal is to post a monthly update the first Sunday of each month. These posts will include details on how much I have added to my investments that month, the totals in each income stream, and how much I am gaining (on average) per month per stream and total. I am not going to be accurate down to the cent, but I will not be shy about relatively specific details, hopefully allowing you guys to know that it is possible. As I accumulate various investment tools, I will keep all of them, with links and any bonuses I can get you guys, on each posting.

 

FInancial Freedom tools: I have begun my saving and research on all kinds of potential passive income streams. I will be taking it slowly, ensuring I know exactly what I am getting myself into, as well as ensuring I am using the best possible tools. As you may have read in my Master what you do  blog, this is my new goal, to know as much as possible about everything important to me. Once I have decide to invest, I will post an introductory review with my impressions, and rate it overall based on my personal ratings in three categories:

     Safety ( /5): Safety is hugely important, nobody wants to lose money. With all kinds of investments you must decide how much risk you are willing to allow yourself to take. With each different service I will give a score and clearly break down the pros and cons as to why I gave it the score that I did. For me, I am willing to adopt a bit more risk in certain investments, since I need to maximize my income potential. I will spread out my risk, however, to create a balanced and overall safe portfolio.

     Liquidity ( /5): This means how fast you can withdraw the funds from the investment if need be. Liquidity is good to have, in case large purchases of some kind need to be made quickly and without notice. (It is good to have an “emergency fund” as well, in the lowest risk and highest liquidity possible. This is money for use, well, in case of emergency). The more liquid, though, often means a decreased yield, so I will be balancing liquidity (enough for emergency) and yield.

     Return ( /5): ROI – return on investment – is important. I don’t have the luxury of hundreds of thousands or millions of dollars to throw around, which will produce large cash returns even with a low ROI. I have to find high ROI investments in order to best utilize what money I have.

 

Money will simply be anything else I want to talk about, whether it’s money saving tips or budgeting strategies, these posts will be useful to anyone who is serious about becoming wise with their money. I will try to cover as wide a range of topics as possible, and will take suggestions into account as well. (If anyone ever leaves a comment :P)

 

Next week – the last sunday in July – I hope to post my month 0 update, basically let you know what I am starting with and my hopes for income for the last month of summer. Mid week hopefully my first financial freedom tool I will talk about (probably won’t be very exciting but have to start somewhere). That leads us to the first Sunday of August where I would like to post my first real Journey post. (It is my last competition of the summer then, however, so it may have to wait until the following Sunday). Also I’m honestly thinking of keeping the same post photo for each of the financial independence posts for simplicity, if you disagree please tell me sooner than later.

Alright so that is my plan. If anyone has any comments or questions, let me know. If there is something you think I should change, please let me know that too lol. If this is a waste of time and nobody will read this, maybe let me figure that one out on my own lol. I am very eager for feedback and open to anything you have to say.

Thanks guys, until next time.

2 thoughts on “Beginning the Journey to Financial Freedom

  1. Wow, apart from the format that you’re planning to use (which really interests me!) I believe we’re up to the same challenge. I started my own “passive income” blog this week!

    How much time are you planning to spend on this journey, and do you do it beside a full-time job, in what situation are you? I’m going to follow you since I believe there’s quite some things I can learn from other newbies like me. Feel free to leave a comment back at my blog with your thoughts on my plan, I can use the feedback!

    Cheers!

    Liked by 1 person

    • Hey Nick glad to hear! I will definitely follow you along as well, hopefully we can help each other out!

      As for time spent, I will spend as much as possible researching, working, and managing any potential passive income streams, but by the end I would like to have pretty minimal time commitment other than upkeep and reinvestment. Right now as a student and an athlete (and any work I can get) I have somewhat limited time. At the beginning I will be treating it as a full time commitment.

      Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s