How to Financial Independence

[Raptorsin7]

How do i go about pursuing financial independence?

Right now I am in law school, but I don't like it and I know I want to start my own thing and pursue financial independence and life purpose. I basically have school 4 days a week from 9-4, but I have free time in the morning and at night that I want to use to start a project that will generate income so that when i graduate law school I can just pursue my own business. I am very fortunate that I have a family that supports me financially, so for the next 3 years I have 0 expenses and I can probably spend around 500 bucks a month on whatever business venture I want to pursue.

I have no idea what my life purpose is, and I'm not sure what I want to do with my life. My main focus is to achieve financial independence through starting a business, I am not necessarily looking for my life purpose that will I will pursue for the rest of my life. I was thinking of doing Leo's life purpose course to get a better feel for what interests me and what I can do to make money. 

Should my business idea be in line with my life purpose if my main focus is to achieve financial independence. I was thinking it would be better to achieve financial independence through entrepreneurship first, before pursuing my life purpose so I'm not limited by financial worries and I can pursue life purpose fully. 

What are your thoughts? Any tips or advice? Has anyone been in a similar situation to me. 

I am currently 24, and I live in Canada if that affects your calculus. 

[28 cm unbuffed]

try doing leo's life purpose course to at least find out your values

if you are going to "chase money just to chase money" it's going to be a lot harder, unless being rich/having money/creating business is one of your values and something that drives you

f.e - if you care about animals - start a bussiness that cares about animals or invest in one

if not and you only want to make money - find the fastest/easiest way to make money

 

[Tanz]

Take the LP course since you dont know where to start.  The cost is extremely low and the content should be great even though I have not taken it myself (because I am already living my LP) 

The best short advice I can think of is to find a skill that you can develop through time that will make you irreplaceable.  

[LfcCharlie4]

@Raptorsin7 If your goal is purely F.I. and then you'd like to automate that business, use the income for investments to create more wealth (what I'm in the process of atm) then I'd say start an online business, there's lots out there. 

I personally own my own publishing business and am now also helping coach/ manage friends/ Families to help diversify risk/ grow my income further, but it'd be hard to do publishing on $500 a month, but actually what's your income goal from this business? 

Online businesses that require little upfront investment are things such as Social Media Marketing, they have much lower expenses. 

How much money do you have to start this business?

[Raptorsin7]

@LfcCharlie4 Are online business's viable? I always see you tube videos and online posts about them but it seems to good to be true. If it was so easy to make money starting a social media marketing company, how is there still profit to be made in that space? My ultimate goal would be to make any where from 60k to 100k a year from online ventures/entrepreneurship. But if i could make 2000 per month doing something that isn't taking 10+ hours of a work a day that would be appealing as well.

I don't have much to start, like i could realistically get 500 per month from my family and use those funds on whatever business i'm starting. But if i had a growing business and I needed additional funds to become more profitable I could probably get up to 5000 from my family for business ventures.

Are there clear paths to make money through online publishing or social media marketing? I am very skeptical of every millennia today trying to achieve financial independence through online ventures, but i don't have much information about this space so i honestly have no idea.

Would you mind sharing where you're at now profit wise from your online ventures, and how long it took you to reach major profit milestones?

 

[Average Investor]

I'd try and touch your law classes into business related stuff. Trademark, corporations, real estate, etc if you want to get anything more out of it. You are really going to have to decide for yourself what is the best route. None of us here can pick that for you. If you simply want financial independence you could find someone doing something that works and do that yourself. You don't have to come up with something new. But I will say to make the most in that market you have to be different from the rest. But there is a ton of industries you could reach financial freedom with. Starting a business is usually a lot of hard work upfront, so be prepared for that. It also might not be successful. So you have to be willing to adapt and change. 

[Raptorsin7]

@Average Investor Yea I will definitely  take business related classes in my upper years. I was thinking it would be more practical to achieve some sort of financial independence before pursuing your life purpose. But i don't know I could be wrong, maybe it's better to just go all in on life purpose from the start. 

I'm going to start researching different industries to see where there is money to be made. Do any of you guys post on any forums that are more business/entrepreneurship oriented?

[Average Investor]

@Raptorsin7 I don't use any others. But I would be interested in joining some. I was probably going to try out bigger pockets, but that is real estate investing related. To be fair depending on how long it will be until you graduate you could have your own firm and work on getting other lawyers and eventually just kind of sit back from it if that isn't your purpose. You should be able to bring in enough just being a lawyer to be financially free. Your biggest thing would be just trying out things and discovering them. Youtube is excellent to find all sorts of different businesses people run. 

[Raptorsin7]

@Average Investor I have no intention of practicing law. When i graduate I'm planning on just pursuing business and entrepreneurship full time. I'm hoping to start something while I'm in law school so when i graduate I won't be starting from scratch.

[Average Investor]

@Raptorsin7 That's a lot of years to dump into something you won't use. But I believe you might have mentioned that you get a free ride from doing it for now. So I can see that, but it is kind of double edged sword eating up a lot of your time. Just something to consider. Figuring out how much time that takes up and how much time a job would take to survive and hopefully have more cash to put into business ventures. 

[Raptorsin7]

@Average Investor Yea it is, but I have all my expenses paid, and I'm making a lot progress with enlightenment with my meditation and yoga practice. By the time I graduate i'm on track for some major spiritual insights, so worst case I won't just end up with a degree i'm not using. My parents would be happier if i finish school, and I like my lifestyle currently so i'm happy to continue it.

[LfcCharlie4]

@Raptorsin7  Yeah man, you just gotta be careful as there's a lot of scammers out there and it's not as easy as they make out lol. 

In terms of my income, I've had months relatively deep into the 5 figures range, and my goal for 2020 is to grow 5 accounts to this region, it's a lofty goal but it spreads my risks and keeps me working extremely hard, and I'm after complete financial freedom. It also allows me to help my friends and family financially, which is always great.

I've used a lot of my money and reinvested into building a separate Fiction Brand, this is more of an investment as me and my business partner work with a coach who does the majority of the work for a % split, this is a 3 year contract and we're starting publishing our first series literally next month. 

You could start publishing with $5k but you'd probs be reinvesting most of it first 12 months or so if you want to build a long term business, if you wanna learn more message me, in terms of SMMA I can recommend Iman Gadzhi as my fiction coach works with him and has gone to his seminars and gone through his course and said it's really good. I'm not in SMMA myself so don't know much else about it I'm afraid mate. 

[Average Investor]

@Raptorsin7 Do it if it works best for you. If you're happy and growing that's all that matters.

[Raptorsin7]

@Average Investor Thanks man

[Nickyy]

@Raptorsin7 You won't find your life purpose doing the course.

Sorry leo.

You will find it during relaxing into the causal witness for 1-2 hours per day and listening to what your heart yearns for when you remove your survival instincts and conditioning.

Don't waste this incredible opportunity to miss this important life defining time in your life. Do not start a business based on your minds conditioning 

Do whatever you need to do to discover your life purpose and then work to achieve it.

[Nickyy]

@Raptorsin7 Be prepared to accept the fact that you may not make much money when you discover it is what you want to do.

[Raptorsin7]

@Nickyy That's why i want to get financial independence before going after my life purpose. I'm not trying to be a multi millionaire, just enough money that I can fund my life style indefinitely then I can pursue my true purpose to my hearts content.

I already do multiple hours of meditation and yoga per day, i can pursue financial freedom while still developing internally and spiritually.

[Nickyy]

5 minutes ago, Raptorsin7 said:

@Nickyy That's why i want to get financial independence before going after my life purpose. I'm not trying to be a multi millionaire, just enough money that I can fund my life style indefinitely then I can pursue my true purpose to my hearts content.

I already do multiple hours of meditation and yoga per day, i can pursue financial freedom while still developing internally and spiritually.

I have friends who own their own businesses and all of them work 60-70 hour weeks. Running a business is more tiring than being an employee with apparent "freedom". 

Imagine how tiring it is for people who don't even enjoy what they do.

 

[Nickyy]

8 minutes ago, Raptorsin7 said:

@Nickyy 

I already do multiple hours of meditation and yoga per day, i can pursue financial freedom while still developing internally and spiritually.

Have you tried a solo retreat? You sound like you will qualify for that. Buddhist centres can accommodate you. 

[Raptorsin7]

@Nickyy What's true for your friends in business is not true for everyone in business. The internet as changed the game with respect to what one can do with business and financial freedom. Once you start a successful business you can automate it or sell it to someone else, and it will generate passive income for you. The sky is the limit.