Dec 30, 2022

7 min read

How To Become Financially Free In 2023

Brandon The Boring Passive Income Guy

In this guide, I’ll show you how to become financially independent in less than a year.

Being financially independent has given my wife and me the freedom to:

Take 12 Vacations In 2022.
Purchase Our Dream House
Pay off my wife’s $150,000 Student Loan Payment.

Part 1. How To Achieve Financial Freedom

Most People Think That To Be Financially Free,
They Need To Make $10,000 A Month Or $60,000 A Year;
But It Starts A Long Time Before That.

Most People In The United States Only Need $5,000 To $6,000 To Cover All Of Their Expenses And Be “Financially Free.”

This Includes A Mortgage, Food, A Car Payment, And Other Bills.

How To Reduce Your Expenses To Become Financial Free

The #1 Road Block For People Are Their Bills In Their Daily Lives.

Phone Bill/Internet/TV
Car Loan/Lease + insurance + gas
Rent/Mortgage + Utilities
Food
Insurance
etc

All Of These Bills Are Recurring Bills Every Single Month.

If We Can Cut These Costs As Much As We Can, It Will Be Easier For You To Get To The Point Where You Don’t Have To Worry About Money.

A Company Like “RocketMoney” Is A Great Way To Turn Cancel Subscriptions And Even Lower Your Monthly Payment With

“Bill Negotiations”

>> Learn More About Rocket Money Here

Rocket Money Will Help With:

Manage Subscriptions
Bill Negotiation
Budgeting
Credit Score And More

Once You Have Reduce Your Expenses And Your Bills/Subscriptions, You Have More Cashflow To Use Towards Debt.

Once Your Debt Is Paid Off, You Will Have More Cashflow To Invest In Income Producing Assets.

Lets Tackle Our Debt Now.

How To Pay Off Credit Card Debt — Snowball Method

The Debt Snowball Method Is The Best Way To Pay Down Your Debts.

How The Debt Snowball Method Works Is You Pay
All Your Minimum Payments On Each Of Your Debts; Then Pay The Lowest Debt Off First.

For Example: If You Have 2 Credit Cards And Say A Car Loan.
Credit Card 1: $1,000
Minimum Payment: $50

Credit Card 2: $2,000
Minimum Payment: $100

Car Loan: $10,000
Minimum Payment: $300

You Would Pay The Minimum Payment On Each Card And Car Loan, And Any Extra Money Would Go To Credit Card 1.

Once You’ve Paid Off Credit Card 1,
You’d Put The Extra Payments Toward Credit Card 2.

And So On, Until Everything Is Paid Off.

Just Making A Few Extra Payments On Your Credit Card Can Save You Thousands Of Dollars

After You Have $10,000 Saved From Being Frugal By:

Reducing Your Expenses
Paying Off Your Customer Debt
Understand Where Your Money Is Going

You Should Put That Money To Work Besides Holding Onto It In A Savings Account.

Once You Have $25,000 Saved, You Should Keep $1,000-$2,000 Set Aside For A Rainy Day.
This Will Allow You To Use Incase Of Emergencies Instead Of Putting It On Your Credit Card.

Financial Freedom App

If You Are Looking For A Financial Freedom App That Has:

Rewards
(Save Money 1%-5% On Places You Shop Every Day)
Checking Account/Debit Card
( No Minimum Balance/Over Draft Fees)
Savings Plan
(Set Aside Money For A Rainy Day)

>>Learn More About Acorns

Investing Your Money In The Future Is A Great Way To Start Your Journey Onto Financial Freedom.

Achieving Financial-Freedom Book

A Book I Really Enjoyed Is “Set For Life — Dominant, Money, Life And The American Dream” By Scott Trench.
>> Get Your Copy From Amazon

It’s A Great Book About How To Within Your Means, And Save Your First $25,000 So You Can Buy Your First Assets That Bring In Money
( Real Estate).

I Know That It’s Harder To Buy Real Estate In Many Other Countries, So I Recommend That People Just Read Part 1 Of This Book, Since The Second Part Is Mostly About Real Estate.

Part 2. Achieving Financial Freedom

Unfortunately You Can’t Save Your Way To Financially Freedom.

That’s Why It’s Important To Build Recurring Income.
I Always Say “You Should Build Recurring Income And Buy Passive Income.”

Now That You:

Reduce Your Expenses
Built A Budget
Know Where Your Money Is Going

It Times To Build Recurring Income.

But First You Need To Know Your “Freedom Number”.
Since You Know How Much Your Monthly Expenses Are, This Part Should Be Easy.

Financial-Freedom Number

Your Financial Freedom Number Is The Amount Of Recurring Or Passive Income You Need To Cover Your Living Expenses.

➼ This First Number Is Your Financial Freedom Number.

It Is The Amount Of Money You Would Need To Quit Your Job And Work From Home.

Most Of The Time, What You Make Is Your Salary Or Hourly Rate, And You’d Need To Replace That With Your Online Income That Comes In Regularly.

Your Second Freedom Number Is The Amount Of Money You Need To Stop Working Altogether And Just Live Off Your Investments.

Real Estate
Dividend Stocks
Business Investments
Etc

The First Is Focused On Recurring Income To Quit Your Job.
The Second Is Focused On Your Recurring Income To Buy Passive Income To Buy Back Your Time.

For Example:

Most People Only Need $60,000 A Year To Quit Their Job.
Which Is $5,000 A Month.

If You Had Something For $100/month To Sell And Had Only 50 People Sign Up. You Would Make $60,000 A Year.

Enough To Quit Your Job.

How To Escape The Rat Race

Now That You Have Your Freedom Number,
It’s Time To Start Making Money.

I Can Point You To Some Resources If You Don’t Know How To Make Money Online.

1. We Have Our 90 Day Cashflow Challenge

Which Takes You Through All The Other Steps Previously, While Showing You

How To Build A Recurring Income Business.

These Are Some Of The Testimonials We Get Every Single Day

>>Learn More About Our Cashflow Challenge

This Gives You A Funnel Builder ( $97/m Value)
Unlimited Licenses To Our Super FB Tools ($47/m Value)
Training On How To Make Sales On Facebook ( $497 Value)

And Much More.

How Long Does It Take To Become Financially Free

My Buddy Tom Works 12 Hours A Day, And Spend About 4 Hours A Day Working Through Our 90 Day Cashflow Challenge.

He Is 33% Of The Way From Quitting His Job After 30 Days, Which Is Amazing.

Gavin Already Works From Home But Has Added An Extra $3,000 A Month of Additional Cashflow In His Business From Our 90 Day Cashflow Challenge.

Personally I’ve Added About $14,000 In Additional Recurring Income From Our 90 Day Cashflow Challenge In About 30 Days.

Would I Consider Myself Financially Free?

In Regards My First Freedom Number. YES