5 XP   0   0   5

Conclusions and what's next

To sum up this guide, there are multiple ways to become financially independent but there are basically two options voor 99% of the people:

  • Live frugal, invest for a few decades depending on how much % from your income you can invest each month
  • Start a (internet) business

Both options have pros and cons:

Living frugal pros Living frugal cons
Relatively easy (don’t need in-depth knowledge about investing) Exchanging free time for money.
You don’t need a high income Earnings are very limited (based on time * income per hour).
You don’t need a starting amount (starting with $0 has almost no impact vs starting with $10,000) Need to give up your dreams (you can’t spend and invest at the same time).
  Takes a few decades (even if you can save 50% of your income, it still takes 17 years).

 

Start a business pros Start a business cons
You don’t need a high income (can start a website with a few $). Depends on your determination and mindset (can also be a pro). 
You potential earnings can be millions or billions You probably won’t make any money in the first two years
You don’t need any money to start You need to spend thousands of hours learning and failing (your free time)
You can live your dreams if successful It’s not for everybody
Low risk, you only invest free time (when starting an internet business)  

If you want to take the investing route, read the following guides in order:

If you want to build a (internet) business:

And read the bible for creating a business:

UNSCRIPTED: Life, Liberty, and the Pursuit of Entrepreneurship

UNSCRIPTED: Life, Liberty, and the Pursuit of Entrepreneurship

Life, Liberty, and the Pursuit of Entrepreneurship

View book on Amazon.com

Penke

Good job! You gained 5 XP and 0   0   5 . What's next:

  • Share my article with someone you think should learn this too:
  • Let me know what you think in the comments.
  • Want to learn more? Click on the next article below. You gain another 5 XP and 0   0   5 .
  • Join the community if you want to keep your earnings and track your progress: Join the community

Comments

How you think about this?

Leave a comment

Join the community

Learn trading by completing quests. Explore, accomplish achievements and compete with others. You already gained 5 XP and earned 0   0   5 . Want to keep your earnings and track your progress? Join the community!