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
Life, Liberty, and the Pursuit of Entrepreneurship
View book on Amazon.comChapters: How to become Financially Independent
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