For more than five years, I worked grueling hours at a blue chip firm. I had a decent paycheck, lived in a nice apartment, but no financial freedom; I was chained to my corporate job. I worked 9 to 9, and complained almost everyday.
After a few years, I decided I had enough. I picked what many of my colleagues and peers thought was unconventional, risky or even dumb. Instead of climbing the corporate ladder, I resigned from my job and traveled around the world with my laptop. I started building my lifestyle business one blog post at a time.
Fast forward four years and I am now making more than my peers who took the ‘safe’ route of climbing the corporate ladder. More importantly, I have complete freedom over how I choose to spend my time – I can sleep in whenever I want, work as little or as much as I like; no need to worry about what my bosses think of me and my job security at all.
I’ll be honest with you – the first eighteen months were a struggle. I had no idea what a h2 tag was and found myself bewildered by all the SEO terms supposed experts were throwing around. It took me a while to figure everything out and when I looked back, I realized that making a living online is definitely possible – and it doesn’t have to be difficult.
So I started this site – to share what I have learned with you and the path I took. Hopefully you will not make the same mistakes I made.
What is Financial Freedom?
You achieve financial freedom when your passive income exceeds the expenses you and your family need to sustain your desired lifestyle. This income level is different for everyone. Here is a simple illustration:
|Category||Young and Single Recent Graduate||Married with Four Kids|
|Living Expenses||Rent for a small apartment in any part of town||Four bedroom house in a decent school district|
|Transportation Expenses||Taking only public transport may suffice||You may need one – maybe two – cars for you and your spouse, and do fetch your kids to and from school|
|Medical Expenses||Minimal, as you are young, and you only need to worry about yourself||Your kids may get sick occasionally, and as age catches up on you you may need more visits to the doctor|
|Food Expenses||Simple three meals a day – you may be comfortable with a $5 footlong subway for every meal||You can try your best to cook at home, but might want to eat out at a nice restaurant with your family once in a while|
|Travel Expenses||Solo travel is easy – book last minute tickets on Priceline, stay in student hostels, travel the world on a shoestring budget||Traveling with a family is much more complicated – you probably need to book tickets in advance and arrange decent accommodations so everyone is happy|
|Education Expenses||Minimal||You may need to start saving for your children’s college education|
|Clothing||Minimal||New clothes for your kids as they grow out of their old clothes quickly|
|Total||$2,000 a month may be all you need||Potentially at least $10,000 a month|
As you can see, the income threshold you need to attain financial freedom varies depending on your personal circumstances and stage of life. The good news is that even if your expense level needs exceeds the hypothetical $10,000 a month suggested above, it is definitely possible to still attain financial freedom. I hit the passive income threshold myself two years ago, and have come across many other bloggers and solopreneurs who have done the same. How? Enter the lifestyle business.
What is a Lifestyle Business?
A lifestyle business is a business created to serve the passive income needs of the owner. It may require effort and creativity to get going initially, but once it stabilizes, it should require minimal time commitment from the owner. That is, you should have the systems in place to generate passive income even while you are asleep, vacationing in Hawaii, or having a siesta in Rome.
I have come across many types of lifestyle businesses, but the best lifestyle business I have discovered is the online lifestyle business. Start a blog around the right niche or personal area of expertise, build trust and a loyal online following, monetize.
I am all for simplicity. In the following posts I will outline exactly how you can create an online lifestyle business that will help you attain financial freedom.
How to Create a Lifestyle Business
- Step 1: Find a Niche – How to Find a Niche for Your Lifestyle Business in 60 Minutes
- Step 2: Start a blog around the niche – find the best web host (Bluehost), domain registrar (NameSilo) and WordPress theme (Thesis)
- Step 3: Add content – write quality, heartfelt content (yourself or outsourced)
- Step 4: Build your Audience – guest blog, build a social media presence, start a email list (Best Email Autoresponder: Aweber)
- Step 5: Monetize – assuming you did steps 1 to 4 correctly, step 5 should actually be the easiest. Once you have a loyal following, they will have their eyes wide open for any product you may have that suits their needs
This blog will hand-hold you through each of these steps and direct you to all the resources you need to create a successful lifestyle business.