If you have been reading this site, and are a self-motivated human being, you probably have decided you want to own your time; to own your life. The most basic key to a lifestyle of freedom is to self-sufficiency – to be able to take care of your basic needs without having to be a slave. Despite what many people will try to tell themselves, money is the best path to this kind of self-sufficiency. Not riches, but money. Enough money to take care of your basic necessities so that you how you spend you time is a choice. Some still choose to work for somebody else, and that’s fine – but it is a CHOICE. You have no idea how much easier it is to go into work when you know you really don’t have to.
And for those of us who want to be totally free from the job paradigm, obviously income is needed for that. Like I said above, you don’t need riches, but you do need money. No matter how frugally you choose to live, it is the source of your income that determines if you are free or not.
Imagine somebody that is extremely frugal, to the point that they only need $750 dollars a month. If they have not set up alternative sources of income for themselves, they are still a slave to whatever job they have. No matter how little money they need, they still get it exclusively from working for somebody else! Even though they have become EXTREMELY frugal, how they spend their day is still mostly determined by other people. They still don’t own their time. Now of course this person has WAY more options that the person who spends 100% of the $4000 a month they make, as the former can get that $750 from pretty much any job (but they still have to have a job).
This is why I always recommend a dual strategy of minimalism and income creation. The plan to live frugally and save %50 or more of your money and retire in 15 years is a legit one that I will always support. And regardless of your source of income, I recommend mindful, conscious spending way below your actual means, to increase your resiliency, which enhances your freedom.
But for most people making average or below average incomes, shaving an extra $100 or more from the budget can be very difficult, especially if you are already fairly frugal. Creating additional income is a much more powerful option, and it gets you closer to freedom faster than saving and frugality alone. Once you have created your own income sources you can be the owner of your own time very quickly, long before you are able to live on passive income alone.
The cheaper you live, the easier it is to cover your expenses with your own online businesses, and break free from the job paradigm, so don’t underestimate the power of frugality and minimalist living.
This site has plenty of info on saving money, so look around! And when you are ready, START CREATING INCOME