Financial freedom is a topic of paramount importance, especially for individuals in their teenage years or twenties. If you belong to this age group, you’ve likely wondered if there’s a well-defined game plan that can guide you toward financial independence. You’re in luck because there is indeed such a game plan. By following these principles, you can achieve financial freedom. So, let’s dive into these crucial aspects while discussing financial matters in Indian Rupees (₹).
In your teenage years and early twenties, life can be quite chaotic. You receive a barrage of advice from various sources, all suggesting different paths to success. You may hear recommendations like pursuing specific courses, obtaining degrees, or following a pre-determined sequence of steps to secure your financial future. However, it’s crucial to pause and reflect on the path you’re currently on. Are you merely drifting aimlessly, constantly bombarded by conflicting advice?
Instead of trying to excel in numerous areas, consider honing your skills in one particular field. Think about your passions and interests. Our education system often fosters distraction by exposing us to a wide range of subjects during our formative years. As we progress, we’re compelled to choose an academic stream—science, commerce, or arts. However, this system doesn’t always align with our genuine interests and talents.
Imagine focusing on a single passion and becoming a true master in that field. Whether it’s dancing, singing, painting, or any other skill, the key is to excel in what you love. It’s worth noting that our education system doesn’t always emphasize extracurricular activities or alternative career paths like public speaking, art, or culinary skills.
The reality, however, is that money can be earned in almost any field if you excel in it. Unfortunately, this advice isn’t commonly shared with teenagers. Your focus should be on pursuing your passion with such dedication that you become a master in your chosen field.
Now, let’s address a common piece of advice you may encounter: “Don’t follow the money.” Some might argue that those who offer this advice either lack money themselves or possess enough to make such statements. But what does it really mean?
To clarify, “don’t follow the money” doesn’t imply that you should disregard financial concerns entirely. Instead, it suggests that you should prioritize creating value for others over monetary gains. The crucial insight here is that money is a by-product of providing value.
So, how can you create a system that generates a continuous stream of income? Consider the example of a talented dancer. If you’re passionate about dance and excel in it, don’t just focus on the money. Instead, think about how to monetize your talent ethically.
You can create videos showcasing your dance skills and share them online. Building your personal brand through marketing and branding efforts can help you gain recognition. Once you’ve established a presence, you can offer online dance classes or workshops, providing real value to those interested in your art. This systematic approach allows you to earn money by leveraging your passion and expertise.
The same principle applies to various fields. Whether you’re a talented singer, artist, or even a skilled cook, the key is to provide value to others and monetize your skills effectively. Don’t be discouraged by societal norms; instead, focus on how you can build a sustainable income stream from your passion.
Moving on to the third essential point: time management. Your teenage and early twenties are precious years. Wasting time on unproductive activities, such as excessive video gaming or idle chit-chat, can hinder your progress toward financial freedom.
Consider this: every day you live is an invaluable resource. At this stage in your life, you have two primary options for investing your time effectively. First, you can dedicate your time to learning. Second, you can channel your efforts into building a source of passive income.
Here’s a profound idea: passive income is income that continues to flow in even when you’re not actively working. Imagine creating a system that generates money for you consistently, even when you’re not putting in daily effort. This is the essence of passive income.
Starting early in life to build passive income streams is crucial. Many individuals wait until their mid-twenties or later to take this step, often prompted by family pressure to secure a traditional job or start a business.
However, if you embrace the concept of passive income at a young age, you can free yourself from the cycle of trading time for money. You’ll have the opportunity to enjoy life and engage in activities you love without being constantly preoccupied with financial concerns.
As mentioned earlier, your family may not push you to earn money during your teenage years and early twenties. Still, as you enter your mid-twenties, the pressure to find a job or start a business may intensify.
However, if you’ve diligently built a passive income system, you’ll have the financial stability to resist external pressure and explore your true interests. You can escape the conventional notion that success solely depends on active income – the income you earn through labor or traditional employment.
By focusing on passive income, you’ll gain a deeper understanding of life’s true meaning and the freedom to pursue your passions wholeheartedly. Breaking free from the money-driven cycle allows you to truly savor life and engage in activities you’re passionate about.
In the pursuit of financial freedom, one question often lingers – Is Terence Lewis earning money? The answer, in his case, is a resounding yes. Terence Lewis, a renowned figure in the world of dance, has carved a successful path for himself. His secret? Exceptional marketing and branding. The realm of dance is just one example where branding and marketing play a pivotal role in achieving financial success.
Think of other notable names like Remo D’Souza and Dharmesh – all individuals who have mastered the art of marketing and branding in the dance industry. Marketing and branding aren’t confined to the world of dance alone. They hold immense importance in almost every field. Without effective marketing and branding, even the best shop or product may go unnoticed. A Nike store, for instance, wouldn’t attract customers if it lacked proper marketing and branding. Similarly, a local golgappa vendor must pay attention to marketing to draw customers in.
Consider your own life. How many people currently know you and what you do? Let’s say that 200 individuals are familiar with you and your work. Now, challenge yourself to ponder – how can you increase this number to 2,000? Then, envision reaching 20,000 individuals, followed by 200,000, and so on. Expanding your network and making your presence known is essential, as opportunities tend to gravitate toward those who are recognized.
When people know you, doors open, paving the way for opportunities to earn money. People trust those they are familiar with, and they often offer opportunities to individuals they know and respect. This is how financial growth transpires. It isn’t merely about pursuing financial gain but focusing on building a solid brand and marketing your unique ideas and abilities.
Interestingly, marketing and branding aren’t subjects typically taught in schools. Nevertheless, they are invaluable skills that can shape your financial future. You must learn to position yourself as a brand, as well as promote your ideas effectively. Take, for instance, someone who teaches online cake-making courses. Can they earn money by sharing their expertise? Absolutely! However, their success will also depend on how well they understand marketing and branding. It’s not enough to excel in your chosen field; you must also master the art of making your talents visible to the world.
Now, let’s discuss the importance of surrounding yourself with winners. Human beings have a natural inclination to learn through osmosis. In simple terms, osmosis is the process where something moves from an area of high concentration to a low concentration through a semi-permeable membrane. In the context of personal growth, this means that when you spend time with individuals who possess a particular skill or talent, that ability can gradually transfer to you.
Imagine a scenario where someone in your circle excels at speaking Chinese. By spending time with them, you’re likely to pick up the language over time. This principle holds true for both positive and negative traits. If you surround yourself with people who have bad habits like excessive drinking, smoking, or gambling, those habits might eventually influence you.
With this concept in mind, it’s crucial to associate with winners – individuals who have achieved success. Winners possess a unique mindset, and their choices, actions, daily routines, and blueprints set them apart. However, it’s essential to distinguish genuine winners from those who merely talk about success. Talking about success and actually achieving it are two different things.
True winners have a proven track record and are successful in their endeavors. These are the individuals you should aspire to be like. Rich people, for instance, don’t merely talk about becoming wealthy; they take concrete steps and actions to build their wealth. To succeed, you must identify these winners and be part of their circle.
As you progress in life, it’s vital to continually upgrade your social circle. If your current circle consists of ten people, consider that, at one point, you reached their level. First, you were beneath them, and then you caught up. However, to continue growing, you must introduce new people into your circle. This involves not only adding but also subtracting individuals. Remove those who no longer serve your growth and replace them with individuals who are ahead of you.
In this ever-evolving cycle, there will be times when you’re below the people you’ve added. Nevertheless, your goal is to eventually surpass them. This fluidity in your social circle is essential for personal development. Remember that you are the average of the five people you spend the most time with. Surround yourself with individuals who inspire you, challenge you, and help you become the best version of yourself.
In conclusion, the path to financial success requires a multifaceted approach. Effective marketing and branding are indispensable tools for making your skills and ideas visible. Surrounding yourself with winners who have a proven track record is equally crucial. These individuals can inspire and guide you on your journey towards financial freedom.