I have a job and a family to support. But, I would like to get rid of my job and be financially independent.
2006-08-09 02:48:08 · 18 answers · asked by The Man 4 in Business & Finance ➔ Personal Finance
u get any good answers let me know ive been trying to do this for years its good to know ime not alone though peace good luck
2006-08-09 02:51:49 · answer #1 · answered by Iknow 2 · 0⤊ 1⤋
We are doing the same thing right now. first off, pay off all outstanding debts. it might be rough till thats done, but once your credit cards are paid off, the financial freedom will be great. You say you want to get rid of your job and be financially independant. well , unless you win the lotto, that ain't gonna happen on it's own. start up your own business. we have a small booth that we do a once a month market and then travel during the summer month on some weekends and do big music festivals. it brings in the cash and it's not like work when it's something you love. plus the traveling is great. even with the kids! we meet new and exciting people and dont have to report to work at 8am-4pm. it's great! the money is excellent too!
Good luck
2006-08-09 02:54:51 · answer #2 · answered by Nygirlgonesouth 3 · 0⤊ 0⤋
How can you become financially independent if you want to get rid of your source of income? Unless you're expressing a want to start your own business.
My Grandmother always said find out what you like to do and then find a way to get paid to do it. Real Estate is great, but is it something you want to do? Generally, most businesses do not make any money in the first year. Many businesses are started on the side till they become financially viable. If you want to run your own business that's great. Just don't start one without at least a year's worth of cash to be able to run it and a business plan. You might even want to go in with multiple business partner, so you won't take a huge loss in case it doesn't work out. Assume the best, but always be prepared for the worst.
2006-08-09 02:56:58 · answer #3 · answered by Mosaic 4 · 0⤊ 0⤋
Start a business. But don't expect results right away. It will take a while to cultivate. And even then, that doesn't mean you will be financially independent. If you have a good job, your best bet is to stick with it until you can get your business up and running and generating an income that will support itself and you.
2006-08-09 02:52:17 · answer #4 · answered by Emm 6 · 0⤊ 0⤋
I think it is many peoples dream. Firstly investigate the reason you want to quit job. Then you need to understand and accept that everything in this world has a price. If you are going to need money after you quit job, it is going to have to come from your hard work - where else. Now find out howmuch you have to invest. Consolidate your investments and liabilities. Perhaps you want to start a restaurant. Analyze how much it will cost to get it running. Determine in how much time it could break even. Find out what you need to do if things dont go quite the way they were planned to. And also find out how you are going to pay your utility and other fixet investments (insurance premium etc) in the meantime. So basically you need to make a project report and a feasability study...and that is hard work...all this before you start...we can take it forward from there.
2006-08-09 03:27:34 · answer #5 · answered by mu mu 2 · 0⤊ 0⤋
The best way to become independent is
Use your available money to get a mortgage.
Buy one small flat (studio) for renting purpose.
Use the payments from the rent to pay the mortgage.
Note: The smaller the flat the higher the return on investment.
2006-08-09 03:48:52 · answer #6 · answered by roy_s_jones 6 · 0⤊ 1⤋
Get Rich Doing What Others Wont
By: Daegan Smith
This web site has a load of good articles like this one!
2006-08-09 02:52:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I was going to say "win the lottery" but then I realized you had children.
Don't get rid of your job...instead do 2-3 jobs and have your children work too.
2006-08-09 03:50:06 · answer #8 · answered by sophieb 7 · 0⤊ 0⤋
There's no such thing of short cut to become financially independent,the best way is start to educate yourself how to manage your wealth wisely.
2006-08-09 02:54:51 · answer #9 · answered by Au k 1 · 0⤊ 0⤋
If you are coachable?
I can teach you how to start a home based online travel agency!
You can start this on the side, so you don't have to give up the security of your job.
Look at the web sites in the source
2006-08-09 03:00:09 · answer #10 · answered by Anonymous · 0⤊ 0⤋
Read The Book " The Savage Truth" that will help you understand your money, and make it work for you.
2006-08-09 02:52:14 · answer #11 · answered by captianpr 4 · 0⤊ 0⤋