This is an important balance that every adult has to make in life. Some people are suited to the…shall we say…Ascetic lifestyle: one where very little money is spent and very little is consumed. This is the message that you see preached on a thousand different frugality blogs. Some people seem to really get into it, making a hobby out of finding new ways to live on beans and rice and never going on vacation.
Then you’ve got people who are devoted to living an enjoyable life now. We’ll call them the YOLOs. They aren’t going to put off their chosen lifestyle for even a minute, and they’re certainly not going to wait for retirement to start letting their hair down a little. Nope, they want life on their own turns immediately. As such, they’re going to have to start making money. These folks tend to become career people, investors, and even con artists. While I don’t advocate the last, I do recommend a healthy dose of this tendency in the life of everyone who wants to experience the good life. But what “the good life” is depends on your own personal definition.
Clearly, most people aren’t going to enjoy living either the Ascetic or the YOLO lifestyle, at least not completely. But if you’re a reader of this blog, you are interested in financial freedom sooner than later. For most people to achieve this, you are going to have to make a way for yourself down the middle path: a combination of the Ascetic and YOLO lifestyles. But how?
Independence is key. Even if you don’t make more money than anybody else, you’ve got to learn to do some things for yourself. This may include educating yourself, cooking your own food, renovating your own home, and the like. Teaching yourself investment is key for the FreedomThirtyFive way of life. To learn, I would recommend CMC Markets, which can include investment education and the brokerage of many easy-to-understand day trading options. Even if you never risk a dime, their educational demo accounts are invaluable for the would-be investor, teaching important skills which cross over to every form of investment you’ll ever make in your life.
Residual or Passive Income is also a vital step in this process. These money making arts earn you money even when you’re not actively working for it. This can be accomplished in a number of ways. As a writer, for instance, I’ve got articles all over the web. Some sites pay money according to how widely clicked the articles are, meaning that money can come for weeks, months, and years after the article is written. Many industries have techniques built into them which allow residual income like this. Another common method is Real Estate. By owning properties in addition to your own home, you can be getting rent from tenants who can be paying your mortgage for you. Many landlords receive money over and above what they pay for mortgage and upkeep combined, earning a tidy profit without having to lift a finger. Management companies make this even easier.
Using a combination of methods like these, you’ll start to build a lifestyle of financial independence, one that is very possible to make perfect by age 35.