financially free in 20 years or less, here's how

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My name is Alex and I love creating streams of passive income. My goal is to help you do the same.

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Guest Post

Today’s issue of The Profit Zone covers how Rajat Soni plans to become financially free in 20 years or less. He walks us through his goals and what steps he’s taking to reach them by the age of 50 years old so that he never has to work a job or rely on a salary ever again.

I'm 29 right now. My goal is to be financially free by the age of 50.

Before I started learning about money, financial freedom was a completely foreign concept.

I used to think all I wanted was to be a millionaire. As I became more aware of how money works, I realized I don't care about being a millionaire. What I wanted was FREEDOM. In other words, I wanted to own my time.

If you've ever thought you want to be a millionaire, you may not have a specific plan in mind for retirement, just like me in the past.

Something I realized over the past 5 years is that money can buy you anything. That includes freedom. After I realized this, I created a plan to use my money as a tool to get to my goal of freedom by the age of 50.

My plan includes 2 actions:

Action #1: Increasing income, while at the same time decreasing expenses. It's pretty simple when you think about it.

1) Pay off debt and don't take on new debt. The interest alone on credit card debt can probably pay for a lot of your retirement. Buying things just because you want them isn't worth working for the rest of your life.

2) Spend less than you make. There are athletes out there who earned tens of millions during their career. Some of them are broke, along with 70% of lottery winners. How is that even possible? Money management is everything. If you're earning $1 and spending $2, you're destined to go broke. The athletes and lottery winners in question had $10,000,000 but spent $20,000,000. Spending less can come in the form of checking flyers before buying groceries, or not buying a brand new car. Every dollar could potentially make a difference!

3) Increase your income. Working on skills that make you a more valuable employee/business owner is extremely important. Every day is an opportunity to improve yourself. If you do that, you will be rewarded. If you don't, you'll be penalized. Increasing your income isn't as hard as you may think: a side hustle can eventually end up making you more money than your full time job!

Increasing your income and decreasing your expenses isn't everything though.

Action #2: Make money work for you. The difference between the wealthy and the poor, is that the poor avoid risk. To make your money work for you, you NEED to take a risk, but do it properly.

1) Buy assets to invest for the future. Without risk there is no reward. Instead of keeping your money in a bank account and earning 0.01% on your savings, investing it can get you 10%/year instead.

2) Invest in retirement accounts. The biggest expense that most people have is taxes. When you don't plan for the future, you may end up paying more in taxes than you need to. Retirement accounts can give you a huge advantage - buy investments in them, and pay less in taxes. They have a lot more benefits than just that but we’ll save that conversation for another day.

3) Diversification is important. That doesn't mean you need every stock or asset class. It means you buy what's appropriate for you. If you're buying government bonds to avoid risk at the age of 20, you're not diversifying the right way. As someone with a long time horizon, I am diversified with real estate, crypto, a business, and stocks.

Increasing your savings and investing them is the best route to financial freedom!

If you found this helpful, follow me to learn more!

Instagram/Tiktok @rajatsonifinance 

Twitter @rajatsonifnance

Some resources to help you make more money:

• Money Mastermind - the “Money Bible”. Myself and 29 other expert creators teamed up to create the most all-inclusive 280-page finance book on the market. Over 100 topics about money including real estate, crypto, budgeting, dividend stocks, online business, and more.

• The Complete Investors Accelerator Pack - everything you need to build a dividend portfolio that grows on itself. Learn more about dividend investing, how to analyze dividend stocks, what to do with your dividends and how to build a stream of passive income through the stock market.

• The Molina Letter - the only product that’s helped me grow my Twitter account to 30,000 followers. Fill in the blank templates you can copy to help you create viral content with minimal effort. A big following gives you the key to creating products and making money online. There’s a reason why 500 people are subscribed to this letter.

• TweetHunter - let the software do the tweeting for you. The only scheduler you’ll ever need. This tool makes me money in my sleep. Give it a try for free.

• Hipster Budget Guide - having trouble saving money? Learning how to budget is your solution. This book will show you ways to save money you never even thought of. Worth every penny.

• My 2 Cents - my other newsletter where I voice my personal opinions on life, money, and people. Beware: I have zero filter. But it might give you a good laugh.

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