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Originally Posted by MisterEThoughts  Well, I am trying to get a mentor. When I speak about being financially free, I am speaking about, passive income 
How is this done? Am I asking for too much? That the people who know, are greedy to tell? Moreover, the people who do not do not want to work with the person who does not either. |
It sounds like you're just starting out. You have to be patient. Wanting to be financially free is perfectly reasonable. Asking to be financially free within a couple months just because you've decided you want it.... well, I wouldn't say it's too much to
ask for, but I wouldn't place any bets on you receiving it.
At the very minimum, you'll need to:
- Decide what financially free means to you To me, being wealthy is all about time. Although I'd like to be able to decide, on a whim, to fly to Tahiti, as suggested by Rene, what I want most is to wake up in the morning and decide what I'm going to do that day. If I maintain my current standard of living, but can pay the bills by watching TV all day, that's good enough for me. You have to decide what you want. Not just "financial freedom", but a definition specific enough that any stranger could look at your definition, look at you, and answer definitively whether or not you have met that goal.
- Determine an outcome that would result in you meeting that definition Maybe that's building a business. Maybe that's buying a business. Maybe that's real estate investing. If so, do you want to do buy-and-hold, buy-and-rent, fix-and-flip, rent-to-own, or something else? Maybe you'll make an online business. Maybe you'll invent a product and sell it for royalties. Maybe you'll invent a product and sell it for profit. Maybe you'll make a blog. That will depend on your interests, your skills, the opportunities in your area, and (to a certain extent) pure chance. Also, be prepared for it to change a couple dozen times as you progress.
- Develop a plan to arrive at that outcome If you want to be a buy-and-rent real estate investor, for example, then your plan would look something like, "Buy a house for low mortgage. Find a tenant. Make a plan to keep me out of the day-to-day details. Make improvements to increase income. Repeat." Different plans for different outcomes, obviously.
- Develop the skills to accomplish the first part of that plan Again using buy-and-rent as an example, you'll need to know how to find houses, how to estimate their value, how to estimate their mortgage payments, how to get a mortgage, what the process looks like, etc. If you don't know all that, you'll need to learn.
- Develop the skills to accomplish the second part of the plan
- Develop the skills to accomplish the nth part of the plan Then you'll need to know how to find a tenant, how to select a management company, what improvements will increase the value of the house, what improvements will increase the rent, what contingencies need to be planned for, etc. This process will continue for a while.
- Develop a budget, financial accounts, and enough other financial tools that you can keep the money once you get it If I gave you a million dollars right now, could you use it wisely? You should be able to use it to be financially free forever -- could you? Do you have plans for savings? How much money do you need for day-to-day expenses? What about taxes? Are you taking advantage of government incentives to reduce them? Do you know what incentives exist?
- See if that reached your goal Odds are good that your first house won't get you out of the rat race. You might get 5 years down the road and realise that blogging isn't working for you. I'm working to build a business right now, but it may turn out that I'm fully successful -- the business runs great -- but I don't get enough income to live off of. In which case, I'm back to the drawing board. Always leave room for your goals to change.
- If yes, set a new goal. If no, enjoy what you've accomplished so far and start over at the beginning.
That's what Hugh means by the "price". You can't just wish financial freedom into existence. (Well, it's possible that you could study and meditate for years until you were
incredibly good at intention-manifestation, and then intend to get passive income. But I'm guessing that even then, you'd have to do
something to set it up.) You have to create it. Will it be easy? Absolutely not. Will it be easier than selling 100,000 hours of your life to someone else? I think so. But it's up to you.
Once you've decided on the path you'd like to take, you'll have a better chance at finding a mentor, because you can ask them specific questions, and expect to get a valid answer. Steve Pavlina would be a terrible mentor for real estate investing; Bill Gates would be a terrible mentor for blogging.
In the meantime, check out the recommended reading thread at the top of the forum, and keep posting questions here, or in other business/financial forums. We'll be glad to help as much as we can.