Many of us are living our lives frustrated. We’re frustrated because rather than work a job doing something we don’t necessarily love, we’d rather have the freedom to do what we really enjoy doing. Unfortunately, not many of us have the power to choose time freedom. We’d much rather work in an area we love so that the work we do gives us energy, not drain us or take energy away.
In essence, you want your time freedom. Getting your time back is important because it gives you the opportunity to live in your genius zone. Acquiring time freedom is not easy, but it helps if you have clarity on reaching a time freedom point.
Time freedom correlates to a point in time on the calendar. That is the point in time where you reach the freedom to use your time to do the things you’re passionate about. That means that by this point in time, you will have accumulated the passive income you need each month to not have to worry about income and still be able to do what you want. That also means you’ll need to know how much passive income you’ll need to acquire.
Whether you’re a business owner or an employee considering becoming a business owner if you truly want time freedom, you need a vision that allows you to do what you want to do without having to depend on the exchange between time and money, and this is not easy to accomplish. There are different ways to achieve it; not all people reach it the same way. However, two of the most popular ways to achieve your time freedom point are creating a turnkey business and real estate investment.
If you’re an entrepreneur, one of the things you have to do is determine if your company is a practice or a business. If your company is a practice, you need to be there to make money. For instance, if you have a dental practice, it’s important for you to be there every day to tend to your clients. They’re your clients, and they expect you to be there. If they book an appointment with you, they don’t want someone else popping up to care for their teeth.
However, if it’s a business that provides a product or service, you can systemize it and structure it to where you can extricate yourself out by selling the business. Or you can put the systems in place so that you don’t have to be there on a daily basis in order for the business to run.
With a business, you can come up with an exit strategy to sell the company. In doing this, you’re on the path to reaching time freedom. Your job then is to manage your money, so you can build assets that ultimately allow you to do the things you want to do.
Sometimes people are passionate about what they do for a while. But when that’s no longer the case, they’re seldom in a position where they can step away from it because they need it as an income source. So, they end up working for far too long on a job that no longer satisfies them. They’re exchanging the time that they would prefer to be doing something else, for money that they need.
Real estate investment is a great option for an entrepreneur or an employee. Basically, when it comes to real estate investment, you want to ensure you’re working with the best teams: lenders, construction, property management, real estate.
You want to ensure you have everything you need to acquire the property that will start you on the road to passive income, which includes:
- Finding the right lender because you don’t want to finance this effort yourself. You may need to come out of pocket with some, but you shouldn’t come out of pocket with all of it.
- Find the right real estate agent to work with.
- Get an expert renovation crew to fix it up.
- Sell the property at market price.
- Hire the best property management team that has hundreds of properties already and is an expert in the field.
Becoming a property owner gives you a little more wiggle room on your way to passive income. Of course, you’ll need to know how many properties you will need to buy and sell to acquire the monthly passive income you want, but it’s all in the formula.
This system works and is doable for anybody. It’s already worked for my podcast guest, Axel Meirhoefer, of Ideal Wealth Grower, and many others like him. Axel started with humble beginnings. He’s a product of your average middle-class family. He wasn’t rich; he didn’t inherit anything. Yet he was able to carry out the steps to become a successfully retired businessman, who is now living in time freedom. He no longer trades time for money, and you don’t have to either.
Based on the time freedom philosophy, when you get to the point that you can cover all of your expenses from your passive income, you can then start living your passion. And that is what Axel is doing.
You first want to start with clarity to know what you have and where you want to go. Clarity creates confidence, and confidence ignites momentum. And from that perspective having the clarity of what that time freedom point is, will allow you to activate what it is you need to do and want to do to create that life that you want.
The power is in no longer having to exchange your time for money. It infuses the term freedom, in that you decide what you do with the most valuable commodity you have, which is time.
Learn more from Axel as he successfully got his power back and no longer exchanges time for money on our episode of The Simplifying Entrepreneurship Podcast, or you can watch our full interview on Youtube below: