Vacation time has ended and back to work. Soccer season has also started and coaches are finetuning their strategy and execution plan with the (new) team that they now have. This week I am for business in a town called Lviv in Ukraine. A lovely town where local people also enjoy life the same way as in Belgium. Ukraine people love to go to restaurants and they love cultural events such as music and theatre.
Lviv is the largest city in western Ukraine and the seventh-largest city in the country overall, with a population of around 728,350 as of 2016. Lviv is one of the main cultural centres of Ukraine. The historical heart of the city, with its old buildings and cobblestone streets, survived Soviet and German occupations during World War II largely unscathed. The city has many industries and institutions of higher education such as Lviv University and Lviv Polytechnic. The historic city centre is on the UNESCO World Heritage List.
During my stay here I want to draft out my gameplan version 1 to financial freedom….Yeah right, you are thinking…isn’t it? So what do we need and let us think this over…? With a good glass of red Chilean wine, let’s draft out our gameplan….
Requirement 1 : A Strategy
The first thing we need, is an investment strategy. If you don’t have a strategy and don’t know how to get there, you will never achieve it. If you read my Financial strategy, you know I rely today on 1 strategy which is a Dividend (Growth) Investment strategy. There are multiple ways to apply it as you can read below in my portfolio strategy.
But there are also multiple ways to invest in the stock market. Some investors apply Index Funds or ETF Investing, others such as Sam Hollanders apply Value Investing,….there are so many ways to make money in the stock market. The most important is to invest in your knowledge once you have chosen your strategy and apply the rules of the strategy consistently !
Requirement 2 : Creating passive income streams
Passive income refers to money that you earn without having to do “anything”. It’s like rental income or dividend income,…
Did you know that 65% of self-made millionaires have three streams of income and that 45% of self-made millionaires have four streams of income. The others have more than 5…
I am a single parent of two kids and dependent on 1 single income. All bills need to be paid but being dependent on one single source of income is also a major risk. My employer may decide he doesn’t need me anymore or I suddenly may get sick and fall back on a sick leave premium…
Without multiple income streams it will be impossible to achieve financial freedom. That’s why I am focussed on creating those multiple income streams. I am investigating different side hustles and I am learning Options Investing so I can apply the trading rules of options investing to generate that extra passive income.
The dividend investing strategy hasn’t covered all of my expenses yet, but we did increase this form of passive income significantly in the past year. Wait until you read my results of July 2017 in coming weeks…
While I’m not a millionaire nor financial independent yet, I hope to be someday and I know a lot of it will be thanks to the multiple streams of income I will create over time. What initially started as a survival technique with the dividend investing strategy in the year I divorced several years back, now has turned into a wealth creation strategy for decades to come. I created below infographic as a first guideline for myself and for the future. I can always come back to this drawing and adjust as needed to version 2.
Rental income from real estate is not part of my gameplan as the return of 3% net is not rewarding enough for me and my knowledge is inadequate. People with a million can easily add real estate to this drawing and I know people who do this…I simply can’t and I won’t going forward.
What do you think of this gameplan to Financial Freedom ? Did I miss anything? What is your gameplan? Did you take the effort to jot it down on a piece of paper ? Let us know your thinking and opinion. We always appreciate feedback. Thanks in advance
Good luck with your gameplan and your investment strategy ! We end as always with a quote. Read this one carefully as it makes you reflect and think about what you, me do each day…Do what you love or aim to achieve the freedom to do what you love ! Thanks for following us…