I got the response below to my email last week
Good day Tomie, I read the mail concerning financial freedom and I’m looking forwarding to subsequent mails regarding the same subject this month. For me personally, I believe financial freedom is achievable but at the same time I also believe it as a myth. My understanding of financial freedom is reaching a level whereby one’s streams of passive income is able to maintain one’s current lifestyle. Herein lies my question, is it possible to achieve financial freedom here in Nigeria especially regarding how unstable our economy is then the issue of inflation and since in our case we do not manufacture anything but rather import everything, is financial freedom feasible for a typical Nigerian like me?
I thought it was a very interesting and honest response.
We all struggle with these questions in one way or the other.
You may not live in Nigeria like this person but you may also wonder about what’s possible and what’s not.
Let’s start with what’s possible and what’s not.
Is financial freedom possible? Yes it is
Is it possible in Nigeria? I believe it is if we deliberately work towards it
Is it possible anywhere else in the world? Yes it is, but the road to freedom will depend on the variables in that environment’s context
What’s the Nigerian context? Nigeria is an emerging country with one of the most profitable investment environments in the world. We have honest Nigerians who have invested deliberately towards earning passive income. We also have Nationals from other countries constantly coming into our country to establish businesses and take advantage of amazing investment opportunities
What do they do differently? They have a plan. A long term plan and they actively work hard to make these plans work
., do you have a plan?
Life is in seasons and that’s the same say financial freedom is achieved in phases.
It starts with financial security where you can pay off your basic bills with the interest from your investment portfolio to the next stage where you can afford a little more luxuries and we go from stage to stage until we meet the mark.
Start with this activity today. Take a pen and paper, calculate how much you spend on your basic needs monthly, multiply that by 12 months. for instance if you need 100,000 for your basic needs monthly, you’ll need 1.2m annually. You can come up with a plan to have this set aside in an emergency fund and keep building till you earn that in interest.
You can also invest in real estate and earn that in rental income.
The myth of passive income is you don’t have to do a lot of work to earn your way to financial freedom. You do.
Also, remember that you need to define your definition of financial freedom. Financial freedom might mean a private jet to some people and just being able to pay your bills without worry for others.
As long it’s your definition and no something you find on social media. Own your definition and work towards it.
Experts say we move in the direction of our most dominant thoughts.
What’s your most dominant thought?
Is financial freedom possible or not possible for you?
If you believe it is or it isn’t, either way, you’re right.
Next week, I’ll share an update on this article I wrote last year on the myth of passive income.
Have a great weekend
P.s The Green Club closes on the 14th of September. I have received a lot of emails to extend the early bird period, but the early bird registration will close this weekend without fail and the next time the Green Club opens will be in 2019. Click here to sign up www.thegreeninvestmentclub.com and get payment details to make payment.