That’s all I need every month to not have to work for someone ever again. Granted I would want to grow that number, but with my current financial situation I wouldn’t need but $2,200 a month to be free. (I don’t spend a lot).
How do you calculate your Freedom Number?
It’s actually really easy. Just take all your expenses. I do mean all your expenses. Yes even that daily Starbucks run and add it it up for a typical month. That’s how much you would need to move the same without a job. Then take that number and add 10%. So for my example I need $2000, but adding 10% makes it $2,200.
$2000 X 10%= $200
$2000 + $200 = $2,200
So what’s the point?
Now that you have a Freedom Number you know how much Passive Income you need to generate in order to be free of having to work every day.
Wait. What is Passive Income?
Passive Income is money you get without having to work.
Examples are – Rental Income, Royalty Checks, Stock Dividends
Okay got it? Good.
Well if you are reading my blog you know my Passive Income of choice is Rental Income from properties.
So now that I know my Freedom Number, we will talk about how I’m going to get it.
But that is next week’s post.
“Enjoy the Journey”