"9-Steps Plan" to Gain Financial Freedom Without Going Broke in 2024

Before becoming an Entrepreneur and a Business Analyst in the Tech industry, I was a Chartered Accountant & a Financial Analyst. I used my financial knowledge to save and invest while working on an 8-5 job and then completely move into doing my own business without facing financial difficulties.  

Here’s the plan I used. I am giving you this today for “Free” to become financially free in 2024 by starting your own business OR by investing in other non entrepreneurial opportunities. 

TL:DR;

1. Set clear “Financial Goals” (Make them SMART)

2. Calculate your monthly living expenses to live a basic life

3. How much to save and for the emergency fund

4. Ensure to spend within the monthly limit

5. Start investing

6. Track your investment

7. How to decide when to leave your job

8. Expand investments & diversify income streams

9. Expand the network & learn from mentors

1. Set clear “Financial Goals” (Make them SMART)

S - Specific 

M - Measurable 

A - Achievable 

R - Realistic

T - Time bound

• Your goal is to become financially free within one (1) year.

• Define a specific monthly income target that will provide the financial freedom you would love to enjoy in life.

2. Calculate your monthly living expenses to live a basic life from your perspective. 

Include every tiny expense. This will be the monthly limit for you to spend in each month. 

3. Improve your savings and emergency fund

• Start saving at least 6 months worth of living expenses. 

• Also, save at least 20% of your income as an emergency fund. 

4. Make sure you are not exceeding your monthly expense limit. 

You can use a mobile app or note down manually or in a Whatsapp chat to track your expenses. Stop using credit cards (that’s not your money to spend, you are borrowing money from the bank to spend money which you haven’t earned). 

5. Start investing 

• Start your own simple business (Try something you love to do with your skills. You can check my other articles if you need help to find your passion & earn from it and also 14 steps to start your own business with free exercise templates. All links to my free templates are mentioned in the footer of this email). 

• Start investing (Invest in S&P 500 companies, buy property, buy/ invest in someone else’s business from your area; could be a small bakery, laundry or a tech startup as an angel investor etc.) 

6. Track your investment

• If it’s a business that you started, learn how to attract new customers via social media platforms or cold calls or referrals and influencers (Referrals always worked well for me. It works for anyone who has done a good job for the exciting clients).

• For other investments, have a monthly review and see whether they are in the right shape. 

• Cross check the numbers; revenue and profits with your monthly income goals you set at the beginning. 

• Look for ways you can reach that income (ex: partner up with others in marketing campaigns to bring new customers).

7. Decide when to leave your job if you are currently working 

• Wait until your business/ investment consistently generates enough profits (Special note: profit is not revenue. Profit = Revenue - Expenses) to cover your basic living expenses and shows potential for growth.

• Aim for 50-70% of your current job's income from your business.

• Ensure you have a solid customer base/ monthly recurring revenue.

8. Expand your investments & diversify your income streams

• Scale your business/ investments by reinvesting the profits, acquiring new customers.

• Don’t depend on only 1 income stream (Don’t put all your eggs in one basket). Look for different other ways you can gain income. 

9. Expand your network & learn from mentors

• Join with other like-minded people and expand your network. (Your network is your net worth). Once you build trust with them, your network will bring you business. Try joining communities via LinkedIn, Facebook or go to physical events. If you are into tech, don’t forget Discord communities too. 

• Find a mentor who aligns with your personality, interests and values. Make sure he/ she is a role model who has already achieved what you want to achieve in life. 

Good luck! 🙌

I can help you optimize your LinkedIn profile;

• To stand out among the crowd (because attention is the key now)

• To land in your next dream job (because you are losing $12,000/yr now staying at the same place)

• To start your LinkedIn creator journey (still only 1% users are creators on LinkedIn. Don’t lose this huge potential to grow your personal brand).

Please write back to me. I would love to know your thoughts.