Truly, the goal in business is not to get more money. The goal is financial freedom.
But what does that really look like and how do we get there?
Firstly, being financially free means having several income streams. These allow you to live the lifestyle you want to live for the rest of your life.
Achieving financial freedom also means you never have to worry about when the next paycheck comes in. You don’t have to work anymore; you could walk away from your business and it would still make money for you.
To reach this level, you have to position your profits in all three areas of making money. Have an investment account that turns a profit for you; invest in your own business until it makes a profit; finally, invest in real estate. I’m a big fan of making sure you’re diversified, so make sure you have multiple sources of income coming from different areas and don’t put all your eggs in one basket.
You also have to create an exit strategy. This starts with a business valuation. When you know the value, you can know if it’s producing the amount of income it should be producing for you and if you want to keep or sell it.
If you want to learn more about how to achieve financial freedom in Phase Three of business, check out https://marissanehlsen.com/llr018.
