Sunday, June 08, 2008
Three Steps to Financial Independence
The "Simple Dollar" blog has a good post about the steps to financial independence. Following these steps can be a great strategy for growing your home business.
Step #1: Freedom from financial reliance on loved ones
Step #2: Freedom from financial reliance on creditors
Step #3: Freedom from financial reliance on employment
By building a part-time home business that provides residual income you can use the residual income to complete steps #1 and #2 all the while developing your future income through step #3.
Personally I like adding an extra step between steps #2 and #3. Step #2 could be freedom from reliance on creditors other than your mortgage. Step #3 could be freedom from your mortgage including an emergency fund.
You can read the article here: