Being a consultant means enjoying certain freedom, yes, but not only. Consultants sometimes want greater organizational flexibility for work, family, and leisure. This flexibility is pleasant and essential but comes with significant responsibilities. Without an employer to offer you an illusion of stability, it is up to you to build your wealth and plan for your retirement or financial freedom. Whether it is your expenses, your earnings, or your future, the solution is in planning.
It is occasionally hard to track down shared conviction among our kindred people; however, everybody shares one thing for all intents and purposes: We all need to be monetarily free. You may adore your activity, anticipate work each day, or resemble a large number of others longing for the day you can leave. Whatever the situation for you, I am willing to wager that accomplishing money-related opportunities is a fantasy you have had for quite a while.
So, being a consultant can allow more flexibility than as an employee, but it also means getting to know yourself, setting your limits, and planning for the long term.
Earning More, Spending Less: An Essential Balance
Do not confuse speed and precipitation. Money can enter quickly and well, especially in the early days, but freedom comes at a cost. The periods between contracts can sometimes be longer than expected. More extended periods are a difficulty that you must be able to cope with, and depending on your expertise, it can make the status of a consultant more uncertain. However, it is possible to organize well.
What if you started with the simplest? Evaluate your expenses and your income. Targeting your unnecessary costs and defining your actual needs is the best solution.
Then you can consider diversifying your sources of income. In addition to the direct revenue generated by your professional activity, you should be interested in so-called passive income: investments, real estate, or passive investing in companies. Demystifying these different options and adapting them to your situation is also part of online advice through webinars.
You can build your long-term vision once you have a contemporary, global, and precise portrait of your financial situation.
Aim for an Ideal and Realistic Amount to be Independent
Earn more, spend less to achieve what? The magic number. Behind this designation hides the amount that you consider sufficient to stop working and enjoy life or have the choice to continue. I notice clients who do not necessarily want to stop working but want to reach this amount to choose to work only on stimulating projects.
Your magic figure can be broken down into annual or monthly income so that you can set more realistic short-term goals. It may seem logical, but consultants do not take the time to calculate this amount.
My reasoning? If you know your magic number, you will find the means to reach it. Financial independence is freedom, planning, and a sharp vision.
Use Time Thoughtfully
Time is an enemy or an ally. A day has only 24 hours, and thinking about your obligations, everyday life, and future is often a feat. However, have you never noticed that if you take the time to plan well before getting started, you will save time?
Let us take a concrete example: retirement. It is essential to start by saving. It is necessary to target the ideal solutions for you and determine the level of risk that you accept to tolerate. Regardless of age, it would be best if you continued viewing time as an asset. As you evolve, your needs and desires become clearer.
It is never too late to plan your retirement thoughtfully. The times will sometimes be shorter to get there, but you can put solutions in place to keep your magic number achievable. Do not hesitate to contact me or participate in my webinars to orient you, depending on the stage where you are.
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