5 Easy Steps to Financial Freedom: Do What You Love and Get Rich Doing It, Duane Harden, 2012, ISBN 9780984822706
Many books have been written on how to make money doing what you love. This book boils the process down to just five steps.
First of all, you have to commit to changing your life. Don’t just say it; you also have to be serious. Write a Creed or other inspirational saying and post it somewhere you can read it every day. Some people, knowingly or not, will try to discourage you, convinced that you are going to fail. Limit your exposure to those people.
What are you passionate about? What do you like to do? That’s where you should look for income-generating ideas. Don’t jump into real estate investing, for example, because all those infomercials have convinced you that you’ll get rich instantly. Do it because you want to do it. Get a copy of your credit report and credit score. If your score is Average or Poor, work now to correct it. The book talks about using OPM (Other People’s Money) to finance your business. A bank or other lender will have a hard time approving your loan application if your credit score is Fair.
It’s normal to want to plan and plan and plan, removing all possible obstacles before starting your income-generating plan. You may simply be overanalyzing yourself when walking away from a great business opportunity. At some point, you have to just do it (to quote Nike). If things don’t work out, pick yourself up, regroup and start over.
You must register your business as a separate business entity (such as an S Corporation or LLC) with the state and federal governments. If for no other reason, do so to reduce your personal liability in the event someone is injured on the premises. You can’t do this alone, so you need a team behind you. Start with a CPA and a lawyer who specializes in real estate investments, or whatever your business entails. The book also explores what to do when it’s time to sell your business (your CPA says you’ve gotten all the tax benefits you’re going to get, or decides it’s time to retire).
This is an excellent book, written by someone who has been through the process. It is easy to read and packed with information. The hardest part is convincing yourself that now is the time. This book shows the reader how to do everything else.