Project Financial Freedom #2 - Getting started
Where things started...
In my whole lifetime I was making money but I never was good at saving that money or building up wealth. I was always thinking about how to make more money to reach my goals, to fund my project or to purchase new games. I never came up with the idea of saving money except I needed it for something let alone building passive income.
Like most of the people I always spent as much or more than my earning. This even continued when I finished education and started earning more than the few hundred Euro, I needed for living. Paying debt and buying stuff I couldn't effort before but in the end didn't really need was consuming all of the newly incoming money during the next month and years. I bought cool stuff just to have it. Why do I need an old record player. It's cool, but I don't need it. It very cool though, I actually don't regret that specific waste of investment capital.
However, after I purchased much stuff, which I didn't actually need, my subconsciousness began to remind me of one of the typical German habits: You need to save at least some money. So in early 2017 I decided to take a little portion of my earnings and to continue to put it into a mortgage saving plan, which I started as a kid, when my parents set it up, but stopped saving for when I left my parents house for financial reasons. Additionally I invested into a cool project I knew about from TV ads: private peer to peer loans. More on that P2P credit platform will follow in a later post.
At that point, as I later found out, I made an important step on the way to financial freedom. The most important first step: Getting started and...
Becoming an Investor.
Most people, when they even think of investing, think of it like "That's rich men stuff. I don't have anything left to save at the end of the month." and that's where they are wrong. And I was also. When I started putting a few Euro a month away, after a few month I didn't even notice it anymore. I could have completely forgotten about the money I took away from my account balance the second it got there. I did not have access to that money anymore to buy stuff I didn't need. That was the first lesson I learned. If you think you cannot effort to take away a portion from your monthly income: do it anyways. If you get along just the same, you eventually have been thinking wrong.
I just learned something I thought I knew already. As a consequence there might have been more I was have been thinking to know but actually I didn't... figuring that out will be the next step.