Yesterday, I wrote an article on why only a few achieve success. If you haven’t read it, you can read it here.

I am so happy that one of my friends shared his inputs after reading the article that I posted yesterday.

Even you might be having the same concern, so I am writing this article so that at least someone can get benefited from this.

You might also have the same concern.

Even if you are very confident about your idea and everything is executed right, sometimes the situations may go out of hand.

It may even lead to hitting rock bottom.

And not everyone might be able to face the consequences.

That is when everyone feels having a plan B would be better.

But there is a way to focus on what you do without worrying about having a plan B.

It is by taking calculated risks.

You may ask me, “but how?”

It is by having a freedom fund.

You must be wondering what the freedom fund is!

It is the total amount necessary to maintain your lifestyle for a specific time that you decide.

Why do we need to have a freedom fund in the first place?

Because, when we don’t have money tension, we can focus better on what we do.

And it is a crucial element for the success of anything.

So our goal should be to accumulate our freedom fund without going into debt.

You must be wondering you need to cut your expenses to save that money.

Most of the people go wrong here.

I learnt the strategy of accumulating the necessary freedom fund from Digital Deepak.

The strategy is simple.

As per Marwadis, it takes 1000 days for the successful setup of a business.

Suppose your monthly expenses are 50K per month to maintain your current lifestyle.

So you require 18L in your freedom fund to meet your expenses for the next three years.

So our goal is to accumulate 18L for our expenses till that year.

What to do?

First, you need to create a steady income of 30K per month from your side income.

Then you would be having a surplus amount of 3.6L at the end of a year.

So, you should save 2.4L more to survive for one year.

So for three years means you need to have 7.2L in your savings.

You are already generating 30K per month from side hustle besides managing your day job.

Then, in the worst case, you can easily take it to 40K in one year by working full time.

By the third year, you can even scale it to 50–60K per month still have savings.

Even if you fail, you can get a decent job by showing your experience in these three years.

Anyways, it’s a win-win situation. So we are not worried about having a plan B.

The strategy is from the inspiration taken from Digital Deepak’s ebook “How to Make at Least 30,000 per Month on the Side.”

PS: I haven’t implemented this till now, for my reasons but working towards this strategy now.

Am I clear? Did I miss anything? I appreciate your thoughts on this article. Let me know by commenting below.