Strategies for Achieving Financial Freedom as a Software Professional. Part 4: Choose the One that Suits You Best *

Choosing one that suits you and your situation will certainly enhance the odds.

In previous articles, I shared three strategies for achieving financial freedom as a software professional:

1. Option 1: Working at a Promising Software Company with Share Options as a Loyal Employee

2. Option 2: Solopreneur / Micro-ISV / Start-up Founder: Develop your own apps.

3. Option 3: Software Reselling (Passive Income Way)

So, which one should you take? It depends on your goal, skillset and personality. In this article, I will explore various aspects that help you make a better decision, if you do want to achieve financial freedom early.

Table of Contents:
· Either way, it won’t be easy
· Personal Characters
· The likelihood of success
· The Time Required
· The Effort
· Sense of Accomplishment
· Prospect

Either way, it won’t be easy

First of all, achieving financial freedom is a dream for most (if not all) working people. Therefore, it won’t be easy. Understanding what it takes and choosing an approach that suits you and your situation will certainly enhance your odds.

Suppose we set a total income of $2.5 million as the goal for achieving financial freedom. There are many factors like personal income tax, inflation, investments, spending, …, etc. Here, I just use it as a benchmark figure.

Although ‘getting rich young’ is ideal, achieving wealth (money and/or time) in your 50s or 60s is still a significant accomplishment. Moreover, wealth is relative and often defined by comparisons to others. Reaching financial freedom while most, including your former colleagues, remain tied to a 9-to-5 job indicates that you’re making better decisions and taking tangible steps to improve your current situation.

Most people just want (good) change, but do not want to change.

Image credit

Image credit: https://www.amazon.in/Silicon-Valley-Hooli-Change-Graphic/dp/B075J2X724

So, consider making some changes to your usual routine and investing in yourself. Read physical books instead of just browsing on your smartphone, subscribe to a few quality newsletters (becoming a paid member can be a smart move for better access to the host), and take small but meaningful steps toward self-improvement. These investments cost very little, yet few people take action.

Personal Characters

I remember an interview with a well-known software figure, maybe Bill Gates or Mark Zuckerberg, who said, “I can’t picture myself working for other people”. Some people are determined to be his/her own boss.

Young 25-year-old Bill Gates sold his OS (DOS) to IBM in the early 80s. One main reason is that his mother served on the United Way board with Jon Opel, chair of IBM (source). What’s the chance an average 25-year-old young man will have a meeting with the IBM chairman?

If you are less ambitious and more cautious, then option 1 (working as a loyal employee at a leading tech company) is a better fit.

If you’re not technical but excel in people skills, then option 3 (software reseller) would suit you better.

The Likelihood of Success

When embarking on a career or financial investment, a wise adult will contemplate the probability of success.