5 Steps To Achieve Financial Freedom
5 Steps To Achieve Financial Freedom
1. Decide what you want: This is the starting point of financial freedom. When deciding what you want, you might find out that you really do not want to do what it takes to be financially free.
Talking about financial freedom and actually becoming financially free are two different things. You may find that material things and immediate satisfaction is more important to you than the sacrifice and the delayed gratfication that it takes to achieve financial freedom.
So ask yourself what you really want. If you decide that you really want to be financially free and that you are willing to sacrifice whatever it takes to achieve financial freedom, then proceed to step two.
2. Analyze your strengths and weaknesses/ likes and dislikes: Your path to achieve financial freedom will be much easier if you are working within an area that is easy for you, or that you actually enjoy. You must be very specific and true to yourself.
For example, you might know someone who became financially free by flipping fixer-upper rental properties. If you know that you hate painting, doing repairs, and things of that nature then fixer-upper properties might not be the best path to financial freedom for you.
3. Look at different options that can help you get to where you want to be by utilizing your strengths and weakenesses, and then develop a personal financial freedom game plan. Once you analyze your strengths and weakness, you need to choose a vehicle that can actually help you to become financially free.
In order to achieve financial freedom you must buy or invest in assets. An asset puts money into your pocket. There are three types of assets: businesses, real estate, and paper assets (which include stocks, bonds, mutual funds, etc...).
It will more than likely take a combination of assets for you to become financially free. There are a variety of different options in each asset class so chose the assets that fit your strengths and weaknesses.
For example you might find when dealing with real estate, that investing in apartment complexes may fit your strengths and weaknesses better than single family homes. Similarly, you may find that one type of business is better for you than another.
Choose a combination of of assets that fit your personality.
4. Break down your plan into yearly, monthly, weekly, and daily steps: Decide on the date that you want to achieve financial freedom and set goals of what you need to accomplish by certain dates in order to make your goal of financial freedom a reality.
For example, you might need to make a particular amount of income from a certain type of business in order to buy a certain type of investment property by a specific date. Make sure the date that you set is in line with the consistent daily actions that you are willing to take.
5. Write out your plan and put it where you can look at it every day: Then take action on your daily tasks every day.
Developing a personal financial freedom plan this way keeps you focused because you will not easily be distracted by everyone who has a "better way to become financially free. You will already know that the plan that you have created for yourself is designed to fit your personal strengths and weaknesses. Therefore, what another person says is better will not necessarily be better for you.
Much Success,
1. Decide what you want: This is the starting point of financial freedom. When deciding what you want, you might find out that you really do not want to do what it takes to be financially free.
Talking about financial freedom and actually becoming financially free are two different things. You may find that material things and immediate satisfaction is more important to you than the sacrifice and the delayed gratfication that it takes to achieve financial freedom.
So ask yourself what you really want. If you decide that you really want to be financially free and that you are willing to sacrifice whatever it takes to achieve financial freedom, then proceed to step two.
2. Analyze your strengths and weaknesses/ likes and dislikes: Your path to achieve financial freedom will be much easier if you are working within an area that is easy for you, or that you actually enjoy. You must be very specific and true to yourself.
For example, you might know someone who became financially free by flipping fixer-upper rental properties. If you know that you hate painting, doing repairs, and things of that nature then fixer-upper properties might not be the best path to financial freedom for you.
3. Look at different options that can help you get to where you want to be by utilizing your strengths and weakenesses, and then develop a personal financial freedom game plan. Once you analyze your strengths and weakness, you need to choose a vehicle that can actually help you to become financially free.
In order to achieve financial freedom you must buy or invest in assets. An asset puts money into your pocket. There are three types of assets: businesses, real estate, and paper assets (which include stocks, bonds, mutual funds, etc...).
It will more than likely take a combination of assets for you to become financially free. There are a variety of different options in each asset class so chose the assets that fit your strengths and weaknesses.
For example you might find when dealing with real estate, that investing in apartment complexes may fit your strengths and weaknesses better than single family homes. Similarly, you may find that one type of business is better for you than another.
Choose a combination of of assets that fit your personality.
4. Break down your plan into yearly, monthly, weekly, and daily steps: Decide on the date that you want to achieve financial freedom and set goals of what you need to accomplish by certain dates in order to make your goal of financial freedom a reality.
For example, you might need to make a particular amount of income from a certain type of business in order to buy a certain type of investment property by a specific date. Make sure the date that you set is in line with the consistent daily actions that you are willing to take.
5. Write out your plan and put it where you can look at it every day: Then take action on your daily tasks every day.
Developing a personal financial freedom plan this way keeps you focused because you will not easily be distracted by everyone who has a "better way to become financially free. You will already know that the plan that you have created for yourself is designed to fit your personal strengths and weaknesses. Therefore, what another person says is better will not necessarily be better for you.
Much Success,
