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7 Steps to Financial Freedom
| Guest post by: Jing Jin |
Article Overview: Through my years of experience as financial consultant, and interviews with numerous successful people who have achieved financial freedom in their lives, I have developed a simple and practical method to help you create financial freedom – and abundance in your life as well. Financial freedom means different things to different people. The steps I am sharing with you will guide you to develop your own roadmap toward the ultimate freedom in your life.
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Free Download - The Right Frame By Jing Jin |
7 Steps to Financial Freedom
Aren’t
you tired of letting money dictate what you do, and how you live your
life? Manyof us get caught up in the rat race, where just keeping up
with the grinding treadmill oflife’s financial demands seems a
never-ending battle. Out of fear or for lack ofknowledge, few of us
ever stop and question if there is another way. But there isanother
way, and it does not require an advanced degree or specialized
financialknowledge. It simply requires us to RE-EXAMINE our current
and desired financialconditions, RE-ORGANIZE what we already have, and
CREATE a solid financialstructure that supports us to live the life of
our dreams.
Through
my years of experience as financial consultant, and interviews with
numeroussuccessful people who have achieved financial freedom in their
lives, I have developeda simple and practical method to help you
create financial freedom – and abundance inyour life as well.
Financial freedom means different things to different people. The
stepsI am sharing with you will guide you to develop your own roadmap
toward the ultimatefreedom in your life.
Step 1. KNOW WHERE YOU ARE:
assessing your current financial situation.Where attention goes,
energy flows. Do you know how much money comes in everymonth, and from
which sources? How much do you spend on necessary versusdiscretionary
expenses? What are your assets, liabilities, and net worth?
Well-runcompanies use certain financial information to measure their
level of performance andfinancial health. So should you!
Step 2. KNOW WHERE YOU WANT TO BE:
setting financial goals to live the life ofyour dream. If you can see
it in your mind, you can hold it in your hand. What doesyour dream
life look like in the areas of health and wellness, productive
work,relationships, personal development, contribution, leisure and
free time? What are theten things or experiences you must have before
you die? How do these goals translatein dollar terms: income,
expenses, assets, liabilities and net worth?
Step 3. CREATE A GAME PLAN:
translating your financial goals into usefulproducts and services.
Know thyself. What are you deeply passionate about? Whatcan you do
better than anyone else on the planet? How can you make a life doing
what you love and what you are best at? In this step, you will exercise
understanding,creativity and discipline to create your platform –
generating your first source of incomethrough providing useful
products and services that serve an important market need andthat are
totally fulfilling to you.
Step 4. DESIGN YOUR FINANCIAL STRUCTURE:
creating multiple sources ofincome. Nurture the goose that laid the
golden eggs. What are your core assets, bothtangible, such as cash,
stocks, bonds and real estate, and intangible, such as
patents,trademarks, relationships, skills, knowledge and talents? How
can you leverage yourcore assets to generate multiple sources of
income? Evaluate your ideas based onincome potential, time commitment,
resource requirement and satisfaction factors, andstart cultivating
one income stream at a time.
Step 5. PAY YOURSELF FIRST:
developing financial discipline. Discipline is thebridge between goals
and accomplishment. You are your biggest asset. How muchmoney do you
invest on a monthly basis to grow your asset base, both tangible
andintangible? You may consider setting up an automatic savings plan
and debit a percentof your income to a Financial Freedom Account
solely for investment purposes. Beforeyou pay your bills, pay yourself
first.
Step 6. MONITOR YOUR PERFORMANCE:
tracking your finances regularly.Athletes use certain parameters to
track their performance and achieve greater resultsover time. The same
applies to your finances. It is important to keep track of your
keyfinancial indicators on a monthly, quarterly, and annual basis.
Such indicators mayinclude income, expenses, savings, net worth, and
performance matrices such as profitper customer, etc. Financial
management tools such as Quicken and QuickBooks cancertainly make your
life easier in this area.
Step 7. PUT IT ALL TOGETHER:
linking it up to your life purpose. He who has a“why” to live can bear
with almost any “how.” True freedom comes from within, thefreedom to
choose our responses regardless of our external circumstances.
Knowingwho we are and why we are here on earth gives us deep roots on
the ground so that wecan reach high into the sky. The financial
structure we discuss in this article is one ofthe bricks we lay down
for the foundation of our dream house – our life.
I
have shared with you seven simple and practical steps to create
financial freedom inyour life: do what you love, when you want it, and
where you want it. The steps aresimple enough. Nevertheless it
requires honesty, thoughtfulness, and discipline todesign and
implement them. I have done it. You can too!
Where to Find Financial Freedom Resources
Using your dreams and goals to create wealth Part 1
What is the definition of financial freedom
Financial Freedom – Not An Impossible Fantasy
Discover your Financial Mindset
Article Tags: abundance, apple, br, different things, dreams, fear, financial consultant, financial demands, financial freedom, font weight, money, nbsp, rat race, span class, span style, style font, treadmill
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About the Author: Jing Jin RSS for Jing's articles - Visit Jing's website Click here to visit Jing's website   Five Elements to Financial Freedom AND Fulfillment Find your Passion because YOU ARE WORTH IT The Right Frame 7 Steps to Financial Freedom Play with Your Dark Side |
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The 7 Greatest Truths about Successful Women: How You Can Achieve Financial Independence, Professional Freedom, and Personal Joy, by Marion Luna Brem.
From the inside cover: In 1984, battling both cervical and breast cancer, and facing $500,000 in medical bills and a disintegrating marriage, Marion Luna Brem was desperate to find a way to support herself and her two young sons. With more than a few strikes against her, she started knocking on doors, looking for a job. Seventeen doors later, the blunt speaking manager of a car dealership in central TExas declared, "I've been thinking of hiring a broad." And with that invitation, Marion took her own first step on the road to financial independence, yada yada yada
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