5 Tips to Gain Financial Freedom
There is a process that you will have to go through in order to become financially free.
There is no way around them and everyone that follows these steps will succeed: 1- Downsize: Cut back on all unnecessary spending.
Anything that you do not need to spend money on right now, stop.
There is a time for extravagances and if you are reading this article right now then this is not the time for you.
In order to increase your income you will first have to make due with what you already have and in the best way.
Start a budget plan and commit yourself to it.
Get rid of all unnecessary debts.
Sell the car and get a cheaper one.
Sell that over priced house and purchase a cheaper one with smaller mortgage payments.
2- Raise Your Financial IQ: Educate yourself about money and how it really works.
This is the type of education that they do not teach in schools.
Go to libraries and book stores then look for books that are dedicated to wealth building and wealth principles.
Once you get a better understanding about how money really works, you will make more educated decisions like the wealthy do.
The higher your financial IQ gets the more money you will be able to retain and even grow.
Learn how to have your money working hard for you.
3- Upsize: Now that you have cut out all loose spending and acquired financial education, it is time to increase your income.
Work some overtime or get another part time job.
This process will add another income stream to your household.
Save this extra income and put it into a new venture fund.
This will prepare you to take the next step.
4- Leverage: Use the power of leverage to put a turbo boost into your income.
Passive income is something that keeps on earning without your direct and constant supervision.
Your primary income can pay for your living expenses and your extra part time income can be used to invest into a passive income venture.
Examples of passive income are: Stocks, bonds, annuities, network marketing residual income, real estate and Laundromats.
5- Plan: You must integrate the steps above into a well thought up and realistic plan of action.
Have a professional create one for you or get together with a business oriented person and create one together.
This plan must be signed and dated by you and your spouse.
Most people fail because they have no real plan and lack the self discipline to follow through with a decision.
The 5 steps listed above are very basic and simple strategies that are overlooked by most people.
However, they do work and will work for you because they are simple and straight forward.
The most successful people in the world have become financially free due to using simplicity.
The more complicated things are, the harder they will be for you to do and stick to.
There is no way around them and everyone that follows these steps will succeed: 1- Downsize: Cut back on all unnecessary spending.
Anything that you do not need to spend money on right now, stop.
There is a time for extravagances and if you are reading this article right now then this is not the time for you.
In order to increase your income you will first have to make due with what you already have and in the best way.
Start a budget plan and commit yourself to it.
Get rid of all unnecessary debts.
Sell the car and get a cheaper one.
Sell that over priced house and purchase a cheaper one with smaller mortgage payments.
2- Raise Your Financial IQ: Educate yourself about money and how it really works.
This is the type of education that they do not teach in schools.
Go to libraries and book stores then look for books that are dedicated to wealth building and wealth principles.
Once you get a better understanding about how money really works, you will make more educated decisions like the wealthy do.
The higher your financial IQ gets the more money you will be able to retain and even grow.
Learn how to have your money working hard for you.
3- Upsize: Now that you have cut out all loose spending and acquired financial education, it is time to increase your income.
Work some overtime or get another part time job.
This process will add another income stream to your household.
Save this extra income and put it into a new venture fund.
This will prepare you to take the next step.
4- Leverage: Use the power of leverage to put a turbo boost into your income.
Passive income is something that keeps on earning without your direct and constant supervision.
Your primary income can pay for your living expenses and your extra part time income can be used to invest into a passive income venture.
Examples of passive income are: Stocks, bonds, annuities, network marketing residual income, real estate and Laundromats.
5- Plan: You must integrate the steps above into a well thought up and realistic plan of action.
Have a professional create one for you or get together with a business oriented person and create one together.
This plan must be signed and dated by you and your spouse.
Most people fail because they have no real plan and lack the self discipline to follow through with a decision.
The 5 steps listed above are very basic and simple strategies that are overlooked by most people.
However, they do work and will work for you because they are simple and straight forward.
The most successful people in the world have become financially free due to using simplicity.
The more complicated things are, the harder they will be for you to do and stick to.
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