Financial Freedom means you can work because you want to, not because you have to.
What does money mean to you? Do you want to have more money? How much more money do you want? When do you want it? What would more money give you? Does money matter?
Yes, money matters. Money is the way we get the things we need and want. So we are told at home and at school that we need to work in order to get money. When we work, we get paid and we receive money. Some people feel they get fair amount of money for their work and many people feel they get too little money for their hard work. Do you ever think who else gets paid for your work and do you always get something you need or want for your money?
Financial freedom is not measured in money. It is measured in time. For how long time can you maintain your current lifestyle, should you stop working for any reason. The goal should be eternity or at least the number of years you expect to live.
Have you ever found yourself thinking “I could never afford it” or “this is not for me, this is for rich people”. What if you could? What if it was for you?
The good news is that you can have financial freedom if you want to.
1. Take care of your assets!
Assets – bring money in for you
Remember, your home, your car, your sofa, your TV do not bring any money in for you, these things only take money from you. You need to focus on gathering assets – things that bring money in for you. It can be property that you rent out, it can be a shareholding that pays dividends etc.
2. Take responsibility of your cashflows
Remember, every liability that you have, is somebody else’s asset. Credit card, overdraft, lease – get rid of these bad debts. Understand salary – how much you really get paid and who else gets paid from your hard work.
Earning more money does not solve any of your issues if you do not manage your money properly. Earning more money often creates more liabilities – bigger house, nicer car, expensive clothes.
Do not ever blame others (your company, government etc.) for your bad financial situation!
3. Educate yourself
Learn every week something new about money and about investing. Be serious about that learning!
4. Communicate to the like-minded people
Look around you, who are the people you communicate most to, are they financially free? The people that are closest to us influence our beliefs and values and our outcomes the most. Find new groups of people to communicate to, the people who have what you want to have, who are, what you want to be.
It does not mean that you have to cut relationships with your friends and family, just mix the crowd!
5. Believe in yourself!
Audit your current beliefs and change them if necessary and always remember, you have all the resources you need to achieve what you are after. Sometimes we do not see them, but they are there and your task is to find them in yourself.