WHAT EXACTLY IS FINANCIAL FREEDOM?
People have many definitions, but for me it means “being able to do What you want, with who you want, whenever you want… WITHOUT HAVING TO WORRY ABOUT MONEY!!”
What you must also understand is that it is never a straight road to financial freedom, but a long twisting road with many potholes, road blocks and detours. It takes dedication, focus and commitment with constant learning and effort….but where to start?
MONEY MANAGEMENT 101
The very first step is being able to manage your money, with the basic principle of spending Less than you earn and investing the difference…a simple concept but easier said than done!
So where do you start?
With my stepping stones of wealth system, which is broken down into a simple 5 step process!
THE STEPPING STONES OF WEALTH
1. You need to know your numbers
- What is your income?
- What are your assets worth?
- What debts do you have?
- What is your net worth?
It is not the most exciting thing in the world but it is essential to creating financial freedom…You need to know your financial position and know and track your “numbers”
2. Create a Money Management System
Not a dreaded budget… but a system for managing your money that works, that is easy to use and doesn’t leave you overwhelmed!
3. Build your foundations
- Have a financial plan…Set goals and targets
- Have an estate plan
- Have a cash management and debt reduction plan
- Have contingency reserves… Have buffers in cash or lines of credit that you can access quickly for either emergencies and opportunities… Remember the golden rule – cash flow is king!
4. Educate yourself
You must keep educating yourself and become financially fluent… read books, go to seminars, take online courses, visit you tube… and of course there is a wealth of information you can learn here at myroadtofinancialfreedom.com
5. Invest for both Cash Flow and Growth
Remember Cash flow is king!
There is share trading, domain trading and numerous other methods, but the method I highly recommend, and believe is the simplest for the average person, is for you to invest your time and energies into creating an online business.
To learn more about creating an online business visit my getting started page
With the extra cash flow, the key then is to funnel the extra money back into growth assets such as property and blue chip shares or stocks, as well as back into your business, debt reduction and lifestyle!
Never forget to have fun along the way! 🙂
Here at My Road To Financial Freedom, my goal is to teach these concepts to as many people as possible, so they can manage their money in a way that will help them on their OWN road to financial freedom!
If you have any questions or comments feel free to leave them below.
To your success,
John W. Newman
Helping you create TIME AND FINANCIAL FREEDOM by building a PROFITABLE Business Online!
Dream It… Believe It… Then Achieve It!
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