The First Step For Financial Freedom
Are you confused by all the noise out there about how to create more wealth in your life?
Maybe you just want to know the very first step for financial freedom?
What is the First Step to Financial Freedom?
Before I get to the first step to financial freedom, I want to give you the over-riding philosophy that will lead you to having more money, more wealth and eventually financial freedom.
It is so simple… but nobody wants to hear it!
Spend LESS than you earn, and INVEST the rest!
This is the only way you are going to get rich and create financial freedom!
The Debt Trap
As I said before, this is a simple philosophy, but it is easier said than done!
With the constant cost of living pressures and easy access to credit, it is very easy to fall into the debt trap and not live this philosophy.
I have also fallen in to this trap myself, and found myself way over my head in consumer debt.
I have also stacked up a lot of bad debt in credit cards and personal loans after biting off more than I could chew by buying a bunch of Investment properties and falling prey to a couple of property spruikers!
But thanks to my money management system, I have been able to get myself out of this debt trap and back on the right track.
Although while building up my business, I still always have to be mindful of keeping cash flow under control.
Even most of the Governments of today are running up huge mountains of debt and not living within their means.
Just look at Greece as an example.
Even here in Australia, the Government is running up a deficit of 100 Million dollars a day!
So if you are struggling in this debt trap you are definitely not alone!
But even if you are currently in debt, you can still take the very first step for financial freedom.
The First Step For Financial Freedom
So the very first step for financial freedom is to Pay Yourself First!
Make the bills wait.
Log into your online banking, establish a high interest account and schedule to transfer 10% of your next pay check into this high interest account.
This account will become your Financial Freedom Account or FFA account, which will be used for investing only.
And the principle of what goes into this account must NEVER EVER be spent!
It is to be used for investing and setting up passive income streams only.
Then you can then let compound interest work it’s magic.
Now you might be saying that you can’t afford 10% just yet?
Well just transfer something.
The habit is the key and you can build up the amount over time.
Starting with this very first step for financial freedom will eventually make you a millionaire.
The best time to start was 20 years ago.
The second best time to start is NOW!
If you have any questions or comments feel free to leave them in the comments section below.
To your success,
John W. Newman
Dream It, Believe It, Then Achieve It!
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