So what does a goose laying golden eggs have to do with financial freedom?
Remember the old story about a farmer that discovered his goose was laying golden eggs. But then he got greedy and decided to kill the goose to get all the eggs out at once only to discover that there was nothing inside and he had killed off his chance of getting any more golden eggs?
Well this is a good analogy we can use for investing in that we can build up a goose (or lump sum) that will then pay us our golden eggs (or ongoing income).
Provided of course we don’t act like the farmer and kill off our chances of ever being financially free!
First start with the goose
To be financially free we first must build our asset base or lump sum that is going to pay us our ongoing income.
So the very first thing we need to do is open up a separate account and start to deposit 10 percent of our income into this account.
The best way to do this is open up a high interest online banking account and set up an automatic deduction as soon as you get paid.
It works with the principle of paying yourself first, and when it is done automatically as soon as you get paid you will never miss the money!
This account will then become your Financial Freedom account or FFA account.
If you are not used to this principle first start with a lower percentage and build up the amount over time.
But make sure you start because without out this account and building up your goose, you will NEVER be financially free!
Then we lay the golden eggs
So once this lump sum starts to build up we can start investing for our golden eggs.
Start to invest in a variety of assets that will give you both cash flow and growth.
Things such as quality shares, bonds and fixed-interest investments as well as investment property and business’s, either traditional or online.
Over time this asset base will build up and eventually it will start to pay us in ongoing residual or passive income in the form of dividends, interest, equity or residual income from our business.
But remember the principle must be NEVER EVER SPENT!
Don’t be like the farmer and kill the goose!
So in summary unless we can build our asset base and create ongoing residual income, or in other words our goose that lays our golden eggs, we can never be financially free.
So the key is to open our financial freedom account, pay ourselves first and create our goose that will lay our golden eggs!
Again, I am John W. Newman and always remember…
Dream It…Believe It… Then Achieve It!