The Five Critical Steps to Financial Freedom…..
Here’s a quick reminder for you……you become financially free when your PASSIVE income pays for your desired lifestyle. When you earn enough PASSIVE income to pay for the life you want to live, you win.
Notice, I’m not talking about you earning billions of dollars. I’m not talking about you earning hundreds of millions of dollars. I’m not even talking about you earning a million dollars. That amount, that total is completely up to you.
What I am telling you is that once you know how much PASSIVE income you want to have coming in every month, you have a clear target to shoot for. And you increase your chances of achieving your goal when you know exactly what it is you are going after. As Napoleon Hill and W. Clement Stone wrote in "Success through a Positive Mental Attitude", knowing what you want combined with a positive mental attitude is the starting point for all success.
There are 5 factors to becoming financially free. Here they are…..
Working Income + Savings + Investments + Passive Income + "S"
If you integrate all 5, then creating financial freedom is almost assured.
Most people work on one of the factors. Guess which one it is?
If you said working income, you are 100% right. And if people do work on the other factors, it’s minimal.
How would you like the secret to cutting your time to financial freedom dramatically? The secret is “S”. And “S” stands for simplify, simplify your lifestyle.
Some people set up their lives in such a way that it makes it virtually impossible to become financially free. Instead of reaching financial freedom on an acceptable scale, they have a huge mortgage, 2 large car payments, consumer debt that grows by the month, and a monthly expense total that will keep them slaves to their work for the rest of their lives.
On the other hand, others learn to live within their means, keep their life simple, and reach their financial freedom total much quicker. Of course, once they reach it, are they allowed to go for more? Of course they can. But they do it in stages.
OK, so the key to financial freedom is to pay attention to each area individually and in combination. And this formula is often the first clue as to why you may not be reaching your full financial potential right now.
The first key to change is awareness. You cannot change something if you are not aware of it. Part of what you want to do is turn the invisible into the visible so that you can see things on paper that have been stuck inside your head. You can now see exactly where you are focusing your thoughts and energies and where you are not.
So, here’s what I want you to do. I want you to describe how you are doing with each of the 5 financial freedom factors. Rate how well you are doing with each from 1 to 10. Give yourself a 1 if you are doing a very poor job with the factor, and give yourself a 10 if you are doing great. Actually write it down. Turn the invisible into visible.
Once you’ve completed doing this, circle those factors that could use major improvement. There’s a saying that where attention goes, energy flows and results show.
You need to focus your attention on all 5 financial freedom factors.
Remember what they are?
Working ……..
Sav……..
Inves…….
Passive…..
Sim……..
Get to know these 5 factors. Get to know them intimately. Focus on all 5.
Understanding this post is critical to anyone who sincerely wants to win the money game and become financially free.
This is one huge step forward for you. But there’s more to come. Stay tuned.
Namaste.
Jeff
Notice, I’m not talking about you earning billions of dollars. I’m not talking about you earning hundreds of millions of dollars. I’m not even talking about you earning a million dollars. That amount, that total is completely up to you.
What I am telling you is that once you know how much PASSIVE income you want to have coming in every month, you have a clear target to shoot for. And you increase your chances of achieving your goal when you know exactly what it is you are going after. As Napoleon Hill and W. Clement Stone wrote in "Success through a Positive Mental Attitude", knowing what you want combined with a positive mental attitude is the starting point for all success.
There are 5 factors to becoming financially free. Here they are…..
Working Income + Savings + Investments + Passive Income + "S"
If you integrate all 5, then creating financial freedom is almost assured.
Most people work on one of the factors. Guess which one it is?
If you said working income, you are 100% right. And if people do work on the other factors, it’s minimal.
How would you like the secret to cutting your time to financial freedom dramatically? The secret is “S”. And “S” stands for simplify, simplify your lifestyle.
Some people set up their lives in such a way that it makes it virtually impossible to become financially free. Instead of reaching financial freedom on an acceptable scale, they have a huge mortgage, 2 large car payments, consumer debt that grows by the month, and a monthly expense total that will keep them slaves to their work for the rest of their lives.
On the other hand, others learn to live within their means, keep their life simple, and reach their financial freedom total much quicker. Of course, once they reach it, are they allowed to go for more? Of course they can. But they do it in stages.
OK, so the key to financial freedom is to pay attention to each area individually and in combination. And this formula is often the first clue as to why you may not be reaching your full financial potential right now.
The first key to change is awareness. You cannot change something if you are not aware of it. Part of what you want to do is turn the invisible into the visible so that you can see things on paper that have been stuck inside your head. You can now see exactly where you are focusing your thoughts and energies and where you are not.
So, here’s what I want you to do. I want you to describe how you are doing with each of the 5 financial freedom factors. Rate how well you are doing with each from 1 to 10. Give yourself a 1 if you are doing a very poor job with the factor, and give yourself a 10 if you are doing great. Actually write it down. Turn the invisible into visible.
Once you’ve completed doing this, circle those factors that could use major improvement. There’s a saying that where attention goes, energy flows and results show.
You need to focus your attention on all 5 financial freedom factors.
Remember what they are?
Working ……..
Sav……..
Inves…….
Passive…..
Sim……..
Get to know these 5 factors. Get to know them intimately. Focus on all 5.
Understanding this post is critical to anyone who sincerely wants to win the money game and become financially free.
This is one huge step forward for you. But there’s more to come. Stay tuned.
Namaste.
Jeff
posted by Jeff Fagin at 5:22 AM
4 Comments:
To become financially free you must have all components. The one most people miss is managing passive income. This is a great formula to achieve the success you want and you can start with any amount of money. Befor you know it you are well on your way.
To Your Success,
Andy Fuehl
Jeff,
I definitely have the working income factor down pat. I am aware of my levels in the other 4 areas and am currently working on raising those.
Jeff
I thought my savings and investments were my passive income. No doubt I can be more active on my passive income.
Larry E.
I need to improve passive income. I was not ever working or aware of its potential.
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