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Loral brought up a point I have read in several other books on financial freedom recently. She said that people who are employed are too afraid to give up the security of their weekly paychecks to start their own business. And being a successful business owner is one of the few ways you can truly find financial freedom. Otherwise, you will always be using your skills to build someone elses dreams.
I am not telling you to quit your job, especially if you dont have a business plan or even an idea to go after already in place. But it is something to think about.
Did you know a vast majority of people turn down opportunities everyday because they fear change? They fear letting go of the security their job provides them. I recommend saying Yes! when an opportunity arrives, and then figure out how to achieve it. Remember who also spells how when the letters are mixed around. There is someone out there who can mentor you and teach you how to accomplish your opportunities when they arrive.
Did you know that 80 percent of self-made millionaires started out at the bottom and built their own business? Did you know the average self-made millionaire has been broke two-three times along the way to success? They were not afraid to give up. They had a dream, and they kept trying until they made it. You can too.
The steps to creating your own financial freedom are fairly simple.
Step 1: Understand Your Relationship to Money
If money is controlling you, or your life, you will never be able to get to the next step. James Malinchak eloquently described this situation this weekend when he said, No one cares about your bills except you and the people you owe. Stop letting money control your life, and make a plan today to get to financial freedom.
Step 2: Determine Your Freedom
Everyone needs a goal to strive for in order to reach financial freedom. In order for you to retire you need a continual passive income streaming in that is able to support you each month should you never work again. Do you know what that number is? Add up all of your monthly expenses to come up with the number. Then start looking for ways to reach your financial freedom.
Step 3: Understand Your Relationship to Debt
Perhaps my favorite part of the conference this weekend was when Loral asked the audience how many people were in credit card debt. Then she said, I applaud you. You wanted a good life, but you had a small income. So you put the rest on a credit card.
With that statement, she highlighted two important points. You have to have a dream to work towards, but you should never live outside of your means. If you have credit card debt, make a plan today to get it under control.
Step 4: Develop a Cash and Money Making Plan
If you have mastered the steps above, then its time for you to develop a cash flow and money making plan. This plan should not only include how you intend to make money, but it also needs to include how you are going to spend money. Without a plan, it is very easy to start overspending when money starts coming in.
Those are four easy steps for you to follow to start getting your financial goals together. They are a starting point. If you are unemployed right now, consider looking for venture ideas to start your own business. If you currently have a job, start looking for ways to build your own business. Working for someone else isnt a bad thing. But you have talents to offer the world, and you might just be surprised what other people are willing to pay for your business ideas.
[Ed. Note: Loral Langemeier has several books out about how to save money. To learn more about her books, click here.]
