6 STEPS TO FINANCIAL FREEDOM
Six easy steps to change your life and give you financial independence.
When I joined the financial industry, I was SHOCKED at how many options were out there for someone like me to change my finances. I knew that if I could obtain financial freedom, that I could help other do the same, and that's why I started Millionaire Within.
I know, money can be a scary subject, but a life of financial circumstances are just steps away? By understanding the following six steps to financial independence and their corresponding tips, and putting them into action, you give yourself a money makeover.
If you want to find out more about these tips or how to adjust for any financial situation, contact me today and sign up for a FREE 15 MIN FINANCIAL REVIEW!
6 Simple Steps to Financial Freedom
1. Know Your Flow - Do you know how much cash you have? Do you know how much your lifestyle costs? Being aware of your cash flow is a great indicator of your financial strength. If you've been in a position where you're spending more than you're earning, then you have what we call a 'Negative cash flow.' If you have cash left over after your normal spending, you have 'Positive cash flow.'
2. Rainy Day Account - You've all heard it before, YOU NEED AN EMERGENCY FUND! Especially today with the hit of COVID-19, many people weren't prepared for that 'rainy day.' This cash flow is the golden parachute that's put in place whenever you have an unexpected episode. Flexing your fitness muscles is easier when your debt is under control - allowing you to start saving up!
3. Get Your Debt in Line! - Working towards eliminating your debt or even just implementing a plan to manage it, can transform your life and your bank account. The first step to financial freedom is minimizing debt! This will give you the ability to start saving for a rainy day or your future.
4. Protect Yourself - When you know how strong your cash flow is, have an emergency fund, and begin managing your debt. You're only at the tip of the financial freedom iceberg. Having the necessary and proper protection can take you on the direct path to financial freedom. One example of this is life insurance, as it makes it easier for your family to move on if something were to happen to you. It's a challenge determining how much you need or what's the best option for you, but speaking with a financial advisor (like Millionaire Within) is a great way to discover what's right for you.
5. Wealth Building - So you're reading to build your wealth? Don't worry, you can get started even before you've completed all the above steps...it's as simple as putting a little cash aside toward your future goals while you're working on managing debt, building an emergency fund, strengthening cash flow, and protecting the ones you love. By the time you complete all the other steps, you'll have a cushion to stand on (even if it's just a little bit), that you can continue to build upon.
6. Wealth Reservoir - The future is unpredictable and it's crucial to prepare for all and any outcomes. After you've completed all the above steps, it may seem like you have financial freedom, but there's one more step...establishing your financial legacy. Having a financial plan in place can help you ensure your legacy reaches your intended heirs.