Becoming
financially free is a matter of choice. Set your financial goals and give
yourself a timeline. Then begin to work towards it.
Financial freedom
is a matter of changing your mindset, mental attitude, discipline and habits
rather than a particular method you follow to become financially free.
There are many
definitions of financial freedom, but the one I like most is by Robert
Kiyosaki, author of “Rich Dad, Poor Dad”.
He defines
financial freedom as the ability to afford your lifestyle (monthly bills and
expenses) without having to work for the rest of your life.
Suppose your
monthly income is $1,000 and your monthly expenses are $1,000. This means you
can afford to live for only one month. In this case if your monthly income is
$500 then you can live for only half a month. You get the picture…
While the
subject of financial freedom is rarely taught in school, you can build financial
freedom on your own by reading hundreds of financial books that are available
in the public domain and by applying the knowledge to your particular
situation.
Financial
freedom largely depends on how you acquire and apply this knowledge to your particular
financial strategies.
Another way to
think about it is that financial freedom is a lifestyle rather than it is a
bunch of financial knowledge and wisdom.
The knowledge
and wisdom to acquire financial freedom comprises of a series of simple but
subtle steps you can take to acquire wealth and it is not even necessary to go to
school to acquire the knowledge.
For example, the
age-old classic, “The Richest Man in
Babylon” by George Samuel Clason, is a book that dispenses financial advice
through a collection of simple parables set in ancient Babylon. Through their
experiences in business and managing household finance, the characters in the
parables learn simple lessons in financial wisdom.
Another
classic, “Think and Grow Rich”, by
Napoleon Hill is a book that teaches you how to change your mindset rather than
the specific methods you can apply to become financially free.
In our modern
times, we’re lucky to have a galaxy of some of the best teachers and mentors in
the subject of financial freedom.
Millionaire-mentor,
Tony Robbins is one of the greatest teachers and mentors of our time, and I would
not hesitate to recommend his books, courses and seminars to anyone who wants
to break free from poverty and into financially freedom.
Here are some
of Tony Robbin’s books and courses you can explore:
Wealth and Lifestyle
Mind and Meaning
Career and Business
You can find
more books, courses and seminars at Tony Robbin’s
website. The courses are in PDF, audio and video:
While there are
more than a million ways you can use to become financially free, basically, there are 3 main Roadmaps to financial
freedom:
The Slow Lane
The Slowlane is a Roadmap
comprised of a series of life-time savings plans such as the 401(k), mutual funds, cost-cutting, and
other savings plans initiated by employers and financial advisors based on the
premise of building wealth during your life-time towards your retirement.
A 401(k) is an
employer-sponsored
retirement savings plan that lets
workers save and invest a piece of their paycheck before taxes are taken out.
Taxes are not paid until the money is withdrawn from the account.
The Slowlane Roadmap
follows a slow path to wealth building and assumes you start by getting a good
job or starting a small business, saving part of your income, frugal living, maximizing
your 401(k) plan, investing in mutual funds, etc.., so that you can one day retire
when you are around 65 years old, and hopefully, retire rich.
The Compound Effect
Advocated by
Darren Hardy, The Compound Effect is a mindset shift rather than a system for
building wealth, and can be applied on anything (e.g. weight loss, sports,
business, etc..), not just financial freedom.
For example, if
you were given a choice between taking 3 million dollars in cash this very moment
and a single penny that doubles in value every day for 31 days, which would you
choose? If you’re like most people you will take the $3 million cold cash!
Let’s say you
take the cold hard cash and your friend goes the penny route. On Day Five, your
friend has sixteen cents. You, however, still have $3 million. On Day Ten, it’s
$5.12 versus your big bucks. How do you think your friend is feeling about her
decision? You’re spending your millions, enjoying the heck out of it, and
loving your choice.
After 20 full
days, with only 11 days left, Penny has only $5,243. How is she feeling about
herself at this point? For all her sacrifice and positive behavior, she has
barely more than $5,000. However, you have $3 million.
Then the
invisible magic of the Compound Effect starts to become visible. The same small
mathematical growth improvement each day makes the compounded penny worth
$10,737,418.24 on Day Thirty-one, more than three times your $3 million.
In this example
we see why consistency over time is so important. On Day Twenty-nine, you’ve
got your $3 million; Penny has around $2.7 million. It isn’t until Day Thirty
of this 31-day race that she pulls ahead, with $5.3 million.
And it isn’t
until the very last day of this month long ultra-marathon that your friend
blows you out of the water; she ends up with $10,737,418.24 against your $3
million.
The Magic Penny
The Fastlane Roadmap
The Fastlane
method is a revolutionary Roadmap of building wealth based on systems. It was
advocated by MJ DeMarco, an internet millionaire who founded and sold an online
company for a fortune.
Many Fastlane
millionaires generated their wealth on computers and the Internet although
others made their millions building other types of businesses.
According to the
bestselling book, “The Millionaire
Fastlane” by MJ DeMarco:
·
The risk profile of a Fastlane strategy isn’t much different from the
Slowlane, but the rewards are far greater.
·
The Fastlane Roadmap is an alternative financial strategy predicated on
Controllable Unlimited Leverage.
·
The Fastlane roadmap is predisposed to wealth.
·
The Fastlane Roadmap is capable of generating “Get Rich Quick” results,
not to be confused with “Get Rich Easy.”
The Fastlane
Roadmap works best with internet-based businesses and is predicated on the
principle of scaling and exponential growth.
For example,
suppose you’re a dentist earning an income of $100,000 per year. This is based
on the assumption that you can treat only one patient at a time. Therefore even
if the number of patients increases, your business cannot grow beyond $100,000
per year.
But what if you
hired another dentist to help you at a salary of $50,000 per year? Your income
would grow to $150,000 per year. And if you hired 3 more dentists, your income would
triple to $300,000 per year. You get the picture…
Internet based
businesses are mostly based on the law of leverage. For example you can apply
the law of leverage on your website by recruiting other people (affiliates) to generate
web traffic to your website, rather trying to do it yourself.
With high web traffic, earnings can grow exponentially. That’s what the Fastlane Roadmap is all about.
With high web traffic, earnings can grow exponentially. That’s what the Fastlane Roadmap is all about.
This strategy
can also be applied offline. That’s how most MLM and insurance companies work.
Fastlane
financial strategies are predicated on the fact that you only build a system (vehicle)
once and then recruit other people to help you run it.
Areas where the
Fastlane methods thrive:
Rental Systems
Computer Software/Applications
Mobile Apps
Content Management Systems
Messaging Systems and Social Networks
Affiliate Marketing
Education Systems
eCommerce
ETC..
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