Financial freedom – it’s one of those things that people dream about but often don’t realise they have the power to make happen.
You have the ability to create financial freedom no matter what your financial status is right now. In fact, if you make financial freedom one of your goals and commit to it becoming your reality, you will be surprised at what you can achieve.
My new book, due out in October, Think Simple Win Big: How to Build the Business of Your Dreams With a Few Simple Goals, is a 2nd edition of my first book, Goals DO Come True, and will help service-based entrepreneurs succeed faster without making some of the mistakes I made.
However, even if you’re not an entrepreneur (or at least not yet!) I’ve created an in-depth guide to help you create financial freedom. I went from the brink of bankruptcy to becoming a millionaire within ten years. I know what’s possible.
In the meantime, you’ll want to know if this guide is really as great as I say it is, so here’s a broad overview of my Ten-Step Guide to Financial Freedom:
- Be realistic and be yourself
You are your greatest asset. You do not need to be like anybody else to succeed in business or in life. Trust me.
- Learn to deal with your inner critic
This voice is commonly referred to as imposter syndrome or the voice inside your head. Whenever you have a goal to pursue that’s a little out of your comfort zone, it likes to tell you that you can’t do it. Some of these (unfounded) fears stem from childhood. Be aware of this inner critic. We talk much more about this in Think Simple Win Big: How to Build the Business of Your Dreams With a Few Simple Goals.
- Set income goals
You need to know what you want to earn. Familiarise yourself with your monthly income versus expenditure. Make sure your income exceeds your outgoings; if it doesn’t, you are increasing debt which can quickly spiral out of control. If you have debt, then reduce your expenses and, where possible, increase your income; and then do #4!
- Budget and clear your debt
Clearing your debts is essential if you want to have the successful financial future that you dream of. Using 0% interest credit cards or loans is just another way to spend beyond your income and budget. If you use these types of cards or loans, be careful. Examine your debts. Find the ones being charged at higher interest rates and concentrate on overpaying and reducing them. After you’ve done that, use what was once that monthly outgoing to reduce the next highest debt. Keep going until it’s gone. You can do it.
Respect yourself and the people around you. Turning up on time is fundamental for earning respect and trust from your friends and clients. For me, and hopefully now for you, turning up on time means turning up ten minutes early so you’re prepared and present.
- Delegate to elevate
If you want your business to grow, you need to delegate. There will be jobs that you do on a day-to-day basis that you’re not particularly good at because they don’t excite or inspire you. There are also other people in the world who love to do those jobs! Find them and delegate. The job is now being done well, and you also have more free time available for your personal life or to increase your income.
- Plan your spare time
If you have a free weekend, plan something for you. I personally struggle with this one, but awareness is half the battle! I love to play golf and ride my Harley Davidson but I also need to find the balance so I can enjoy quality time with my family and friends.
- Reap the rewards and reinvest
If you’re an entrepreneur and spend all of your time working in or on your business, you don’t have quality free time. That will make you dull! Nobody wants to hear about your business all the time. Reinvesting in your business might include hiring staff so that you have more free time. Even if you love your business, you have to make time to enjoy life outside of that. Otherwise, what’s the point?
- Surround yourself with good people
Good people will lead you forward and pick you up when you’re down. I’m a member of the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals®. I have made some amazing friends in these groups. They inspire me. Whichever industry you are in, you will be able to find a relevant association. Find your people and freely share ideas with them; it will stand you in good stead.
- Review your goals
Keep coming back to your goals. Read them every day. Once you achieve them (and you will if you keep taking action), set another goal and keep the momentum going.
I hope you’ve enjoyed this sneak preview to the Ten-Step Guide to Financial Freedom. If you follow the steps, I promise you will move from financial struggle to financial success and enjoy your life more!
I’d genuinely love to hear about your goals. You can share them with me by emailing firstname.lastname@example.org.
P.S. When you download your free in-depth Ten-Step Guide to Financial Freedom, you’ll also get first dibs on my new book!