What will it take to get you closer to being financially free? Your financial freedom day is attained when you do not need to rely on others or trade your time in order to pay for your desired lifestyle.
This is where developing a personal plan made up of specific strategies and a simple automatic investment formula comes in. Investing should not be a specific investment product or vehicle. Investing is a process or a system that focuses on how well your specific strategies are working.
To get you closer to reaching your point of financial freedom sooner, check out these time-tested tips:
1.Dedicate the time and energy to become financially free. Focus on education first, then the experience. Use an eclectic approach by checking out a variety of books, audio programs and courses.
2.Everything has a price. Your time is more precious than money. Invest your time in learning about business and finance, and the opportunities to make money will appear. It is through awareness that we are better capable of identifying those situations that move us closer to our dreams.
3.Set up an ongoing, active investment plan. Learn how to keep your money moving in and out of better and better investments, rather than just parking your money and forgetting about it.
4.Information and technology are doubling at a phenomenal rate. Be open to challenging your present notions and ideas, since what may have been right for you yesterday may not be so tomorrow.
5.Never take a job for just the money. Take a job only if you will benefit in the long term from the knowledge and skills you obtain.
6.Investigate before you invest. Do your due diligence with every opportunity before committing. Dont just blindly follow the masses and the current hype in the markets.
7.Develop enough knowledge in each type of investment vehicle that you use so that you are prepared for whatever happens, whether markets go up or down. Try to establish various exit strategies before you enter any investment transaction.
8.Learn how to evaluate the risk to your capital versus the return on your investment. Reduce that risk by becoming financially literate. Keep in mind that most often it is the investor who is risky not the actual investment vehicle.
9.Get into the habit of regularly converting your active income into passive income by acquiring assets, such as businesses (stocks), real estate, precious metals, etc.
10.Should you find a good opportunity, ask yourself: How can I afford this? Be optimistic about the outcome, focusing on attracting the money necessary. Start by thinking outside the box. Try to be creative in coming up with ways to make the investment happen.
To sum up, invest your savings in the wealth creation sector in which you have the greatest knowledge base. Get into the positive habit of investing slowly as your knowledge increases.
As your learning progresses and you gain confidence, begin diversifying your investments into other wealth creation sectors, whether it be in stocks, real estate rental property or systematized businesses.
Soon enough you will be on your way to creating the lifestyle youve always desired.
Would you like to create your desired lifestyle sooner than later?
By taking an active role investing in the stock market, you could get there sooner than you think.
Learn how to empower yourself by becoming a better investor. Check out Stock Investing Simplified.
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