Next 5 steps to financial freedom💸💸
#64
Okay, since I’m a nice guy, here’s the next five steps to financial freedom I have in my Notes. Sunday blessings for you.
Avoid temptation: The temptation to live large and beyond our means is all around us. It is impossible to escape the pressure to spend and spend more. Overspending leads to debt accumulation, understating and long-term financial insecurity. Force yourself to avoid negative financial influences as much as possible.
Be goal-oriented: Goals inspire us, motivate us and give us purpose. Goals are easily overshadowed by the daily stresses of life and forgotten and neglected. When they’re not permanent in your thoughts, they lose meaning and influence over behaviors and this leads to bad financial habits and your dream of becoming rich stay just a dream. Stay focused on your goals by committing the time to think about them, prioritize them and assign a target saving amount to each of them if possible. Then you should display your goals in places where you can be reminded on a regular basis, which will keep you accountable and help you stay on track.
Get educated: Take time to study key financial concepts (Investopedia, WSJ, DealBook, CNBC, Fortune, Financial Times, follow financial experts on Twitter) learn the dos and don’ts and stay abreast of current methods. Take advantage of opportunities to strengthen and expand your understanding and expose yourself to financial information on a daily basis. Become a devoted student of money and master the science of getting rich. However, only follow advice from credible sources so you don’t fall victim to progress paralysis or unsuitable and potentially dangerous investments.
Diversify your portfolio: Successful investors know not to put all their money eggs in one basket. Spread your wealth across a variety of investments, from stocks, mutual funds, ETFs and bonds, real estate, collectibles and startups. This means you can potentially take advantage of multiple sources of growth and protect yourself from financial ruin if one of your investments bombs. Invest in an asset-allocation fund. Explore investing in a REIT or REMF, ETF, which can offer steady income in some cases.
Spend money to make money: The best way to protect yourself and get a step up on your financial goals is to first invest in a team of financial professionals. This means hiring a qualified and experienced financial adviser, and in complex cases, an estate planner. Working with the professionals will cost you and you can still do some DIY investing, but their objectivity, expertise and personalized guidance and ongoing monitoring can be well worth it. Make sure you interview several candidates so you can find professionals you trust, feel comfortable with and whose approach is a good fit for your situation. Make sure you’re still involved and aware of where your money is going and why.
BTW, Jesus is King.
📱📱Quote of the day
“Sometimes people give you a lot of credit for growing fast and not making money, and sometimes they give you no credit, and you don't get to choose when that changes.” —Ben Horowitz
Remember folks: “Until the lion learns to write, every story will glorify the hunter.”