Becoming financially free is not something that will happen to you overnight. Whilst the general rules are the same – i.e. spend less than you earn and invest the difference, the road to get to financial freedom is unique.
One thing is for sure, you have to keep on learning and keep on evolving, both mentally and emotionally. If you are not in a financial position that you enjoy, it’s time to make some changes. The first thing I learnt was not to take my financial advice from parents – let’s face it, they have given you the limiting money beliefs that are holding you back right now. So seek out those that have what you want!
Find a Mentor
Finding a mentor can be the difference between success or failure. There are various ways you will need to improve, and not all of your mentors will be hands on, so don’t limit your options.
You will need mentors that can help you with expanding your mindset, help you overcome your current habits and programs and provide you with tools to keep yourself in check on your wealth creation journey. In fact my Abundant Mind Toolkit will teach you exactly that!
Then there are mentors that can help you create a portfolio of income producing assets, whether it’d be property, business or shares. Seek the experts out and learn from them.
Invest in Yourself
Firstly know that you are worth it!
Investing in ourselves is not something that comes naturally, yet you are your biggest asset. If you don’t put money in developing yourself and expanding your horizons you will start shrinking. When you shrink you will not see the abundance around you!
Investing in yourself and your financial freedom doesn’t necessarily mean massive amounts first up! You might buy publications that talk about various wealth creation strategies or ways of performing a financial health check, or books that encourage you to take risks and invest in the future.
You can also decide to enroll in workshops and seminars that deal with saving money, reducing tax or investing in shares and property. Such programs will help you know your potential and move you closer to your financial goals and peace of mind.
Set Up Or Rewrite Your Financial Goals
Get clear about how you would like your life to look and be as specific as possible. Ask yourself what type of car would you like to be driving, where would you like to live, the type of travel you would like to experience, the lifestyle you will be living, the difference you would like to make to the world, charitable contributions, as well as any hobbies and interests you would like to pursue.
If you have previously established your financial goals, they are likely due for a rewrite. Rewriting your financial goals is of great importance, especially if you have been in the same situation for a prolonged period. Many people set financial goals at the beginning of the financial year because it is the time to review their finances and get a clear picture of their situation with equity, savings and how much you want to retire with, you can re-invent your position and move closer towards your dream financial goals.
Write a Plan
Once you clearly defined your goals it’s time to set a plan to achieve financial freedom. A plan is something many of us simply never do. This plan needs to detail what steps you are going to take to fulfill your financial goals.
Clearly identify how you are going to get from where you are now to where you want to be. What vehicles are you going to use to create wealth.
Write Down a Personal Statement
As part of your goal setting process identify your values so that you can be clear about the types of activities that you are prepared to undertake to achieve your financial goals. This can include identifying the types of people that you want to connect with, the types of activities you would like to partake in and the types of work that you are prepared to undertake to achieve your financial goals.
Once you worked through all of that, what are you about and why is it important for you to achieve financial freedom? The stronger the why the easier it will be to achieve your desires.
Have a Financial To-Do-List and a Not-To-Do-List
A to-do-list can quickly become overwhelming and can put a halt to your progress if you are not careful. I find it most effective method is to have a To-Do-Now-List (today), a To-Do-This-Month-List (in the next week), a Do-Later-List (in a month or more) and a Never-Do-List (self-explanatory realy!). Each day you should assess what is on the To-Do-Now-List primarily and move items between the lists accordingly.
This method works well to keep your immediate focus on the most important tasks, reduce the distractions and will reduce the feelings of overwhelm that often present when looking at what you need to do to achieve your goals.
The Never-Do-List is for things that you know will not move you forward, but likely to bog you down. If you notice that you are doing it, you can pull yourself up on it and stop immediately.
Increase Your Thoughts Awareness
Start taking more notice of your thoughts. Are they thoughts of scarcity or abundance and where did these thoughts come from? We often run patterns that were taught to us throughout our life by our parents, friends, teachers and by repetition, ourselves. The thoughts you are having will determine the action you will take.
If you identify that you are having consistent thoughts of scarcity, you will need to retrain your brain so that you move to an abundance mindset. Build abundance thought patterns by recognising the opportunity and positivity around you. Take steps towards fostering an environment and communicate in a way that supports this.
Did I mention that The Abundant Mind Toolkit teaches you exactly this?
Communicate and Connect
Assess the people that you are surrounded by. Do they have an abundance mindset, do they lift you up to improve your circumstances, do they encourage you to be the best you can be? Or, do they bring you down with their negativity?
Negativity can come from people that love and care for you, funnily enough they will try to stop you in creating wealth because of love! Except that their great intentions are coming from a position of fear and lack.
So, if you are surrounded by people who have a negative attitude towards the future and self-improvement, then I would suggest finding new people to surround yourself with. Even if it means that you will reduce time you spend with family. (My mentor even suggests if that is the case, you don’t just walk away, you run! The time I did that I had the best time of my life!)
Think Positively About Money
A simple yet effective wealth creation strategy is to think positively about your money. Negative thoughts will always hinder people and prevent them from seeing their own potential.
As easy as this may sound, until you work out what exactly is stoping you from having a positive relationship with money and attacked the root cause, you will find yourself on an emotional and mental roller coaster trying to create financial freedom.
An effective wealth creation strategy requires your dedication. When you dedicate your attention to what you are doing, there is a much higher possibility that you will achieve your desired outcome.
Focus can dwindle over time, to ensure you can keep things going toward your desired outcome make sure you review your progress along your financial freedom journey.