Financial freedom usually means having enough savings, investments, and cash on hand to afford the kind of life you desire for yourselves and families. It means growing savings that enable you to retire or pursue the career you want without being driven by earning a set salary each year. Financial freedom also means your money is working for you rather than the other way around.
A Disciplined Mindset
For you to attain to the level of freedom that gives you the flexibility to have your money working for you, you have to be extremely disciplined. You have to become goal-oriented taking quick and decisive actions.
You have to start with the right mindset that will propel you to see your future goals realized. You must be focused on what you want and always strive to be proactive.
You have to guard against spending all your earnings; instead, invest with prudence and wisdom. Time is money, you have to invest is wisely.
You have to be constantly learning and seeking new knowledge and promote yourself in the right circles to build you up. You have to learn to think outside the “box” to grab every opportunity and not be afraid to make mistakes. On the contrary mistakes should be viewed at learning pads.
The 7 Income Streams of Millionaires (According to the IRS)
- Dividend income from stocks owned.
- Earned income from a paychecks.
- Rents from rental real estate.
- Royalties from selling rights to use something they’ve written or invented.
- Capital gains from selling appreciated assets.
- Profits from businesses they own.
- Interest from savings, CDs, bonds, or other lending activities.
In business, diversification provides a measure of assurance that, if not all, at least some of undertakings will succeed. There is greater risk of failure and associated loss whenever all investments and efforts are concentrated on one or a few pursuits. However uncertainty and possible failure should not prevent or deter you from investing.
Preparation For Financial Independence
Outside of the 1% millionaires in the world, we all have to manage our finances. We cannot wait to become, we have to prepare to become financially independent.
Financial Management means planning, organizing, directing and controlling your financial activities with all integrity, wisdom and prudence.
The planning means taking a conscious note, preferably in writing, of what you earn and how you will utilize your earnings.
Organizing means a structured way of grouping what portion will go towards expense, towards investment and/or liability.
Control includes the need to adjust, redirect, if and when the needs arise. To know to what extent such adjustments are feasible and how they will impact your overall plans.
While directing is the ability and maturity to work with what you planned and budgeted being careful not to deviate unless absolutely necessary.
There will come a time in your life when you have more time to spare and can use it for another job engagement, further your studies or just let it slip by and be wasted.
Another season can see your expenditure suddenly increase and you no longer can afford some things as before. Savings for children’s education and retirement may be affected. How do you treat those cases?
My advice to you is not wait for the change, be prepared, diligently make a “nest” for such occasions before they happen, by looking for every opportunity and act immediately. That is why your mindset is so important to your success.
The Bible tells us in Ecclesiastes 11:1 – 2: “Cast your bread upon the waters, for you will find it after many days. Give a serving to seven, and even to eight, for you do not know what disaster will be on the earth.“
These words of advise can either be applied to business ventures or to acts of generosity. In view of the fact that life is full uncertainty you should help those in need because you may need a returned favour in the future.
In the same breath business can be full of uncertainty so you spread the risk over many investments. The Bible here guides in true wisdom as you see the effects in the table of millionaires earnings. The result of investing in seven or eight ventures is practical wisdom.
Be generous have your hands in all that it can possible be in because you do not know which will fail or prosper in the future. This is sound advice for all to follow when you think of the desire to be financially liberated.
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