Financial Independence
How about some fireworks for our financial independence
?
We just celebrated our country's independence. During the fireworks show, I got the chills listening to everyone celebrate and cheer for our country.
It's a great feeling, right? Now let me ask you this. When is the last time you celebrated your financial independence?
We all want financial independence. Give us some of 'dat. It's such a biggy. We don't want to worry about money. We want financial freedom. We want those words and results to magically fall in our lap. No more living month to month, client to client. We are kaputnicksville with the rat race.
This stuff doesn't happen overnight. You can't just buy a ticket and sit back and watch your own life expand. You have to take action and make financial independence happen.
In order to get out of the rate race, you have to do the work.
Here is how you really get ahead financially. The key is to have your assets work for you, so you aren't the one who has to do the job to produce the income. When those assets produce passive income to fund all of your living expenses, than you have financial independence. A few examples are:
* Owning investment properties (real estate) that pay you $5000 a month and your monthly living expenses are $4000 a month.
* Creating a product or program in your business that people can buy online and will cover your expenses.
* Investing in a bond or mutual fund that pays you $4000 a month when your expenses are $4000 a month.
In all of these examples, you have to save money to create something that will be an income producing asset. You could also invest for growth and then convert that asset into an income producing asset when you need it. That means spending less than you earn and saving!
Delayed gratification in an instant gratification world isn't easy. You have to be disciplined and pay yourself first. Automatically. Right off the top of your business revenue, not your monthly salary.
The year is half over. Are you financially where you want to be? Are you headed toward financial independence? Do you even know where you want to be? If you don't, that's ok. You still can set a goal for January 1, 2013, and take steps to reach it.
What is one thing you can do right now for the month of July to set yourself up for financial independence down the road? Think how much better you will feel if you do something. Write it down, stick it on a piece of paper, and look at it every day.
by: Justin Krane
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