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Five steps for financial freedom

July 1, 2011 By kldreaml Leave a Comment

Financial freedom is not easy to be accomplished. With the economy being worse than ever before and with tons of obligations to meet, it may  seem like a wild dream. It is not however. By following a specific strategy, it is possible to improve your financial situation and accomplish financial freedom.

Five steps for financial freedom

1. Cut up your credit cards

Credit cards may seem convenient but truth is that by keeping them you will get tempted to using them all the time. Ιn order for you to get a better handle of how much money you spent and where, it is wise to cut up your credit cards and use only cash. If you  believe that you must keep a card, then choose only a prepaid card with the smallest spending limit possible.

2. Make lists of all the things you need

When you go shopping without having made lists of the things you need to buy, then it is very easy to buy a lot more than you can actually afford. If you make it a habit to create lists of the specific things you need, as well as their specific quantities and follow them to a tee, then the unnecessary expenses will be significantly reduced. Setting a minimum and maximum spending limit for every purchase you make will  also give you a better perspective.

3. Do not use shopping to fill voids in your life

Many people tend to shop to death when they are too depressed, thinking that material purchases will manage to fill the  emotional voids in their lives. After they complete the purchases and feel better, they get to see the bills and then they get depressed all over again, as they cannot pay the amount that is asked of them. It is a vicious circle that has to stop once you realize that this is a waste of  your time and money. Peace of mind and harmony depend solely  on the way you interpret and choose to deal with things. Make sure that whenever you shop you are relaxed and calm.

4. Do not get loans you are not sure you can pay off

Getting a loan you are not sure you can pay off may be one of the worst decisions you will ever made, as you will be struggling to make ends meet more than ever before for years and will have to be deprived of pretty much everything to pay it off. Ask for a loan only when you are sure it is absolutely necessary, and even then, discuss this thoroughly with really good loan advisers so as to make the best choice for you. Take some time to conduct a research a compare many different loans from every aspect before making a decision, and do not proceed until you are absolutely sure you are doing the right thing. The rate of interest that is charged on the loan,  the additional fees and charges as well as the  terms and conditions mentioned on the small print are of high importance and under no circumstances should you skip past them.

5. Save money

Deposit a specific amount of money in a bank account on a monthly basis. It is very important not to withdraw  that amount  with the first financial difficulty you experience, otherwise it will soon disappear. If you do not manage to deposit anything or less than the agreed amount for a month, then make sure you deposit more for the next month to compensate for it. Saving money for a real emergency will give you a sense of financial security.

By following the five steps of financial freedom mentioned above your success is guaranteed.

Written by MariaPapadopoulou

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Five steps to financial freedom: how to be rich

July 1, 2011 By kldreaml Leave a Comment

Make money online:

One of the latest tools to achieve financial freedom is to leverage on the internet which allows us too practically work form any where at anytime. Internet spending is growing significantly year after year. Currently there are over 1 billion users worldwide and we can practically sell to every internet users without geographical restrictions. In 2007, total online spend by internet users was 0 billion. This is expected to grow to 1 billion in 2009 according to forrester research.

One common way to leverage the power of the internet is to generate huge traffic to market and sell on your website. To drive huge traffic to your website you need to have the right skills, make content interesting and run advertising campaigns on it. In return you could make money by selling services and/or products (digital and hard goods) to visitors. This is called Affiliate Marketing.

Top affiliate marketing sites include:

Clickbank.com

You can earn money by getting people to advertise on your websites or you can redirect the traffic to other people’s website and earn referral fees.

Network Marketing

Network marketing also know as multilevel marketing, MLM, is a business model that combines direct sales with franchising.MLM functions by recruiting people through word of mouth and offers additional bonus or commissions based on the sales of people they recruited into their organization who are known as downline. A downline includes direct recruits, recruit’s recruit, and so on.

Startup costs are usually low and you will be given an established system, service or product to sell directly to end users.MLM is a flexible business model where training will be provided and you can choose when, where and who to work with

There are several network marketing companies to can join and begin your journey to wealth creation and financial independence. They include:

Forever living products (FLP)
Tianshi
Blue gel
IFA

Set up your own business

The richest self made people in the world are entrepreneurs who turned their ideas into successful enterprises, becoming wealthy in the process. From Bill gates to Micheal Dell, Aliko Dangote to Martha Stewart, Entrepreneurs dominate the list of the world richest people.

In the pursuit of financial freedom, starting and successful growing a business is a sure path to wealth.

Investment in stocks

Stocks or equity investment is a fabulous financial instrument and one of the most utilized tools for wealth creation. Based on historical performance, equity has proven to outperform most of the other investment in long run. Stock investing allows you to be business owners like a Steve Jobs or Aliko Dangote without showing up at work. What you need to is just sit back, watch the companies grow and collect dividend income because as a shareholder, who is also an owner of a company, you have claim to part of the company’s assets and earnings.

Moreover, don’t forget the opportunity to enjoy capital appreciation when the stock price goes up due to phenomenal performance by the company.

Written by mitnexus

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So, What is Financial Freedom?

July 1, 2011 By kldreaml Leave a Comment

Article by Doug Carroll

If asked, everyone would undoubtedly say that they would like financial freedom. Yet what is financial freedom. The dictionary defines freedom as: 1. not under the control or power of another, 2. not burdened by obligations, debts or discomforts, 3. clear of obstruction, and 4, independence.

In order to fully understand the word freedom we need to break the word down into ‘free’ and ‘dome’. For anyone to be truly free we must live under the dome of being free. So what is this dome? It is the laws, or rules, of being free. Rules and laws govern all areas of our life. Can you imagine driving on a busy freeway if there were no rules? The same is true with every area of our life: our physical life, our spiritual life, our mental health, and our financial life. For example, if we want great health we must live within the laws/rules of great health. We will have to eat properly, exercise, and generally practice a healthy lifestyle. The same is true of our financial life. If we are to become financially free we are required to live within the laws/rules of good financial practices, ie: save, spend wisely, invest etc. All people want to be free but not all are willing to live under the dome, or laws required to be, or remain, free.

With these definitions of freedom it is easy for each of us to create our own definition of financial freedom.

I define financial freedom as: the peace of mind of being debt free and having sufficient financial recourses and assets to live the lifestyle of my choice.

My desired lifestyle is one which requires money, specifically cash, perhaps a lot of money. I expect that your desired lifestyle will also require money. Therefore, to be truly free financially one will want to have a stream of passive income, even multiple streams, which exceed our expenses.

More important than how I define financial freedom is how do you define your financial freedom? Everyone will have different wants and needs so it is important for you to take time and consider what would make you truly free financially. You need to determine the type of lifestyle you desire and what it will require of you to achieve that lifestyle.

There will likely be some common elements for all of us in defining financial freedom. Peace of mind will ultimately determine if we have achieved that freedom but for most of us it will also include being free of most, or all, consumer debt, having quality investments which provide passive income, assets which bring comfort and pleasure to life, and discretionary cash consistent with our desired lifestyle.

Another broad definition of financial freedom is to no longer have to work for a living where you are trading time for money. Rich Dad, Poor Dad author Robert Kiyosake refers to this as getting out of the rat race. Freedom for many is to escape the stress of a job, undesirable working conditions, the commute, and unreasonable employers and employees. Many people simply want the freedom to spend more time with their family, and have the financial resources to enjoy the time spent with their family

Freedom, financial and other, is all about control! If you refer back to the definition given earlier freedom is to be free of the control or power of another, free of burdens, obligations, and debts which control us.

In order to achieve financial freedom we must take control of our life rather than allow life to control us. Either you will control life or life or life will control you! Once we are able to take control of our lives we can then control our financial life. Either you will control money or money will control you! To control money you must manage it!

The difference between rich people and poor people is not intelligence, we all know some very intelligent broke, poor people. One of the major differences is that rich people manage money well and poor people mismanage money well.

One thing everyone can do to begin down the road to financial freedom is to follow the advice of T. Harv Eker, author of Secrets of the Millionaire Mind, and that is to establish a separate Financial Freedom account. “Put 10 percent of every dollar you receive into this fund. This money is only to be used for investments and buying or creating passive income streams”. This is the start of putting money to work for you so that you don’t have to work for money. This is also one of the habits which rich people follow consistently. Rich people know that opportunities are plentiful if you have the cash resources to take advantage of those opportunities. Therefore, they are very diligent in funding, and protecting, their “financial freedom” account.

As with all things of worth, financial freedom comes with a price. T. Harv Eker eloquently states it this way, “Either you are a person who will be stopped, or you are a person who won’t be stopped. You choose. If you want to create wealth or any other kind of success, you have to be a warrior…. Getting rich is not always convenient. Getting rich is not always easy. In fact, getting rich can be pretty damn hard. But so what? If you are willing to do only what’s easy, life will be hard. But if you are willing to do what’s hard, life will be easy.”

While achieving financial freedom may require a lot of hard work it is a simple process if you are committed to your goals, make good strategic decisions, and manage wisely.

As with all areas of our life Financial Freedom is a choice. Chose well.

Doug CarrollToll Free: (888) 745-7050America’s Corporate Headquarters

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