From the New Money Webinar on June 25

“(PRETTY BIG STEPS)

 

  1. Understand that it is possible and you can make it
  • Understand that you can do it if it’s that important to you (and it should be).
  • Realize that any of the blocks you have about money are correctable with the right
  • Discover where you are along the 7 Levels of Financial
  1. Re-orient yourself around becoming financially independent
  • Make substantial changes: Cut expenses by 25-40% and start saving or investing this
  • Invest $1,000 – $10,000 annually in your own skills training in order to double your
  • Make the emotional/self-worth shifts required for abundance. Have money be okay and
  1. Get yourself fully informed in the financial arena
  • Read a book or get input on what money is, how it works, taxes, compounding,
  • Get the financial facts about yourself: Assets, Liabilities, Income, Expenses,
  • Start hanging around people who you like who do have money and learn from
  1. Create a high and profitable income stream
  • Moonlight, increase fees, decrease business expenses, be more productive, get a new job .
  • Get into a field which offers at least 10 years of opportunity, demand & growth (and pays well).
  • Set a target of saving 10-40% of what you earn and make personal changes to start
  1. Build a cash capital base
  • Amass $25,000 in cash or liquid investments. There is a psychological “feeling” at this
  • Create a plan to get to $250,000 within 10 years, or sooner. Be realistic, yet
  • Start the plan, setting up structures, supports and actions which make it real for
  1. Protect what you have
  • Get plenty of insurance: Medical, life, disability, homeowners/renters, business,
  • Invest in safer investments; no more than 10% in speculative
  • Don’t put all your money in your business; force yourself to save and keep it
  1. Start living well, rewarding yourself
  • You don’t want to have to wait to start enjoying your FI efforts; reward yourself
  • Don’t be afraid to make the present perfect, even if it slows down your FI
  • Don’t buy things to medicate or for “future” biz needs; buy for immediate reward or for “future” biz needs; buy for immediate reward or benefit.”

— Thomas Leoanrd, Coach University

Money Webinar