Part 5: Creating the Road to Financial Freedom
Okay kudos to you, we are now at part 5 of the series on the road to financial freedom. I know it may seem overwhelming, but completing these steps prior to proceeding will set you straight.
You might find yourself asking how in the heck can I possibly create the Road to Financial Freedom?!
If you are asking yourself just that or still a little reluctant, I have a secret to share with you. I just got off a call with one of the dynamic leaders of my business and must admit that I am pumped.
If you haven't learned anything else by now, you should know that although this road does not come easy, it is attainable for everyone!!!
So by now, if you have been following the steps that can get you on this road to financial success, you have gotten the mind set to do so, set an achievable net worth goal, and looked into ways to earn more income, but wait, there's more! You can realistically reduce your spending as well. Remember:
It is not just a saying: Cash is King on the Road to Financial Freedom.
But beside what we discussed yesterday in earning the road to financial freedom, there is a way, outside of making more income, to increase cash flow. It stems from reducing your current spending. As always, I like to spell it out clearly, and so here are some ideas on just how you might accomplish this:
- Review all your current obligations, otherwise known as bills (which can include service fees, reoccurring monthly transactional charges, insurance, rent/mortgage, etc.)
- Scrutinize the tracking that you began in navigating the road to financial freedom and ensure that what you have equals what you need€¦if not, renegotiate/buy into lower rates, terms and eliminate interest payments where possible!
- While reviewing your spending, categorize it. Separate out necessity from discretionary (optional) and after you do all that you can for your fixed (necessary) spending, reduce the unnecessary spending by putting yourself on a budget (as you should recall, we discussed having separate accounts in navigating the road to financial freedom; your optional or as we often see it €fun money€ can be pre-established every month and withdrawn from a specific account with a debit card, or cash, if you prefer.
A great way to create the road to Financial Freedom is to find and take advantage of the current market offering, or those €deals€ out there, be it online free bank accounts with debit cards like this, an institution who also happens to hold my auto loan at this time and rewards checking and credit cards (why pay for out of pocket for that next vacation?). The point is to become a more responsible consumer. Find out your current interest rates and service levels (remember, you often pay for this too, they just build it into the price) for ALL debt and consolidate, renew, switch-out or refinance all that you can at lower better rates, bottom line.
Do this in order to take one huge further step towards the Road to Financial Freedom!
Okay kudos to you, we are now at part 5 of the series on the road to financial freedom. I know it may seem overwhelming, but completing these steps prior to proceeding will set you straight.
You might find yourself asking how in the heck can I possibly create the Road to Financial Freedom?!
If you are asking yourself just that or still a little reluctant, I have a secret to share with you. I just got off a call with one of the dynamic leaders of my business and must admit that I am pumped.
If you haven't learned anything else by now, you should know that although this road does not come easy, it is attainable for everyone!!!
So by now, if you have been following the steps that can get you on this road to financial success, you have gotten the mind set to do so, set an achievable net worth goal, and looked into ways to earn more income, but wait, there's more! You can realistically reduce your spending as well. Remember:
It is not just a saying: Cash is King on the Road to Financial Freedom.
But beside what we discussed yesterday in earning the road to financial freedom, there is a way, outside of making more income, to increase cash flow. It stems from reducing your current spending. As always, I like to spell it out clearly, and so here are some ideas on just how you might accomplish this:
- Review all your current obligations, otherwise known as bills (which can include service fees, reoccurring monthly transactional charges, insurance, rent/mortgage, etc.)
- Scrutinize the tracking that you began in navigating the road to financial freedom and ensure that what you have equals what you need€¦if not, renegotiate/buy into lower rates, terms and eliminate interest payments where possible!
- While reviewing your spending, categorize it. Separate out necessity from discretionary (optional) and after you do all that you can for your fixed (necessary) spending, reduce the unnecessary spending by putting yourself on a budget (as you should recall, we discussed having separate accounts in navigating the road to financial freedom; your optional or as we often see it €fun money€ can be pre-established every month and withdrawn from a specific account with a debit card, or cash, if you prefer.
A great way to create the road to Financial Freedom is to find and take advantage of the current market offering, or those €deals€ out there, be it online free bank accounts with debit cards like this, an institution who also happens to hold my auto loan at this time and rewards checking and credit cards (why pay for out of pocket for that next vacation?). The point is to become a more responsible consumer. Find out your current interest rates and service levels (remember, you often pay for this too, they just build it into the price) for ALL debt and consolidate, renew, switch-out or refinance all that you can at lower better rates, bottom line.