Here we are once again and going through this Life’s journey we now want to take a look at what are the specific steps we can complete that will enable us to achieve Financial Freedom!!
So far, we know that there will be mistakes made along the way. So now, I want to focus on the overall concept of manifesting these steps so that they become our New Reality.
STEP 1 – Make The Plan More Efficient
This process is all about fine-tuning the process in place. You should now be at the point where you have laid down the foundation of your Financial Plan. This consists of your personal Financial plan as well as your Business Financial plan. At this point, you will research and find Financial experts for Personal & Business finances and provide your data to those professionals to see where your plans can use improvements.
This is where you take what you have done for at least a 2-year period and discuss/analyze your existing changes made and what insights are mentioned to further increase savings and decrease expenses. In addition, the Financial Advisor(s) should also create another plan for ways to become Financially Free!
STEP 2 – Identify the Changes and Commit To Action
You now have a completely new direction of where you NEED to go to achieve your improved Financial goals! Is this something you can do on your own OR do you need to bring in other Experts to bring this process to completion. This is where you can really dive into the specifics of your Improved plans and take them to the next Level!
Let’s start on the Personal Side: Examine the Expenses and observe the high and low patterns of when your expenses rise and fall throughout the year. Are there any ways you can take advantage of these areas where there are low expenses? Can you take funds from the savings and apply them to your Business?
For example, if you have saved $100/mo from utilities expenses during the summer months, you can transfer those funds to your Business for the following: outsource copywriting, purchase software to automate SEO process, pay for additional training/education that will potentially bring in more revenue to your Business.
On the Business Side: What areas of your Business brings in the most revenue and how often? What can be added to the Business to bring in more Revenue to your online business? Creating a new digital product? Adding another affiliate program? If so, how can the process be more efficiently produced? These are the areas of concern that will further enhance your Business to the Next level as well.
STEP 3 – Identify The Activities & Track/Analyze The Results
At this point, you should have a clear path as to your Outlining Income and your Overall expenses. Your Financial Advisor should be able to set targets for when your Passive Income will Exceed your expenses. The key term here is Passive Income.
So, now let’s examine the types of income: Earned income, passive income, and Portfolio income. Earned income is what you get from your job or as a Contractor. This is where you exchange your time for dollars earned.
Next, there is passive income where you setup a process where either you or a group of other professionals work to create and deploy a product/service and it has the capability to bring in revenue on a 24/7 basis without you doing ANY day-to-day activities.
Passive income is also received through real estate investing. In this niche, properties are purchased/rehabbed and then you market to Qualified tenants who will reside and pay rent as they stay in your properties. You also have the option to hire a Property Management company to handle ALL tenant issues separating you from any day-to-day activities dealing with property maintenance and any tenant issues.
Lastly, there is also portfolio income where research will be done on investing in stocks/bonds and you receive dividend payments as a result. Again, no labor being performed on your part.
The goal is to create and build Passive & Portfolio income streams whereby they will replace your earned income aka your J.O.B. This is the goal for any of us still on the journey of being an Employee.
These steps are not hard at this point. The hardest part was at the beginning of the journey in creating Passive income either through your online business and/or through Real Estate investments as well. At this phase, you are at the brink of Financial Freedom where you can set your Journey on a path of not only Financial Freedom but TIME Freedom as well.