12 Steps to Get One Step Closer to Financial Freedom
Nov 30, 2021
No matter where you are on your journey to financial freedom, there is always something else you can do. In this post we will cover 12 steps that will help get one step closer to Financial Freedom and a life of abundance!
Step One: Make a decision to take charge of your finances.
Decide what you want and make it happen! It is important to know your Financial Freedom Number so that you can set goals for the future, which will eventually lead to reaching financial freedom. Figure out where you currently are in terms of wealth, income, and expenses by tracking where your money goes.
Step Two: Shift your brain from lack to an abundance mindset.
It is important that you shift the way you think about finances so that instead of thinking there’s never enough, you are focusing on how much wealth and income potential lies before you with a positive attitude. Embrace what can be rather than what can’t.
Step Three: Assess all of your income and expenses.
It is important to know where you stand in terms of wealth, so it's time for an honest assessment! Understand how much money you are bringing in on a regular basis from wages, bonuses, or other sources as well as each expense that you incur.
Step Four: Create a debt repayment plan.
It is important to know where you stand in terms of wealth, so it's time for an honest assessment! Understand how much money you are bringing in on a regular basis from wages, bonuses, or other sources as well as each expense that you incur. Once all of the numbers are in, you will be able to start creating a plan that is realistic and achievable. The most important thing to remember when creating this debt repayment plan is not to sacrifice your quality of life just because you want to get rid of your debts!
Step Five: Create a spending plan or budget.
It's time for an honest assessment! Understand how much money you are bringing in on a regular basis from wages, bonuses, or other sources as well as each expense that you incur. If this is your first time creating a spending plan or budget, the best thing to do would be to start with something simple and manageable like tracking all of your expenses for one week. It's important to note that you should also include everything from housing, utilities, and groceries to the small things like entertainment.
Step Six: Create short term savings plan.
It's time for an honest assessment! Understand how much money you are bringing in on a regular basis from wages, bonuses, or other sources as well as each expense that you incur. If this is your first time creating a spending plan or budget, the best thing to do would be to start with something simple and manageable like tracking all of your expenses for one week. It's important to note that you should also include everything from housing, utilities, and groceries to the small things like entertainment. Once you have an idea about what your short term savings plan should be, take some time to create a long term savings plan.
Step Seven: Create a protection plan
It's important to protect your wealth and income from any unforeseen circumstances with reliable insurance policies that can help you avoid financial disaster. Some of the things you may want to include in this protection plan is health insurance, disability insurance, life insurance, homeowners or renters insurance and car insurance.
Step Eight: Pay yourself first
This step is all about making sure that you are taking care of your financial well-being as a priority because it will help ensure the stability of your future! When creating this plan to make paying yourself first a habit, what matters most is how much you are paying yourself and the frequency of that payment. You could choose to pay your self first by taking a percentage out of every paycheck which will go directly into savings or investments, you can set up automatic transfers from checking to investment accounts on certain days each month, or set aside a specific amount for retirement.
Step Nine: Delay gratification and embrace anticipation.
This step is all about making sure that you are taking care of your financial well-being as a priority because it will help ensure the stability of your future! When creating this plan to make paying yourself first a habit, what matters most is how much you are paying yourself and the frequency of that payment. You could choose to pay your self first by taking a percentage out of every paycheck which will go directly into savings or investments, you can set up automatic transfers from checking to investment accounts on certain days each month, or set aside a specific amount for retirement.
Step Ten: Automate
This step is all about making sure that you are taking care of your financial well-being as a priority because it will help ensure the stability of your future! When creating this plan to make paying yourself first a habit, what matters most is how much you are paying yourself and the frequency of that payment. You could choose to pay your self first by taking a percentage out of every paycheck which will go directly into savings or investments, you can set up automatic transfers from checking to investment accounts on certain days each month, or set aside a specific amount for retirement.
Step Eleven: Build sexy assets eliminate liabilities
This step is all about making sure that you are taking care of your financial well-being as a priority because it will help ensure the stability of your future! When creating this plan to make paying yourself first a habit, what matters most is how much you are paying yourself and the frequency of that payment. You could choose to pay your self first by taking a percentage out of every paycheck which will go directly into savings or investments, you can set up automatic transfers from checking to investment accounts on certain days each month, or set aside a specific amount for retirement.
Step Twelve: Enjoy Financial Freedom
This step is all about making sure that you are taking care of your financial well-being as a priority because it will help ensure the stability of your future! When creating this plan to make paying yourself first a habit, what matters most is how much you are paying yourself and the frequency of that payment. You could choose to pay your self first by taking a percentage out of every paycheck which will go directly into savings or investments, you can set up automatic transfers from checking to investment accounts on certain days each month, or set aside a specific amount for retirement.
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