These 4 ways or keys are gathered from over a decade of experience of supporting people to make massive shifts in their finances all the way from ?at broke to financially free. if you apply these 4 keys you will also find your situation change for the better.
Set some goals and make a plan – The first step is to make a plan for your financial future.This is a fundamental foundation step. A person without a financial purpose or a plan can’t see the big picture of where they are or where they need to go. In some ways it’s like this: Imagine having a goal of being on a beach relaxing in the sun. How easy would it be to get tot he beach if you didn’t understand which beach you wanted to go to specifically. You wouldn’t be able to figure out how much plane tickets cost, or where you could stay nearby, you could sort out you travel documents, and the list of questions would go on and on. If you didn’t put in some planning your chances of arriving at the beach would be zero. The same is true with many people who want to grow their wealth. They often don’t understand what being rich looks like to them and so therefore they can’t research what they need to do nor can they start taking steps that will bring them closer to that goal. To be effective your goal must be clear. Actually decide upon a number that you want to achieve not just in term of how much you want to have in the in the bank or for assets but also cash ?ow. Remember that cash ?ow should always be the foundation of all your wealth building activities.
Clarity is the key to effective goal setting. If you can’t see a target how do you expect to hit it. Another saying that I also regularly share with my students is that “A goal that is specific and clear becomes attainable and near.
Get committed – Commitment to a plan is one of the hardest things that people experience when it comes to money. It is difficult to create a budget for most people but even more difficult to stick to that budget. When you are committed a budget becomes part of your everyday life, not just something that is reviewed on payday. I call it getting committed and current.
In our seminars we talk frequently about the difference between a Money manager and a money strategist. The difference is important. In a sentence a money manager is reactionary responding to what happens to them, a money strategist is proactive creating the financial future they want. You cannot do this if you are not committed and current with what is happening. Becoming wealthy is not accident, instead it is a series of choices that support the financial plan constructed to help you get to your ?nancial goals. Until you get committed you cannot become rich.
Getting committed doesn’t just include creating and sticking to a budget, it also includes taking the time to learn more about your financial options and opportunities. There is an old saying that ‘what you earn will be a direct re?ect of what you learn.’ This is true. The more committed you are to increasing your financial education the more successful you will be. How regularly you including time in your schedule to become more educated.
Commitment is something that should effect every aspect of your daily life.
Learn to say NO to unnecessary purchases – This is the biggest thing that disrupts and destroys prosperity the most. Some people may call this interruption immediate gratification, impulse spending or short term vision. All of these descriptions are true and all of them will take you off the course of wealth if they are not monitored. It is important to remember that every purchase is an investment. In other words you are always trading your money for what you value most. If you trade your money for something which brings fun but no value. When the fun disappears you will have nothing to show for your money. for our program members we have made up small cards that they can put in their wallet that declares this truth: “Pay now play later! Play now pay later with interest.” If we can learn to use our money wisely in the present there will be abundance in the future. The best way to use your money wisely in the present is to simply say no to impulse spending, immediate gratification and purchases that provide limited return value. Sticking to the budget is of significant importance.
Use your money to make money – Lastly it isn’t enough to leave your money sitting in the bank. You need to find secure opportunities that will help you grow your income. The opportunities that I personally seek out are those with cash ?ow possibilities attached. While I do recognize and appreciate the importance of growing assets I recommend to my students to get their cash flowing first and then use that income to manage those assets they accumulate. Too often I have seen people become broke, stressed and frustrated because they do not have enough cash flow to maintain what they are accumulating. Cash flow is the only thing that changes life experience. Assets on paper are only worth the current market value and have be sold to become liquid cash. Sometimes that can be difficult to do. Now I want to be clear I am not saying don’t accumulate assets YOU NEED TO DO THAT. But what I am saying is get your cash flow in order first. Don’t use debt to build your empire. Pay for it yourself. So how do you do that? I encourage finding investments that pay regular dividends. I have some that pay quarterly, monthly, weekly and I even found one that pays directly into my account daily. With regular cash flow coming in your lifestyle choices are elevated. That is a life of abundance and wealth.
If you are ready to change your financial situation for the better in 2014 then reach out to us at The Monthly Millionaire Mentor. (www.TheMonthlyMillionaireMentor.com) We would be excited
to work with you and help your ?nancial goals become a reality for you in 2014.
Douglas Vermeeren is considered one of the top wealth coaches in North America. He is regularly featured as a wealth expert on ABC, FOX, FOX Business, CNN, CTV, CBC and others. He is the CEO of the Monthly Millionaire Mentor program and author of Guerrilla Millionaire, The Millionaire Myth, Millionaire wisdom, Millionaire frequency and other books and Audios on building wealth. www.TheMonthlyMillionaireMentor.com
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