Financial Freedom Action Plan: Take Action Already!

by James on 02/04/2011

Path to financial freedom

Financial freedom seems like a dream from where most people stand. It can seem overwhelmingly distant to say the least. But, how far is it really? Would you believe it is simply a change in thought process that would allow someone to achieve it? Whatever the reason, very few people actually attempt to reach this amazing, yet achievable lifestyle. What is holding you back? Let’s break this process down into simple steps so you can get started now. One year from now, you’ll wish you started today!

Determine How Much Money You Need

The first step is to calculate your monthly expenses. How can you know what amount of money per month will give you financial freedom, if you don’t know what your expenses are? Check all of your bills, add them all up and write down the amount.

Add Additional Money For Insurance

Now that you know what your monthly expenses are, find out what the cost of health and dental insurance is for you and your family. Good insurance is expensive, but is extremely important. Add this expense to your total.

Don’t Forget About Saving Money

Now think about how much money you would like to save each month. Everyone will have a different opinion on this step. For me, I want to make sure that I have enough income to continue purchasing passive income producing assets even after I achieve financial freedom. I think $3000+ a month for savings is a decent figure for me. What good is financial freedom if you have to sit at home all day and eat sandwiches?

Determine What Passive Income Sources To Pursue

Now that you know how much money you need coming in each month, what passive income sources will allow you reach this goal? Make sure to select one that has potential to get you to where you want to be. Take a look at some sources of passive income.

Write Down Your Goals

Everyone has goals. And, many people never reach their goals. Writing your goals down on a piece of paper that you read everyday is critical to making your dreams come true. Looking at your goals everyday will ensure that you stay on track. In addition, write down the specific steps it takes to get to your goals. The more specific you are the better and easier it is to see progress as you cross the steps completed off your list. This helps me keep my motivation level up.

Take Action Everyday That Gets You Closer To Your Goals

Educate yourself, find a mentor, take action… do something! Don’t let a day go by without taking a step closer to financial freedom. This is the time to get started… this is the time to make your dreams a reality.

Keep Your Focus

Avoid getting involved in too many projects. People are extraordinary at something because they focus on this task. Don’t be average at a lot of things, be great at doing one thing… focus your efforts and you will see amazing results.

People achieve their goals because they know what they need to do and take action everyday to get there. When I was young, I always believed I would be a millionaire, but I never knew how it would happen. As a result, I never took steps to make my dream a reality and I am not a millionaire. Does this sound familiar? However, I know what I want now, I am following the steps above and I see positive results occurring. These steps work! Don’t let another day go by without taking action!

Related posts:

  1. Financial Freedom Action Plan: Find A Mentor
  2. Financial Freedom Action Plan: Educate Thyself
  3. 7 Passive Income Sources To Achieve Financial Freedom
  4. Financial Freedom: Why And How Will I Achieve It?

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