Wealth Creation: 10 Steps To Financial Freedom

From my research and study in the topic of building wealth, I have distilled all formulas and guidelines into 10 important principles. If you follow these simple principles and always think outside the box, you will be on the right path to achieve financial success and wealth that will last you a lifetime.

  1. CREATE & VISUALIZE YOUR GOALS: They will always lead to wealth creation. Set a particular goal and visualize it every day. In setting your goals, you should always be sure they are categorical, quantifiable, realizable, pragmatic and time bound.
  2. DO YOUR HOMEWORK: Never jump into any business venture, irrespective of how attractive it may look. This could set you up for failure and disappointment. The more interesting the business opportunity, the closer you ought to be in examining their claims on returns on investments.(ROI) As a budding entrepreneur it’s important to test each business opportunity before you invest a significant amount of time and/or money.
  3. IDENTIFY A PROBLEM & FIND A SOLUTION: This is the key to creating sales and cash flow for your business. Be determined enough to stick with it and don’t quit. Everyone is consistently attempting to find solutions to their problems. If you can offer them a quality product and an excellent value, then the world is your oyster. People are willing to open their wallets to those who can offer an easier and better life to them. One thing you must remember is that there are always problems waiting to be solved.
  4. THINK BIG & KICK ASS: The one thing that starts from the top and grows down is the grave. Otherwise, everything else in life starts small and grows up. When you grow up, you stay up, but when you jump up, you come down. Naturally, common-sense tells you that when you jump up, the force of gravity simply pulls you down. There’s such a lot to be learned at the start of your business. It will be small, but you will be dreaming big! So as you have a giant vision to grow, your business will grow too! Remember the proverb… “To Think Is To Create”Keep your vision, create a mission statement and share them with everyone you hire. With this you will all have a common goal to work toward each and every day.
  5. USE EARNED CAPITAL TO GROW YOUR BUSINESS: As you grow your business, remember to always use capital from your profits. Growing a business on borrowed capital is a very big risk indeed. You must be prepared to dance to the music when it starts to play. If you position the growth of your business, without acquiring debt, it will allow you to work harder and ensure you make the cash and merit the growth.
  6. CHOOSE THE RIGHT PEOPLE TO WORK WITH: You need to be careful in picking the people you’re going to work with in the business. If you truly want to grow your company, it is vitally important to choose people that are suited to the tasks that you assign to them. For example, you wouldn’t hire a heavy machine operator to run your sales department, right? A great deal of time and money could be lost by attempting to put a square peg in a round hole.
  7. USE FISCAL LEVERAGING: When your business starts to grow, it will be reflective of your business income. The entire essential nature of beginning a business is to develop a consistent, foreseeable source of cash flow above cost and expenses. The bank will lend your business money based on the amount of cash flow it produces each month or year. So make sure that you keep the cash flowing even during slow economic periods. This may take some “thinking outside the box”, but that is what being an entrepreneur is all about.
  8. THINK OUTSIDE THE BOX:There will always be competition in any market you choose to enter. It is important to brand your business so you stand out from the others. When branding your business be sure to always be thinking outside the box. Come up with ideas that haven’t been used before and you will surely get noticed.
  9. DON’T STOP LEARNING: Read, Read, Read… Always be learning about your product or niche, your target market, and how the economy may effect your business. It is important to always be attempting to stay one step ahead of your competition. Continuous learning will allow you the flexibility to make changes in the business when necessary to stay on the top of your game.
  10. LEARN FROM A MENTOR: It is much easier to achieve financial success by following in the footsteps of someone that has already been in your shoes and has reached the pinnacle that you envision for yourself. Find a mentor that you feel a connection with and has reached the level of success that you are striving for. Then listen to their every word. They will teach you the steps necessary to reach your financial goals and dreams. Remember that everyone that has reached financial success as an entrepreneur has followed in the footsteps of another.

The Wealth Connection – 2 Steps to Brighten Your Golden Years

Estimated Reading Time: 4 minutes — Envision your life 10 or even 20 years from now. Where do you plan to be? What are you doing and with whom?

Most of us between the age of 35 and 50 years hope to be retired to some degree in 15 to 20 years or less. We see ourselves living on retirement funds enjoying life and family. I have never had a client tell me they see themselves penniless or sick. Yet, these same clients fail to have a full plan.

They may have a retirement fund at work and other investments but how are these performing? Did you plan a financial foundation? What does your Wellness Investment program look like?

Many people tell me they don’t have a financial foundation program or Wellness Investment program in place. Regardless of age and health it is never too late to start planning. It is better than no plan at all. In this article I will give you 2 of the 21 most important Wealth Connection Steps I offer in my online course.

Ask yourself, how does wealth connect to your health? Does it at all? Today most people would agree that finances play a part in how we feel. Lacking funds can add stress to one’s life and play a major part in your health. Ill-health can rapidly eat away at savings if you do not have a wellness plan other than health insurance.

In fact, I advise you rethink health insurance. What I mean by this is that it is what it says it is. Health insurance is for ill-health issues. Only a few “health insurance” programs are wellness insurance.

Health insurance also dictates the kind of care you can receive. Wellness insurance on the other hand is still an emerging system. A few companies do offer these types of plans and we do not endorse any insurance company as my job is to educate you a bit and you must look at what is right for your specific needs.

The wellness insurance programs I have seen work like this. The self employed or business can purchase these programs. They have major medical benefits for hospital and sometimes prescription drugs. They also have a “fund” where part of your premium goes that earns interest. That’s right interest. You can use this money for any type of care you desire including alternative medicine of your choice. Any funds you don’t use in a given year stays in your personal account earning interest year after year. At a certain age you can take this money out and use it. I have seen accounts that reach 30k and more. Why buy health insurance you do not use?

Step One

Look into Wellness Insurance programs. Only purchase from a known insurance company. One whose name you have heard of in the past that offers regular polices as well. It is buyers beware market so do your research.

Step Two

What amount do you personally put into your saving account each week? Most people say I have it drawn from my paycheck. This is not what I mean. Think about how much you spend each day on simple things like coffee or food. Can you spare $5.00 per week? I have only met one person who said they couldn’t even save this much. Six months later this person who didn’t become a client phoned me and said they had been doing it and it really worked. Here’s the plan short and sweet – I go into more detail in my online program. Contact my office for more details of how to receive a free 7-part on line e-course.

Each week whether you have your paycheck direct deposited or not; have as much as you can afford withdrawn from your account and placed in a savings plan at an investment firm like Charles Schwab. Use who you wish and make sure they have an automatic withdrawal program and that the funds go into a savings program.

Every quarter double the amount you are putting in. If you find you really aren’t missing this money from your daily life; double it every month. Don’t be surprised if you start looking forward to saving and adding more to how much you ‘put away’ each week.

Once this account is equal to 6 months income we move this money into a different type of account I go into future foundation steps in the online program. But we keep putting funds into the savings.

What happens is we have at the base a 6 to 9 month savings account earning a bit better than a bank savings account. Next level is a certain type of money market with the same amount of funds earning a slightly higher interest rate, and so on up through Our Wealth Mastery program.

Point in fact, recently “Today on MSN” offered a glance at the habit of millionaires. Simple foundational planning won hands down.

Bonus Tip

Invest in your wellness. Visit an alternative doctor like a NCCAOM licensed acupuncturist. This ensures you are seeing someone who has completed an accredited program at an Oriental Medical College. Many acupuncturists are licensed through medical doctor or chiropractic programs. These programs lack in training and number of hours to meet. Make sure your practitioner is an active member of The National Certification Commission for Acupuncture and Oriental Medicine. Even if you love your doctor, choose a NCCAOM acupuncturist for this job – after all would you take your child to a gynecologist just because they deliver babies?

Or if you own a Porsche would you take it to a Honda dealership just because you also own a Honda. No, we take our loved ones and possessions to the experts. Do the same with your health.

Why do I suggest an acupuncturist? They are trained in wellness care and health care. Oriental Medicine practitioners know how to work with all types of illness and keep you well. Plan ahead even if you feel great get an evaluation now and follow a wellness program so that you continue to feel great into your golden years.

A wellness program may simply mean visiting your acupuncturist and massage therapist one time each month. Add up the dollars you save by not getting sick.

Invest this savings in your financial foundation.

If you have health issues, think how you will be in 10 years from now if you keep ignoring and minimizing your health, using drugs or having surgery without exploring other options. Acupuncture is virtually painless and offers greater relaxation than even massage.

Steps to Building a Strong Financial Foundation

Are you the master of your wealth? You should be!

In order to build a stable structure, you must begin with a heavy-duty financial foundation that will take care of you now while reinforcing your future goals. What do you need to do to put that structure in place? It is amazingly clear-cut. The tactics below will help to boost your monetary self-confidence and set yourself up for financial success.

Get Organized

Before you can proceed, you must be clear on where you stand financially right now. You can begin by developing a personal balance sheet. Make a list of each of your assets (what you own) and liabilities (what you owe). When you have gathered all your statistics this will give you a sense of your net worth.

Next, figure out your monthly cash flow and take a check of your credit. You can use a budgeting template like this one to help simplify the process.

Grow Your Net Worth

– Analyze your take home pay

– Make sure you are spending less than you earn. Keep track of your personal finances with a tool like Moneydesktop, which can empower you to take control of your finance and simplify your life.

– Manage your debt responsibly by making your payments on time and pay extra on all your consumer debt.

– Save money for your long-term goals. Open an employer sponsored 401(k) and make sure you take advantage of any employer matching programs.

Protect Yourself

Now that you are organized and following a growth plan you need to make sure you are financially safe. Try implementing these options.

– Build an emergency fund because life happens. It’s a must have to keep you financially viable – opposed to plunging into debt when you face an unexpected cost or other financial crisis.

– Check your insurance coverages. These types of policies will help to limit your out-of-pocket expenses when unexpected costs arise.

– Make sure you establish or update your estate plan. This may include updating your will, creating a living trust and instituting a power of attorney and a healthcare directive.

Prioritize Your Debt Reduction

Be conscious of over-extending by paying excessive interest on money you have borrowed. This can keep you from putting money toward your other financial goals. Debt repayment is a perfect way to start building your financial foundation. If you are interested in implementing a fast-tracked debt repayment strategy try the debt snowball method or another financial strategy to reduce your interest rates.

Define your financial goals

Now that you have put all the pieces together for your financial foundation it’s time to ask yourself what you want for both short and long term. Remember, your goals should be SMART: Specific, Measurable, Achievable, Realistic and Time-bound. Below are a few concepts to help you get started.

– Save for a down payment for a home

– Build retirement fund

– Save for children’s college

– Set up an emergency fund

– Save for bucket list vacations

– Become financially free

Now Let’s Make it Happen

– Be disciplined: Stick to the plan

– Maintain a balanced budget. You can’t be financially healthy if you are spending more than you earn.

– Automate your finances (regular money transfers from checking to savings, and online bill pay)

As you can see, constructing a financial foundation takes immense focus and determination. If you follow your step-by-step process you can’t help but see results. Most importantly you will begin to gain confidence in your capacity to create and stick to your new healthy financial life.