Financial training, something that is not taught in school but is probably just as important as every other subject taught. Creating financial freedom is not easy, but there is definitely steps that can be followed which give you a much better chance at not having to worry about money every again.
In the financial training video above, Ben Mueller, Professional Network Marketer, Accountant, and Business Consultant, lays out the keys to building financial freedom. Knowing that this subject can create a lot of fear and doubt, he makes his points in simple, yet action orientated steps.
Remember, there is a reason why 97% of the U.S. population lives basically check to check. Again, we aren't taught, through financial training, the basic formula to create our own abundance and there is a reason for this. Remember, about 3% of the population controls 97% of the wealth. The more people that become educated about how to do what they did, the less there is for them. Yes, this under education is on purpose.
Secondly, the reason the majority do not live in a world of financial abundance, is because they fear that they could never achieve this type of freedom or they doubt themselves so much, that they never even attempt to take a step towards their goal.
Well, let's push all that fear and doubt aside for a minute and let's just look at some financial training in terms of the main areas that need to be focused on in order to achieve financial success;
Everyone has a financial blueprint which dictates, in general, how you will live your financial life out.
For example, I grew up in a “check to check” lifestyle. My parents never had extra money and tended to live a life of financial struggle. Funny thing was, as I became an adult and increased my earning capacity, I lived check to check also. Somehow, I had been programmed to spend as much as I made. Even though my income had become very high, I spent as much as I brought in. That is no way to create financial abundance.
What needed to happen for me, and what needs to happen for you in order to start the process of building wealth, is to understand your own financial blueprint. To start this process, go out and get the book “Rich Dad, Poor Dad” by Robert Kiyosaki. This book will help you assess your current mode of thinking about money and is the first essential step in financial training.
Multiple Income Streams
One to biggest mistakes I made, when creating financial security, was to rely on only one stream of income. Guess what happened? Yes, that stream of income went away and I was in a financial downfall because all my eggs were in one basket.
What we all need to do is create multiple income streams through appropriate financial training. You may have your job as your only stream of income right now. Again, think about what would happen if that job went away. Hence, the need to diversity.
In today's world, there are many ways to generate other streams of income;
Real estate royalties
Developing a business idea
There are many options, but the main idea is to pick one or two. Personally, I believe in, at least, a three leg approach, meaning have at least three sources of income coming in, specifically residual income.
Why do this? Because it feeds into the next financial training section; building assets. Most people (around 97%), are in a situation where they barely break even on a monthly basis. So, how are they going to put extra money away towards building assets?
Adding multiple streams of income provide that extra income to turn into more income. We end up letting our money work for us opposed to us working for our money!
The next step in this financial training is to start building assets.
In my mind, I was always focused on reducing debt. I thought that if I got rid of debt, that it would propel me to the next stage of the journey. But what it did was drive me further down. Psychologically, reducing a negative is NOT as powerful as increasing a positive. Therefore, we need to start increasing those positives or, in other words, assets.
One of the financial training strategies to bring a positive vibration to building financial security is to simply put together a savings account. Even if you only put in $50 per month, you are building a cash asset.
Mind you, I am NOT saying to not pay down debt (see credit card reduction strategy below). What I am saying is, at the same time you are reducing debt, make sure to be building, at least, a cash asset. Other assets may include; 401k, Mutual Funds, Stocks and Bonds, Real Estate, etc.
These steps for creating financial freedom are simple, but absolutely necessary.
When I look at myself, I don't think there is anything special. The only thing that I have, which others may not, is the willingness to do what is necessary. All of us can muster up that willingness and start the process of building a life where we do not have to worry about money!
Good luck on your adventure…