What Would You Do With Extra $1,500 or $5,000/month?
Financial Freedom is a goal for many people but why many struggles to breakthrough financially?
What is exactly financial freedom? and why most people work very hard but yet they don’t achieve abundance in life?
Financial freedom is one of the most interesting topics because I know exactly how to be on the other side of the fence – living paycheck to paycheck and drowning in credit card debts several years ago.
And today, I will share with you the:
- 6 baby steps to breakthrough financially
- Tips to attain TRUE financial freedom
- How to create extra income to have a version of the life you love
Here's what I realized in borrowing my lifestyle from credit card debt
When my husband and I were living in New York, we struggle with money.
Debt is a huge obstacle to financial success for many people.
I’m sure that you are familiar with this quote…
“If you find yourself in a hole, stop digging” – Will Rogers
So what does it mean?
If you are living beyond your means, then you need to cut back unnecessary expenses and start learning how to manage your money more better.
6 Baby Steps To Breakthrough Financially
People keep their mouth shut if they face financial trouble.
Either they don’t know what they want out of life, or they are afraid to go get it.
Let me share with you my 6 baby steps that I personally apply to intentionally design my future that works!
Financial freedom is not a fantasy, it’s a reality.
Baby Step #1: Know Your Net Worth
Honestly, if you don’t know where you stand financially and aren’t tracking it, you probably don’t really know with any level of accuracy, where your money is going, and how you can improve your finances.
Treat your finances like an INC.
If a business overspent money on everything without growing their business profits, it would go bankrupt. Similarly, if a person spends money on everything and anything they want, they will suffer not only financially but mentally.
Baby Step #2: Pay Off All Debt For Good
When you pay off all your debt, you will be happier and this can even lead to a better relationship with your partner.
Many plans to pay off debt but fail because there’s no BIG motivation behind them. You have to continually remind yourself of the reasons why you want to get out of debt.
Like for example in my case, I want to secure my future for me NOT to depend on anyone or anything and I’d like to spend quality time with my family traveling around the world together.
Understand that financial freedom is a BIG goal. The want and the why has to be strong. Once you become debt-free, you’ll be able to work toward becoming financially secure.
Baby Step #3: Grow Your Expertise & Income
Why do you need to grow your expertise to attain financial freedom?
You may realize it or not, but you were born with great skills and talents. So how do you use them for yourself to create the version of the life you love?
Every day make small steps to turn your knowledge into a resource.
More people are getting into the consulting field because of job uncertainty – either laid off with some form of termination payment, asked to take indefinite unpaid leave, or outright fired.
If you want to grow your expertise to earn more, check the Hybrid 13-Week Coaching Program
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Related Articles You May Want to Check:
How to start a consulting business
Consulting startup biggest mistakes to avoid
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Baby Step #4: Pay Off Home Mortgage Early
Here’s the thing…
You can’t claim it’s your house if you don’t pay them in full.
Losing your home can be terrifying because of… you can’t make the mortgage payments.
Regardless of the reason why you can’t pay your mortgage, make sure that you know and understand what kind of mortgage you have.
And if you are behind your mortgage payment, make sure to get in touch with your bank or loan service provider to avoid default and foreclosure.
Can you imagine how much you can save from compounding mortgage interest?
Do you know what people can do with no debt? Anything they want!
That is why growing your income (baby step#3) is imminent to help you pay your credit card debts, house mortgage as well as build your own business that nobody can take away from you.
Baby Step #5: Invest With Certainty
For most of us, the school wasn’t “fun”, right?
College degrees are becoming less and less valuable.
Once you already have the money to invest, invest it with certainty by buying companies that have meaning to you.
I’m sure that you do not want to lose your hard-earned money into something that you don’t understand.
“Rule no. 1: never lose money. Rule no. 2: Never forget rule no. 1” – Warren Buffett.
Only buy companies that are on sale! Knowing an investment’s intrinsic value is useful for value investors who have a goal of buying stocks and other investments at a discount.
Remember that…
“Price is what you pay, value is what you get.” – Ben Graham
Baby Step #6: Be Generous
One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want. Whoever brings blessing will be enriched, and one who waters will himself be watered.
Make a list of potential charities that match your cause.
Most people earn financial blessings, not because they are lucky, but simply because they work for it through self-discipline, persistence, patient, and not being illogical or irrational.
“Your life will never make sense until God is in it. Accept him as your personal savior and you will have the strength to be content in all you go through.” – Nemalili Vhutshilo
TIPS TO ATTAIN THE TRUE FINANCIAL FREEDOM
The real abundance is not from borrowed money.
You should NOT be a lifetime slave of any debt. Keep yourself out of debt. I’ve been there and I know this feeling that things are not right.
Although this is difficult to pinpoint and explain, I believe that anyone who is in a serious debt condition would immediately know what I am talking about.
- 1. Live Within Your Means
I guess the bottom line here is….
if you spend more than your income, its difficult to attain financial stability. Identify what is necessary and what is not before you pull out your credit card.
A spending plan or budget is the single best way to ensure you live within your means.
A little sacrifice now can really fast track your journey to design your future.
- 2. Monitor Your Spending
Record and monitor your spending each day and each month by keeping a consistent recording each day and have a logbook or file in excel.
Then segment your spending into expense categories.
My husband and I keep a journal for our daily expenses activities. My husband is assigned to manually record our expenses and income each day and I am the one assigned to encode those expenses to excel and finalize our monthly financial report.
Once you have that information, you can now monitor closely your expenses and analyze your spending to find ways to reduce your expenses and free up more money for savings paying off bills or to invest to make more money for you.
- 3. Save for Emergency Fund
Life often gives us unexpected money problems. That’s why it’s so important to have money set aside.
There are several unexpected expenses, whether just got fired, or a sudden illness.
The emergency fund comes into play when life throws you a major curveball, you have money to fall back on.
You’ll use this money for any unexpected events.
There was a time in my life when I believed if you worked hard and did your job well – your job was safe forever.
I was completely wrong. I worked for a company where at one time everyone was “family”. Something happened and I felt this time it would be different. I began to see where the employees stood.
So by the time, my husband and I made our 2nd major decisions to quit our full-time job together in 2012, we have money to fall back on.
How to Create Extra Income To Have a Version of the Life you Love
If you want to earn extra income, then it may not be a bad idea to FINALLY feel confident to show up online and go digital – launch your own consulting service + digital product.
Ever feel like it’s just too much darn effort to bring your dreams to life?
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What Would You Do With Extra $1,500 or $5,000/month?
I provide a 13-week hybrid coaching with me to help you create, build, and launch your consulting career + productize your service – your digital ticket to scaling your services!
If you’ve ever stuck in a rut or trying to apply complicated marketing strategies that don’t wire you to grow, or feeling helpless buying courses after courses that aren’t meeting your expectations, don’t worry – this isn’t just a program.
What is Hybrid Coaching?
If you dare to Breakthrough the hybrid consulting mentorship where you’ll receive a custom-tailored solution and progress accountability to remove any obstacles that have kept you away from getting focus, taking action and launching your ideal future consulting services + digital online course.
Each week you’ll receive a hype-free video training to remove confusion and overwhelm.
Hybrid Coaching helps you prioritize specific tasks each week’s action and implementation in connecting the dots & feel confident to show up online, an hour-long strategy calls each week to help you stay on track, have optimum progress, serious skills development, and accountability.
A round table dropbox for quick answers to all your questions, direct guidance and get my personalized feedback.
If you are READY to launch your consulting career + digital product you can work with me here.
Still on the fence and can't decide?
