1 simple step that will put you on the road to financial freedom
What does your financial freedom look like to you?
I often ask this question at my seminars and the responses I get are often as follows:
“I’d like spend more time on vacation.”
“I’d like to live in the house of my dreams and drive the vehicle of my choice.”
“I’d like to quit my job and spend more time with family.”
Although these answers are nice – they are not correct.
Financial freedom is not about what experiences you will have and how you think you will spend your day to day life.
Financial freedom is an exact number. How much exactly do you need to meet your obligations each month.
When you passively achieve the exact amount of income you need so that all your obligations and expenses are met you are financially free. Does this make sense? That monthly amount is your obligation or prison. So once you have attained it passively it’s no longer your prison. It’s satisfied without you.
The problem for most people is that they can tell you what they want (The experience) but they can’t tell you what it takes to make it happen.(The exact number) If your goals are specific and clear they are attainable and near. So if you want to be financially free how much money exactly do you need to have coming in passively each month.
Here’s an example:
If your monthly bills are as follows: (I know this is not a reflection of most peoples bills. But its an oversimplified example)
Car payment $249
Total monthly Commitment: $2,088
So your financial freedom is actually $2,088. If you can build a passive income stream that replaces whatever you a re doing to get to $2,088 then you have achieved your financial freedom.
Naturally this is oversimplified. And of course, your financial freedom number will change based on your needs and situation. Once you have achieved a passive income that covers your necessary obligations you are financially free. The next step is to move onwards up to financial abundance which is something that is rarely discussed. Financial freedom is important – but financial abundance is where life really begins to change.
By the way, knowing your financial freedom number is just the beginning. Knowing how to get there is where things really get interesting. If you’d like to come out to one of our events near you go to http://www.MillionaireTrainingSystems.com
Written by douglasvermeeren
August 5, 2015 at 9:21 am
Posted in #1 wealth coach, cash, creating cash flow, Doug Vermeeren, douglas Vermeeren, making more money, millionaire maker, Millionaire Mastermind, Millionaire Money Masterminds, Millionaire systems, millionaire Training systems, money, money magazine
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