The path to financial freedom is not a very complicated process to understand however knowing what to do and applying it to your own life are two very different things. (Live off 70% of your income and invest the rest)
Many people travel down the path of working hard and climbing the career ladder and get seduced into expanding their lifestyle every time they get a promotion or a bonus. This then often leads to a vicious cycle of having to work harder to make more money and spending less time on the things that bring balance to your life. The less time people have outside of work the less attention they pay to controlling expenses and generating passive income. It’s ironic that most of the financial industry has a vested interest in preserving the status quo. They don’t want people to become educated because if they are people wouldn’t invest money in many of the funds people manage.
If there is one thing you take away from this article it is this. You can either be a sheep and follow the flock or a Shepard and be in control of your destiny. The path of the Shepard requires more effort and challenges but over time leads to a far more fulfilled life. It also means that you become 100% accountable for all financial decisions in your life. The only person who truly cares about your investments is you so become accountable.
Click on the links below for more information.
- Know your number (Track your income and expenses)
- Reduce personal debt
- Get your emergency fund in place
- Feed your mind – Read and get educated & build your team
- Build your freedom fund
- Develop your passive income stream & build you flywheel
- Protect your assets