Your Financial Freedom Day is the day that you become financially independent. It's the time you've always dreamed of when you finally are free to do what you really want as opposed to what you must. Your Financial Freedom Day can be the most exciting, satisfying and rewarding day of your life and working towards it can be exhilarating.
In most cases, a gap exists between where you are now --- your financial baseline --- and where you hope to be --- your Financial Freedom Day. In order to create as successful financial plan, figure out the size of your gap and how to surmount it. Without this information you could get caught making emotional decisions that produce only short-term solutions . . . if that.
Since financial freedom is your goal, examine your objectives more closely in order to break them down and determine exactly what they are specifically. Knowing your precise objectives will make it easier for you to focus on your targets and do what's necessary to achieve them.
When you know where you're going, it's easier to forecast, to map out the route and find the quickest and most direct road to obtain what you seek. It also will help you to identify potential obstacles in your path so that you can avoid them or reduce their impact. Plus, clear, quantified objectives will enable you to monitor your progress and determine whether you've been successful.
Begin by answering the four following basic questions. Try to answer them as specifically as possible.
1. How much money (cash flow) do you want to receive each month? _______
2. What do you want your net worth to be? ________
3. At what age? ___________
Don't get paralyzed by numbers! Numbers can be discouraging; they can scare people away and make them abandon their long-time dreams. Don't consider numbers roadblocks, see them as reference points or measurement devices.
Start by identifying your most realistic estimates and begin to work with them. Think of your estimates as starting points, places where you must begin, and realize that they can always be changed or adjusted, especially as get to understand your goals and opportunities.
To reach your goals, you must have focus. You must know what know what you'll be required to do. What are your specific plans to get the wealth you desire? Now, identify the obstacles to obtaining your desired wealth and ways you can overcome them.
Few people create wealth simply to be "rich;" they usually have other motives. Wealth is the vehicle the gives them the meads to do what they want. It's also a byproduct that comes from something deep and powerful such as their ambition, curiosity, dedication, passion and hard work.
Most wealthy people utilize many income vehicles: they have corporations, trusts and foundations. They also have many streams of income including real estate, stock market investments, art, antiques and other collectables. Most rich people spend lots of time devising strategies and dreaming up ways to accelerate their wealth. They constantly create new visions.
Set SMART Goals:
S = SPECIFIC
They contain the complete details of everything you set out to accomplish. They state exactly what you want and provide a step by step plan laying out the methods you will use to get it.
M = MEASUREABLE
They include identifiable milestones such as dates, specific achievements and dollar amounts to measure both your progress and success. For example, the number of new clients you obtain each month, how much money deposited, or the amount of investment capital you raised.
A = ACHIEVABLE
They are attainable - goal you are capable of accomplishing. List exactly what it is going to take.
R = REALISTIC
You can achieve your goals with the tools at your disposal for those you can acquire. Write down some action steps. Find a mentor who is where you would like to see yourself. Mentors can provide reality checks and share with you what it took for them to get where they are.
T = TIMELY
What are your benchmarks and deadlines that you must meet at various stages and for completion? Deadlines keep you on track and create a sense of urgency to motivate you.
Loral Langemeier, founder of Live Out Loud, is known as the millionaire maker. A team made multi-millionaire by age 35 she actively invests in business, the market, multiple real estate ventures and more. Through her diverse experience, she developed the concept of a Financial Wealth Cycle which is the core of her coaching programs. President of several companies, Loral is a nationally known speaker, coach and author of the book, Guerrilla Wealth, part of the best selling Jay Conrad Levinson Guerrilla Marketing series. For more information, visit www.liveoutloud.com
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