Home Up

BACK

7 STEPS TO FINANCIAL INDEPENDENCE
(PRETTY BIG STEPS)

1. Understand that it is possible and you can make it probable.

Understand that you can do it if it's that important to you (and it should be).
Realize that any of the blocks you have about money are correctable with the right coaching.
Discover where you are along the 7 Levels of Financial Independence.

2. Re-orient yourself around becoming financially independent

Make substantial changes: Cut expenses by 25-40% and start saving or investing this money.
Invest $1,000 - $10,000 annually in your own skills training in order to double your earnings.
Make the emotional/self-worth shifts required for abundance. Have money be okay and good.

3. Get yourself fully informed in the financial arena

Read a book or get input on what money is, how it works, taxes, compounding, investments.
Get the financial facts about yourself: Assets, Liabilities, Income, Expenses, Savings.
Start hanging around people who you like who do have money and learn from them.

4. Create a high and profitable income stream

Moonlight, increase fees, decrease business expenses, be more productive, get a new job.
Get into a field which offers at least 10 years of opportunity, demand & growth (and pays well).
Set a target of saving 10-40% of what you earn and make personal changes to start that.

5. Build a cash capital base

Amass $25,000 in cash or liquid investments. There is a psychological "feeling" at this level.
Create a plan to get to $250,000 within 10 years, or sooner. Be realistic, yet aggressive.
Start the plan, setting up structures, supports and actions which make it real for you.

6. Protect what you have

Get plenty of insurance: Medical, life, disability, homeowners/renters, business, liability.
Invest in safer investments; no more than 10% in speculative investments.
Don't put all your money in your business; force yourself to save and keep it separate.

7. Start living well, rewarding yourself

You don't want to have to wait to start enjoying your FI efforts; reward yourself now.
Don't be afraid to make the present perfect, even if it slows down your FI plan.
Don't buy things to medicate or for "future" biz needs; buy for immediate reward or benefit.

 


Financial Independence Accelerators

THINGS AND ACTIONS WHICH GET YOU ON THE FI TRACK FASTER

Big enough game to play for

Personal support

Enough structure

Plan of action

Coach to help create and direct

Success, cash coming in

Starting savings

Wanting it bad enough

Willingness to put it as a priority

That you are someplace in relationship to FI, predictable stages, having map and knowing where you are, measurable status

Information about where you are

Knowing you can, certainty

Creating value, earning high revenue

Getting to zero if in doubt

Strong personal foundation

No crises, distractions

Community of people playing same game

Eliminating destructive or self-destructive behavior

Removing doubters and diminishers

Identifying where you are now in an honest but not shaming conversation; it's just money

Charging for what you've been giving away (increase self-esteem to do this, if necessary)



Financial Independence (not so) Secrets

Give enough people enough of what they want and you'll make all that you need

Do what it takes to make at least $100,000/year for several years (and save 20-40K)

Get capital to start a business or to invest

Design ways to make money without having to put in working hours. (Passive income stream, like
royalties, investment income, business ownerships and interests)

The earlier you save, the more you'll have

Time helps a person become FI

Recognizing people's needs (products, services)

Cash in the bank that is not needed (capital)

Expertise or mastery creates higher income

Owning assets, revenue streams

Hanging out with business owners, FIs who will help you get started

1999 Coach U, Inc. All rights reserved. May not be duplicated, retransmitted or reproduced or used by anyone unless they are in Coach U's Coach Training Program or an approved program.

BACK 

 

[Home] -- [Coaching]