bolts
September 1st, 2003, 01:32 PM
copyright by bolts.
The Sixth Step to Financial Freedom.
Once you have the knowledge, only then can you start working the plan. So, we now come to the Sixth Step of the path to financial-freedom;
Step 6 : Work the plan.
Did you notice that there were five steps before you actually start working to accumulate wealth? That’s because working the plan is the easy part. The hardest part is all the planning that you need to get started. And planning means changing your mindset, developing your course of action, acquiring the knowledge. Once you get the first five steps out of the way, the rest is easy. You may not think so, but, it is! It’s time to start working on your plan.
Let’s take a look at HOW you should work your plan. Suppose you want to accumulate wealth like this;
My Plan for retirement.
Project A : Reduce debt so that I can save 10% of my pay every month for investment purpose. I intend to do reduce credit-card debt to zero by July and start saving 10% from August onwards.
Project B : Start a home-based business. Acquire knowledge by November, start the business by December.
Project C : Invest my savings from January next year.
The first thing you need to do is to accumulate six months of savings that will allow you to live life should your primary income stream stop. For example, if you are a employee, take a look at your monthly expenses. You can find this information from the worksheet you did in Step Two. Save money so that you have money to cover six months of your expenses. This is important before you work your plan. It is your emergency fund.
The second thing you need to do is to print a copy of this plan and paste it up somewhere you can see daily. It can be your mirror, your fridge door or your bathroom. It doesn’t matter. You must see the plan so that you are constantly aware that you are working on it.
The third thing that you should do is to show this plan to someone close who will support your quest. This can be your spouse, friend or relative. Having encouragement and support from others will spur you ahead into working your plan. But, make sure that the person you show this to will encourage you and support you in your quest. There’s a caveat that you need to be aware of. There are many people in this world who manifest poverty in their outlook on life. These people will start to tell you that your plan is unworkable, that you are NOT eligible for a life of abundance. Stay away from such thoughts and do not manifest these thoughts in your mind ever. Remember Step 3? Change your mind-set. If someone close to you is manifesting thoughts of poverty, it’s okay. It doesn’t mean you should run away from them. No, it’s just that they are not able to understand the importance of your plan yet. Let them be. Just don’t manifest thoughts of quitting because they say so.
The fourth thing that you need to do is to tackle ONLY the easiest project first. By completing the easiest project first, you accumulate belief in your cause. You start to believe that wealth accumulation actually isn’t such a hard thing after all. So, in the example above, project A is very do-able. Once you have finished project A, you will experience a sense of accomplishment. And success breeds confidence. Confidence will give you the courage to tackle the harder projects.
The Sixth Step to Financial Freedom.
Once you have the knowledge, only then can you start working the plan. So, we now come to the Sixth Step of the path to financial-freedom;
Step 6 : Work the plan.
Did you notice that there were five steps before you actually start working to accumulate wealth? That’s because working the plan is the easy part. The hardest part is all the planning that you need to get started. And planning means changing your mindset, developing your course of action, acquiring the knowledge. Once you get the first five steps out of the way, the rest is easy. You may not think so, but, it is! It’s time to start working on your plan.
Let’s take a look at HOW you should work your plan. Suppose you want to accumulate wealth like this;
My Plan for retirement.
Project A : Reduce debt so that I can save 10% of my pay every month for investment purpose. I intend to do reduce credit-card debt to zero by July and start saving 10% from August onwards.
Project B : Start a home-based business. Acquire knowledge by November, start the business by December.
Project C : Invest my savings from January next year.
The first thing you need to do is to accumulate six months of savings that will allow you to live life should your primary income stream stop. For example, if you are a employee, take a look at your monthly expenses. You can find this information from the worksheet you did in Step Two. Save money so that you have money to cover six months of your expenses. This is important before you work your plan. It is your emergency fund.
The second thing you need to do is to print a copy of this plan and paste it up somewhere you can see daily. It can be your mirror, your fridge door or your bathroom. It doesn’t matter. You must see the plan so that you are constantly aware that you are working on it.
The third thing that you should do is to show this plan to someone close who will support your quest. This can be your spouse, friend or relative. Having encouragement and support from others will spur you ahead into working your plan. But, make sure that the person you show this to will encourage you and support you in your quest. There’s a caveat that you need to be aware of. There are many people in this world who manifest poverty in their outlook on life. These people will start to tell you that your plan is unworkable, that you are NOT eligible for a life of abundance. Stay away from such thoughts and do not manifest these thoughts in your mind ever. Remember Step 3? Change your mind-set. If someone close to you is manifesting thoughts of poverty, it’s okay. It doesn’t mean you should run away from them. No, it’s just that they are not able to understand the importance of your plan yet. Let them be. Just don’t manifest thoughts of quitting because they say so.
The fourth thing that you need to do is to tackle ONLY the easiest project first. By completing the easiest project first, you accumulate belief in your cause. You start to believe that wealth accumulation actually isn’t such a hard thing after all. So, in the example above, project A is very do-able. Once you have finished project A, you will experience a sense of accomplishment. And success breeds confidence. Confidence will give you the courage to tackle the harder projects.