675: 5 Keys to Financial Freedom

Oct 31, 2019

Do you believe Financial Freedom is possible for you? Is it even an option, or do you believe it’s something reserved for other people? Not you. No way… you’re an “X” so you can’t possibly be financially free…

It isn’t true. Financial freedom IS an option for every single one of us, no matter your age, income, family status or education. In today’s episode, I explore what it takes to become financially free, no matter who you are or what your situation is.

I share 5 steps you can take. I’ve also written about these, so whether you choose to read or listen (or both), give yourself permission to believe that financial freedom is possible for YOU. Not just a possibility, but an inevitability.

IN TODAY’S SHOW YOU WILL LEARN:

  1. How this is one of the most common questions I get from listeners, and why the idea of financial freedom seems so impossible for so many
  2. Why defining what financial freedom means to you is the first step (and how it’s possibly the most important one of all)
  3. How YOU can choose to open the door to financial freedom or keep it closed for the rest of your life
  4. What the 5 Steps to Financial Freedom are, and how you can choose to take each one of them (there’s no time like now)
  5. About the book that changed my life, and how it helped me escape $130,000 of debt
  6. How an athlete recently changed my entire perception of what’s possible, and how it’s got more to do with your financial freedom than you may think
  7. A few tactical steps you can take to monitor your finances and become aware of exactly how much you have at all times
  8. Why the number “5” is so important when it comes to creating true financial freedom

TODAY’S RESOURCES:

One of the most common questions I’m sent focusses on… yep, you guessed it: MONEY!

Financial Freedom… is it even possible for a person like me?

I see other people who have it.
I would love to have it. If I did…

  • I’d feel less stressed…
  • My relationships would be better…
  • I could travel more and experience new things…
  • I would give my family the life they deserve…

But… BUT… I guess it just isn’t for me. I’m “X”, so surely someone like me would never have true financial freedom. I’ll always have to live on a budget, be careful with my money and save relentlessly.

This is my life. I guess I just have to accept it.

NO! If you can relate to this in any way, please know that it is NOT true. Financial Freedom is possible for you, and I believe it’s possible for every one of us.

Financial Freedom… Closer Than You Think?

Not long ago, I was $130,000 in debt. The idea of financial freedom was a distant dream. I too didn’t allow myself to think it was possible, which is why I remained stuck where I was for so long.

The first step to all this is to know that you can have it.
Financial freedom is possible. It IS possible for you.

I promise you that.

The next step is to define it. This is where most people get stuck. I speak to listeners and clients who tell me about why they couldn’t possibly be financially free. So I ask them: what does it look like for you?

Often, they do not know.
They’ve never thought about it.

It’s time to. What does becoming financially free mean to you?

  • Is it an extra $2,000 per month?
  • Is it to pay your bills and have enough left over for an annual vacation?
  • Is it to buy the car you’ve always wanted (or a boat)?

There’s no right or wrong answer. Financial freedom means something different to everyone. That’s the point. You need to define what it means to you. Once you do, you can work your way toward it.

Until you do, you’ll likely remain stuck in a scarcity mindset.

Get clear about what you want. Once you have, these 5 Steps to Financial Freedom will help.

1: Take Full Ownership of Your Earning Power

I discuss all 5 of these steps in greater detail in the podcast episode that accompanies this. I encourage you to listen to it in full, as I explore financial freedom in a way I never could in an article like this one.

It all begins — no matter what your situation is or how you define financial freedom — with this: YOU taking ownership of your earning power.

This means you have to STOP accepting your current life (unless it’s one you love, of course).  You can have any life you wish. It is possible. It’s within your reach.

But nobody will hand it to you.
YOU are the one who must take it.

Instead of coming up with excuses about why you can’t… focus on solutions that you’ve yet to try. In this day and age, everyone can make more money. Maybe you need to get creative. Maybe you need to take a risk. Maybe you need to push outside your comfort zone. Maybe you need to do all these things…

It’s possible. You must believe this!

2: Get and Stay Debt Free

I talk more about the sort of debt you need to stay clear of in the episode, so be sure to listen to it in full.

The point is that you’ll never become financially free while you have debt hanging over your head.
Depending on how much debt you have, it may be a tough and long road ahead.

But it is possible for you to get debt-free, and more important… Stay Debt Free!

Not long ago, I was stuck with $130,000 of debt. It hung over me like a dark cloud. I never believed I would escape it. Yet I read ‘Total Money Makeover’ by Dave Ramsey, which showed me a simple process to take. Did I become debt-free overnight? No.

Did I take daily steps and make more progress than I ever thought possible? YES!

Whatever your debt is, you can escape it. If you want financial freedom, you need to make it a priority.

3: Level Up!

Wherever you are right now, you need to set a new standard for yourself. A higher standard; one that expects more of you, and pushes you to challenge yourself to grow.

There are three aspects to this:

1: Mindset

You need to level up your mindset. Instead of settling for what you have, get clear on what you can have and who you can become. I use affirmations to remind myself of who I want to be and where I am going every day. I push myself to level up every single day.

It begins within you. YOU need to set a higher standard for the life YOU live.

2: Environment

Who do you surround yourself with? Do they have a positive impact on you, or do they fuel the scarcity mindset that keeps you settling for less?

You can’t always rid yourself of all the people you would like (family, for instance), but maybe you can distance yourself from some. Either way, you can choose to spend time with positive, abundant people. You can join a mastermind or hire a mentor.

You can even start small by joining a free Facebook Group like our Primal Potential one.

3: Education

You likely don’t have all the answers you need, but all the information you require is available to you. Dave Ramsey’s book helped me escape debt. There are podcasts and video series, and courses designed to help you level up your money management.

Level up. It’s time to level up your mindset, environment and education.

4: Monitor!

If you know me, you know how much I value AWARENESS!

It’s the first step to all growth. You cannot begin until you know where you are. The same applies to your financial freedom. You need to monitor and track it, and measure the progress you make.

I discuss a few ways I do this in the episode that accompanies this article.
Listen to it in full to learn a few practices to monitor and measure your wealth.

Once you do, your financial freedom will become more possible than ever before.

5: Diversify

One of the biggest barriers that prevents people from financial freedom is the belief that one income stream is enough. You need to have a very good job to achieve this.

Even then it will steal so much of your time that you won’t feel free.

For financial freedom, you need multiple streams of income — I personally believe you need five.

Here’s mine:

  1. Real Estate
  2. Stocks and Bonds (not including my 401K)
  3. My Primary Hustle (Primal Potential, and all the products and services that come under it)
  4. Books/Royalties
  5. My Side Hustle (Amare — the mental wellness company I’m involved with)

The point is to not place all your eggs in a single basket. If you do, and your situation changes, your entire world can flip upside down. Always look to diversify your income. If you currently have one, think about how you can add a second.

Start small, progress and keep going until you have five income streams that fuel your ideal lifestyle.

Financial freedom isn’t a fantasy. For many generations throughout history it was. That is no longer the case. You have access to so much opportunity that it would be ridiculous if you didn’t take advantage.

You deserve financial freedom.
It is within your reach.

It begins by defining what financial freedom means to you. Get clear on this. Don’t just read this and listen to the podcast… Take action. Take the time to think about YOUR financial freedom. Once you do, you may see it’s not only possible… but rather inevitable.

—————————————————————————————————————————————

Thanks for reading. Please listen to the podcast that accompanies this article in full, as I discuss these 5 steps to financial freedom in much greater detail. I also share several practical steps you can take today, so you no longer have to settle for less.

I’ve been there. When I had a $130,000 debt hanging over me, I didn’t believe financial freedom was possible for me. Yet today I am. If I can do it, so can you. I explain how in this episode ⇒ 

Thanks again for listening and reading. If you have any questions about financial freedom, add them in the comments below. And to subscribe to the podcast and connect with me on social media, follow the links below.

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