5-1-16 Mey, Jordan & Jomel  at the Aston in Waikiki

11 Tips From Young Financially Free Entrepreneurs on Wealth, Passive Income and Investing

Did you know that over the last 7 years, I paid off almost $50,000 in debt, create a passive income stream that pays me monthly, and also increase my Net Worth to over $100,000?!?

Not only that, I became completely debt free in April of 2016 and left my bank job on December 23rd of the same year.

I have gone from working over 80 hours a week for money to now working less than 5 hours per week for money, as an internet entrepreneur who helps other mothers create financial freedom.

I had a lot of help along the way, from young financially free entrepreneurs in their 20s, 30s, and 40s.  

Here are 11 tips that I learned that changed my life on wealth, passive income and investing.

11 Tips From Young Financially Free Entrepreneurs on Wealth, Passive Income and Investing

Tip #1 – The Habit of Saving is Important (Not the amount)
You would think that saving a lot of money makes you rich, and saving a little won’t.

However, the key is not how much you save, it’s the habit of saving. So, every time you have money come into your life, you take at least 10% and pay yourself first (meaning you save it for investing).

If you are waiting until you have more money to save, then you will never be rich.

The reason you don’t have enough money to save, is because you don’t have a savings habit.

Even if you have to borrow an extra dollar every month just to save money, do that, and at least start saving every month. Make it a habit.

Tip #2 – Understand The Rule of 72 and How Interest Rates Work So You Can Grow Investments and Grow Debt

The ‘Rule of 72’ is a way to determine how long an investment will take to double.

72 / Rate = Years to Double Your Money

Example:

72 / 14.99 = 4.8 years to double your money

Now you can see why it’s important to lower all of your debt interest rates as low as possible, and to increase the rate of return on your investments.

Tip #3 – Play Cash Flow (Board Game created by Robert Kiyosaki) every week until you can win the game in 30 minutes or less every time

This game really had me focus on financial freedom, rather than what everyone else does…focus on making more money so they can spend more money.

Financial Freedom = Passive Income > Expenses

When you play the game, you have to increase your passive income to be greater than your expenses.

If you’re passive income does not increase, you cannot get out of the rat race.

This helped me really focus on my passive income.

Tip #4 – 8% is the Minimum Return for Real Estate Investors, Don’t Invest in Real Estate Overseas Unless You Have a Resident Manager

So I was thinking of buying property outside of Hawaii at one point, and I talked to my wealth real estate investor friend, and he told me this advice.

First of all, I wanted to buy the house I lived in, but it was on the market for $1,000,000+. So I needed an investor to go in with me.

However, when I asked my real estate investor friend, he said that no investor would go in on that deal, because they would only be making 4%.

Then I looked to make money buying property in Las Vegas or LA, and then he advised me not to invest overseas unless I had a resident manager. The reason is if you have only one house or condo that you are renting, then if something goes wrong, you have to rely on a Property Manager, and they are not going to care about 1 small property owned by someone far away.

Repairs will be more expensive, and your tenancy rates will be worse, because they won’t look for new renters right away. You will be low priority.

The only way to keep expenses down is to have a resident manager.

Tip #5 – Have a Big Burning Why
If you don’t why you want to be financially free, then when obstacles come (and they always do), you will not get past them.

A burning desire fuels the energy you need, to learn what you have to learn, to make mistakes and learn from them and keep on going, no matter what.

My friend’s big why was that he felt embarrassed by his lack of wealth, and had great pride. And he also wanted before his dad died, so he had a time limit too.

Tip #6 – Negotiate With Your Creditors (Debt, Credit Cards) to Lower Your Interest Rate

So, when I got this advice, I had at least 3 credit cards that I had debt on. And the interest rates were all pretty high. When I heard this advice, it really helped me. I used it to lower the interest on ALL of my credit cards…so it works.

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Tip #7 – Track Your Net Worth

Tip #8 – Set The Next Big Goal Before The Current Big Goal is Achieved

Tip #9 – Do The Mental Work

Tip #10 – Only Take Advice From People Like You, Who Already Do What You Want To Do

Tip #11 – READ, READ, READ
Rich Dad Poor Dad by Robert Kiyosaki
The Cash Flow Quadrant by Robert Kiyosaki
Money is My Friend by Phil Laut
The Richest Man In Babylon by George Clason
Secrets of the Millionaire Mind by T Harv Eker
Your Money or Your Life by Joe Dominguez & Vicki Robin
It’s Not About The Money by Brent Kessel
How To Make A Hell Of a Profit and Still Get To Heaven by John DeMartini
The Values Factor by John DeMartini
You Can Heal Your Life by Louise L. Hay

11 Key Steps to Finance Your FREEDOM

Would you like 11 key steps to get you on the path to financing your freedom?

I’m talking about time freedom, the freedom to choose your lifestyle, the freedom to work on your own projects, take a day to meditate and work out, go to matinees with your spouse…whatever you want.

Do you want real freedom in your life, so that you have time time to really explore what you were meant to achieve, bring forth and accomplish on this planet?

That’s what today’s video training is all about, the 11 Key Steps to Finance Your FREEDOM.

Freedom is a lot closer than you think!

P.S. I left my bank job on Dec 23, 2017 and have since been helping become financially free faster, CLICK HERE to see how I can help you spend more time with your families, and doing what you love!

How Do I Help My Friend Save More Than $5,000?

…Mey here on a beautiful Wednesday morning and I admit that it was hard to wake up this morning so to help me out my son cried real loud for mango juice and I got up to take him out to Grandma, and so blessed me with the time I need to write about How Do I Help My Friend To Save More Than $5,000?

…so, I have a friend and I talked to her the other day about her saving…

…she used to not save at all…

…only paid debt which she kept accumulating…

…so she finally started saving, YAY!

…however, when I spoke with her she said she stopped saving when she hit $5,000…

…basically, life happened…

…so, being the person that I am I want to help her become financially free…

…so, the big question is, how do I get my friend to save more money and pass her $5,000 mark?

…I decided to text her last night…

“Why stop at $5,000?  What’s so special about that number?”

…she replied “I don’t know =)”…

Reasons people don’t save

…sometimes, people don’t realize that there is a reason they don’t save…

…they think it’s “life” and it’s not…

…they are programmed in their head to save to a certain amount so that their wealth will always be the same…

…why?

…it’s because they only think they are worth that much…

…it’s interesting and the best way to see it is to look at their Networth…

…I sometimes hit blocks too, I was negative for the longest time…

…then I finally figured out that I felt loved ones would always take my money so I made myself have none to take…

…funny huh?

…so once I figured out the story, I was able to get my Networth back in the positive…

…then I hit another block, and it hovered at $50,000 for a year…

…then I realized that I had hit a block with success, didn’t think my business was going to succeed so sabotaging it with overspending…

…got a grip on that, made a budget and started doing regular business meetings with my spouse Jomel, and Networth has been going up ever since…

…the journey brings us our lessons…

…shows us what our assumptions are about our lives, that we haven’t examined since we made them sometimes many years ago…

…it tends to always stay the same unless we root out the cause, and change our habits…

…I’ll have to ask my friend, what is the root cause, the childhood story, the reason you would only save to $5,000 and stop there?

…or maybe we have to do more empowering questions…

How To Breakthrough Savings Blocks and Become Financially Free

…really, it just comes down to a realization…

…the only way to become financially free is to do the work (saving and wise investing)…

…so if I get stuck I know I’m stuck…why?

…because I check my Networth, passive income and expenses on a weekly if not daily basis…

…you need something or someone to tell you when you are stuck…

…most people like my friend don’t even realize that they’ve hit a block and need to get past it…

…if you don’t check your progress regularly, go ahead and follow the Weekly Financial Freedom Checklist, also live on my Periscope Channel every week usually on Fridays…

…when you get to a block (and you probably will, the road is scenic, and has all kinds of bumps, turns, etc to make it more fun and challenging) it’s a great time to stop and ask yourself some questions…

…how do I make it past this block and continue on my journey?

…what do I need to release or let go of to move forward?

…how can I continue on my journey to financial freedom?

…when we stop and ask ourselves, the answer usually presents itself to us…

…our inner wisdom will tell us what we need to know…

…when I realized that I didn’t take my business seriously, and thought that I would never succeed so I was sabotaging it…

…that was a real eye opener for me…

…and now the business is finally pulling itself out of the red, into the black…

…just like my personal finances did…

Conclusion

…my friend taught me a great lesson…

…she showed me that the road is full of scenic spots…

…maybe she pulled over so she could get a scenic view, and didn’t realize that she had stopped her savings…

…I hope she finds what she needs to start saving again…

…I hope you also found value in this post…

let me know what you think in the comments below!

P.S. I love researching, writing about, taking videos and sharing with you everything out there to help you become Financially Free as fast as you can…

…is there something that you love?

…something so valuable that you have future students out there waiting for you to step up and teach them?

…I’m telling you, there are a lot of people looking for what you got!

…get out there and blog and make your lessons live outside your lifetime…

click here, watch the video and get started!

 

Are You Emotional About Money?

…Mey here and my husband gave me 10 minutes to blog and do all our of internet marketing so today’s topic is Are You Emotional About Money?

…do you make spending decisions based on your feelings?

…when you are depressed do you go shopping to cheer yourself up?

…do you spend when you’re angry…excited?

…do emotions run your money?

…who is actually in control?

…well, if you spend emotionally then you are like most people…

…spend because you feel like it and use logic to rationalize it later…

…do you know the biggest barrier for most people to obtaining their financial freedom is just spending?

…if we saved instead of spent so much money, we would all be free in probably 5 years (I’m serious)…

The Solution To Emotional Spending

…this isn’t the easiest solution…

…most people won’t change their emotional spending until they owe more than they can handle…

…I’m an example of that myself…

…here’s the best advice that was given to me…

…wait until the next day to make a purchase decision…

…if you feel like buying something now, wait and buy it tomorrow…

…trust me, it will still be there…

…I don’t care if you see timers and buzzers and your heart is pounding…

…just sleep on it and see if you still want it in the morning…

…finally, meditation works as well…

…take a time out, and meditate on your buying decision…

…does it make sense for you?

…is it going to make you richer or poorer…

…if you didn’t buy it, would you be ok…

…what does your intuition tell you?

Conclusion

…hey, I’m not afraid to admit that emotional spending used to be one of my biggest problems…

…the years I took climbing out of debt has taught me the strength to control my spending decisions so that they make me wealthier…

…want to test yourself, CLICK HERE watch the video with the timer, and see what you will do…

…if you sleep on it, and think to yourself, yes, I do want to start blogging like Mey and make money online, then I want you to get started…

…if you sleep on it and realize that you don’t really want to blog, then don’t…

…have a great night!

Three Financial Freedom Hacks That Will MAKE YOU YOUR OWN BANK

Why not be your own BANK?

Did you ever think that all that interest that you are paying to the bank could go to you instead?

I started out as most people do, borrowing on credit cards, then shifting the debt to personal loans with lower interest rates, then borrowing on the credit card again and having both loans and credit card debt, then cutting up the cards…

…all of that was really good for my banks…

….they got the interest and I finally realized, I needed to BE MY OWN BANK…

…so I learned 3 hacks that turned me into a bank….

CHECK THEM OUT

 

  1. The Savings 10% Hack

    In order to be your own bank, you need to have money to lend. The only way to do that is to save. The secret hack is to always save at least 10% of everything you make into a separate account…

    Most people do this with an automatic deduction from their paycheck to their 401K , or other brokerage account or a savings account.

    Remember, save at least 10% of what you make (after taxes!)

     

  2. Only Spend The Interest/Profit You Make From Your Savings

    Hack #2 is to keep your savings FOREVER, it will be passed on to your heirs or who you deem fit when you die. The reason is that we are making you a BANK, so you need to keep the money in the bank and USE IT TO MAKE YOU MORE MONEY.

    You can only spend the money that you make. An example would be if you saved $1,000. Then you lend it to yourself to pay off a credit card at 12%. You pay yourself back with interest of 3%. If you pay it off in a year, you make $30 in interest. You can spend that interest, and you keep the $1,000 in the savings to lend again.

     

  3. Start Saving NOW no Matter What

    Even if you think you are broke or spend more than you make, it’s important to start saving NOW. Save whatever you can, even if it is just $0.10/day (I started with this).

    As soon as you start, you have a bank…

    …and once you start, all your bank can do is GROW.

     

Blogging daily is a habit that I have that makes me real estate on the internet that also compounds in value over time, just like saving.
How?
When I write a blog post, it stays on the internet, giving value to people 24/7…
…if they find value from it, they may decide to pay me for products I sell, or courses that I teach…
…you get the picture…
…do you have something that you are an expert at, or that you just love talking or writing about?
…do you have something you can teach others that can give them value?
…you definitely want to get into blogging!
Just CLICK HERE, watch the free video, and get started today =)

Can You Really Succeed with Financial Freedom?

Most people want to live the life of their dreams, and yet only 5% of people actually achieve their goals…and of that 5% only 1% are happy with achieving them.

Do you want to be happy?

Do you want to live the life of your dreams?

Did you ever think that achieving your current wealth goal…maybe live in a mansion…or own a fancy car…MAY NOT MAKE YOU HAPPY?

Why is that?

…and what is it that you REALLY WANT?

…WHAT IS IT THAT WILL REALLY MAKE YOU HAPPY?

I’m sharing videos and lessons on financial freedom…

…it’s not only so that you have more MONEY in your life…

…it’s so that you use MONEY TO FREE UP YOUR TIME…

…and that you can live up to your destiny…

…and be happy, making a positive difference in this world…

Let’s get started!

It’s easy to become financially free IF YOU FOLLOW A SIMPLE FORMULA

Financial Freedom EQUALS Passive Income GREATER THAN OR EQUAL TO Expenses

In order to build financial freedom, there are 3 steps:

 

Step 1

The first step is to love and appreciate ALL OF THE MONEY YOU HAVE RIGHT NOW.  This will give you the right attitude to create wealth AND happiness.

So take the time everyday when you wake up and before you go to bed, to think about how much you are thankful and grateful for all of the money in your life.  Do this until you feel tears of joy welling in your eyes and can feel appreciation and love.

Need help?  Go to Gratitude Log.

 

Step 2

Always pay yourself (save) at least 10% of everything you make (after taxes), and pay yourself FIRST, before paying out money to anyone else (bills, etc).  Put the money in a savings account in the beginning, then as you learn more, you can invest it to earn greater passive income (money you make with your money, and not by using your time, for example interest, dividends, royalties…).

Never spend your financial freedom money.  You can only spend the interest, dividends and other money that you make with it.

 

Step 3

Know where you are spending your money and budget so that you can reduce your expenses.  Make your passive income greater than your expenses and YOU ARE FREE!

 

P.S. I blog about financial freedom because it I love it, and learn from it, and help others become financially free!

I know that writing, reading, and sharing my knowledge with others was my calling…

…what about you?

…are you a writer?

…do you have a talent or skill that you want to share with the world?

…it could be anything…painting, cooking, gardening, negotiating…

…if you do, and want to learn how to make money online blogging while helping others…

…then CLICK HERE, watch the free video and get started!