5 Habits To Master To Become Financially Free
Aloha from Honolulu, HI and today I’m going to teach you 5 habits to master to become financially free.
I don’t know if you’ve realized but most of what you have learned has become habit for you.
You can drive, brush your teeth, cook dinner.
If you’re a parent you know how hard it is for children to learn to do anything new in the beginning.
You have to practice until it becomes second nature…or a habit.
Here are 5 habits you need to master to become financially free.
#1 Pay Yourself at Least 10% of Everything You Make
Every time you make money, pay it to yourself be putting it aside in your financial freedom account.
This could be a retirement account, a savings account, a brokerage account, or some other account set aside and used for the sole purpose of making you financially free.
The best way to create this habit is automatically having your payroll send 10% to your financial freedom account.
Another method is automated transfers, weekly makes the amount smaller and easier to manage sometimes.
#2 Research Investments Weekly
Every week take time out to research investments.
We do this every Friday for 40 minutes in our Security Analysis Mastermind – CLICK HERE to find out more.
In our Security Analysis mastermind, we trade with paper money (pretend money) as we learn how to be successful investors.
You can also research properties, businesses, and other investments depending on your interests and expertise.
Set aside a time in your calendar and stick to it.
#3 Track Your Financials Monthly or Quarterly
Set a time to update your income statement and balance sheet monthly.
If you don’t know what that is, then CLICK HERE.
You want to know where your money is going, whether it is growing or not, and understand your money on a regular basis.
#4 Write Down Your Financial Plans and Follow Them – Review Annually
The money that you are putting aside automatically into your Financial Freedom account is for investing.
Investing your money wisely takes practice.
So every time you do your financials, do your investing.
Since you are researching investments weekly you will have some ideas on where to invest.
Always start with written plans that begin with really conservative investing as your base line.
CLICK HERE for how to set up your financial plans for Security and Comfortable.
#5 Meet Regularly with Friends and Mentors Who Are Financially Free
The financial world changes all the time.
The only way to know how to become financially free is to learn from those who are financially free.
Ask your friends and find out who is financially free.
Join a mastermind, a coaching program or meet people at seminars.
Volunteer and meet the people funding the projects and who have time to volunteer.
If you look around and ask around, you will find friends and mentors.
Reading books by Financially Free people is also a great way to learn from them.
I read 1 book on Financial Freedom a month to keep my knowledge and keep me motivated.
Get your Financial Freedom advice from these people only.
Conclusion
If you can make these 5 actions habits, then you are well on your way to becoming financially free.
The first habit is already enough to turn your finances around dramatically.