Join me on my Monthly Financial Freedom Routine!
I do the same steps every month to keep track of my financial freedom progress and take action steps towards my goals.
It’s a simple process, though the repetition monthly creates the powerful changes in my life.
Remember, I started out with over $40,000 of consumer debt and a negative $30,000 Net Worth…now I have no consumer debt and a Net Worth over six figures.
Here is my monthly financial freedom ritual!
Step #1 of Monthly Financial Freedom Ritual – Calculate Cash Flow, Net Worth, Passive Income and Financial Freedom Account
Every month I fill in a spreadsheet on all my expenses and income. The spreadsheet adds the numbers all up to give total expenses and income, and subtracts expenses from income to show our cash flow.
I also fill in the spreadsheet on current values of all assets and liabilities. The spreadsheet adds them all up and subtracts total liabilities from total assets to show our Net Worth.
I also calculate within our Cash Flow worksheet how much of the income is passive income.
And finally I keep track of the money we are investing for our Financial Freedom (money which we invest to make us passive income).
I do this for myself, Jomel, Jordan our joint accounts and our businesses.
I put all 4 numbers in a table for each of us.
Since we have 3 businesses, I have 4 numbers for 7 different entities.
Step #2 of Monthly Financial Freedom Ritual – Pay Myself My Passive Income
This is the most fun part of the monthly financial freedom ritual!
I take the passive income I made and I pay it to myself!
I then pay my husband his passive income.
I pay our joint account our joint passive income.
Then I pay my son his passive income.
I pay our business it’s passive income.
That’s pretty fun don’t you think =)
Step #3 of Monthly Financial Freedom Ritual – Research and invest in more passive income generating investments
Finally I take the money that we have been automatically transferring into our investment accounts and I invest it.
Some of our accounts are in index funds, where we are using the All Seasons Portfolio. CLICK HERE to learn more about it.
I will invest extra money that was deposited and rebalance if necessary.
Then I will check on our passive income investments.
Are they still performing, how is the company doing, should I sell, hold or buy more?
What other companies are available to invest in?
This is the time where I will research other options and possibly better investment opportunities.
Conclusion
I hope you enjoyed learning about my monthly Financial Freedom ritual.
If you are not Financially Free yet, then I highly recommend you adopt it for yourself!
If you need hand holding or want a coach to guide you, then check out one of our Finance Freedom Mastermind programs HERE.
If you want to ultimate one year coaching program, with a personal coaching session to do your monthly routine with you then CLICK HERE, enroll in the One Year Finance Freedom Mastermind and make your first coaching appointment!