There is a Wash Rinse Repeat Cycle to financial freedom.
It’s easy, it’s fun and IT WILL MAKE YOU FEEL GOOD!
Here it is.
Wash
Wash your finances.
I do this once a month, usually at the beginning of the month.
Do this by scrubbing away unnecessary expenses.
Then add in some income generating assets. Take the 7 Day Finance Freedom Challenge if you don’t know how.
Increase active income as well by discussing and implementing strategies from your tax advisor.
If your income is from a job, then maybe start a side business with the help of your legal and tax advisor.
If you have a loss of income, then it might be a good time to move money from a Traditional IRA to a Roth.
If you need cash handy but not now, pay off open lines of credit or whole life cash value loans to save on interest.
Try something new, like lyft or uber driving, or bitesquad or door dash.
Try network marketing.
Explore new fun ways to make money.
Wash your finances.
Rinse
Check your numbers.
Calculate your total income, your total expenses.
Figure out your Income Statement or Cash Flow by subtracting your expenses from your income.
Write it in a table that you update once a month.
Do the same for your assets and liabilities.
Subtract your liabilities from your assets to get your Net Worth.
Write it down.
Total your passive income, write it down.
Write down the value of your investment accounts (financial freedom account).
Rinse off all of the actions you’ve done from the prior month and write down your financial numbers.
See where you are at financially.
Repeat
Repeat the process once a month.
I usually do it in the beginning of the month.
Feel good about the fact that you took action and that you are following these steps.
You will be financially free my friend!