Hello Fellow Knowledge Seekers,
While the definition of success can be defined differently by different individuals, we can all agree that Financial Freedom is made of a few key components:
- freedom from debt
- freedom from an hours for dollars job
- freedom from bills
- freedom from credit scores
- freedom from disasters that cause financial melt downs
- freedom of choice/options
- freedom from a bad economy
- freedom from tax audits
So how do you create financial freedom?
1. Create multiple streams of different kinds of income
Business incomes:
- Network marketing
- Internet marketing
- Affiliate marketing
- Founding partner or president of small business that you intend on turning into a franchise or scalable business model
NOTE: —
Brick and Mortar Franchisee Owners or those looking to buy a Brick and Mortar Franchise —
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Investments:
- Stock market –> day trader/swing trader (options, covered calls, strategies for bear and bullish markets)
- Real estate –> equity in your own home, rentals, fixer up and flip
Stash the Cash Away:
- Savings accounts
- IRA’s
- 401 k
(these are all good for tax free money GROWTH or compounding interest)
2. Having protection, security, and insurance over your money and property
- Identity protection
Insurances against disaster:
- health
- automobile
- life
- home
- Wills and Trusts
- Business licensing, trademarks and patents
- FDIC insured checking, savings, money market and CD accounts
- A good lawyer (or two)
3. Keeping your money organized
- Accountants and book keepers are your best friend
- Keeping a written record of your monthly money budget and spending habits
4. Alternative Money Sources
- Bartering
- Buying and trading SILVER
- NOT paying bills VIA GREEN energy sources
5. Not letting your money own you
- Giving finances to charities/non-profits each year and tithing every month
- Pay it forward – mentor someone else with your skills




Fri, Jan 15, 2010
Entrepreneurship