Part 3: Too Brilliant to Be Intelligent!
If you truly desire to become financially free, there are a lot of basic thoughts that need to change. The truth also is that you cannot do it on your own, you need to hire a coach, or submit yourself to mentorship. Here are a few tips that are working for me, and I have no doubts will work for you as well.
1. Money is discipline. It’s not how much comes into your hand at once that matters, it’s how much you discipline yourself to put away for yourself that counts. Develop money discipline. Break Parkinson’s law, ensure your expenses don’t rise up to meet your income.
2. Open an Escrow account with your partner, and get a 3rd party coach or mentor to hold all the keys to the account. This way no money leaves the account without the alignment of 3.
3. Form basic rules that allow you to see the money in the escrow as future funds, plan to run this for 10yrs without making alterations. Define basic rules for the types of investments you can engage these funds in. Here again you need an experienced mentor or a coach.
4. Set a goal to generate at least 5 streams of passive income.
6. Have a regularly sequenced meeting with great minds to measure and track progress. Better if meeting involves couples. Keep your balance sheet and update it monthly.
7. Use the power of leverage, tackle challenges and investments as a group, this makes the process faster.
8. Read up regularly about Finance, remember, you were not taught how to make money, grow money or earn passive income in school, reading enough books to equal your age is a good place to start. Read and Practice. Here are a few you could start with – Richest man in Babylon, Success Secrets by Adeolu Akinyemi, Science of Getting Rich, Think and Grow Rich (Norman Vincent Peale and the Black Edition), Rich Dad Poor Dad, 21st Century Business, It’s time for Network Marketing, e.t.c.
9. Play Cash flow 101 often, play with friends, play with mentors.
10. Be clear with yourself that your dream is on the bench until you become financially free, pursue financial freedom like it’s the prerequisite to your goals in life. True riches only get handed to you when you have demonstrated mastery with money.
11. Look for other people to share this with and be a coach to once your life begins to steer in the right direction. One of the great secrets of learning is that to truly own knowledge you must teach it. So, learn like a teacher.
12. Appreciate your teacher, mentor and coach. Make it worth their while, and expect others to do the same to you.
These tips are not exhaustive, but if you put this on your plan as activity you must be involved, I can guarantee you that the year you implement this would be your best by far, so far.
Originally posted 2012-06-11 08:00:27.