Anyone who wants to build wealth or achieve financial freedom and independence needs to seriously consider the act of charitable giving, even before “having the money to do it.” I realize that this probably the most counterintuitive financial advice you’ve ever heard, but giving 10% of your income towards charitable causes can greatly multiply your ability to earn, to build financial freedom and to even create wealth. If this sounds hard to believe, I challenge you to consider putting this principle to the test. Let’s look at how to do this and a little bit about how this principle works to help you achieve financial freedom: {Read More}
Feb
2013
Creating New Wealth: 7 Steps for Getting Rich
Many may agree that the ease of attaining financial independence is related to having the proper mind set and performing specific steps repeatedly as has been done in other successful projects. However easy it may seem to make money, I have no doubt that many will also agree that it’s the most difficult thing in the world to keep it. {Read More}
Feb
2013
6 Steps to Retain More of Your Life Earnings
Do you want to earn more than a million dollars during your life working period? According to the U.S. Census Bureau Report, you can if you complete high school and work for 40 years. For the same life working period, you can boost your earnings above $4 million, which is more than three times the amount earned with only a high school diploma, by completing a professional degree. In our society, these statistics reveal a unique relationship between education and training and growth of personal earnings. Although not expressed in the above statistics, any relevant education and training opportunities whether offered on the job, in special seminars, in workshops and during apprenticeships that expand knowledge, develop new skills, and increase productivity are related to increases in personal earnings. {Read More}
Jan
2013
Debt a Wealth Building Tool or Financial Bondage?
There is an ongoing debate about whether or not debt is an effective tool for building wealth or a means of putting oneself into bondage. Financial advisor and radio personality Dave Ramsey and marketing expert Dan Kennedy (aka, “The Millionaire Maker”) are both passionately against the use of debt for any financial purpose and consider it to be a severe hindrance to wealth creation. On the other hand, there are many financial experts who passionately disagree with this position and who consistently advise people to leverage debt to build wealth…so who is right? {Read More}
Jan
2013
What If the Recession Never Ends?
Many people are asking when the recession is going to be over so that they can begin working on building wealth or gaining financial freedom again. However, there are those who claim that the recession is not going to end, because what we’re experiencing is not a recession, but a transition into a new kind of economy. So who is right and how can you plan for the future and make sure that you achieve financial freedom for yourself and for your family? {Read More}
Dec
2012
To Retire or Not to Retire?
A lot of people teaching about how to build financial freedom these days are talking about building wealth for the sake of retirement planning. Yet, considering that the majority of people never get the opportunity to retire in comfort, the question comes to mind: “Is retirement really the best goal when it comes to achieving financial freedom?”
Timothy Ferris addressed this question in his book “The Four Hour Work Week,” where he suggested that retirement was “fool’s gold” because the objective was to work and save money and invest in hopes that you would one day be able to quit. So is retirement still a worthwhile goal or is Tim Ferris right?
Let’s look at a few things to consider before you set retirement as your primary objective when it comes to building wealth and financial freedom.
An Honest Look at Your Nine to Five
Is your goal to retire motivated by your disgust for working? If so, and if you hate your job or if you feel that you have no sense of fulfillment or purpose in it, you’re better off focusing your energy on making a career change instead of on retiring after 45 years of doing something that you don’t like.
There are several reasons for this, the first being the impact which work stress can have on your physical health. Did you know that the majority of heart attacks occur between the hours of 7 and 8 am on Monday mornings? This is just a glimpse of how work stress can affect your mortality and your quality of life.
Many people never make it to retirement age because of stress related illnesses or end up to sick to enjoy it when they do. Not to mention that a lack of fulfillment in your job can cause overspending in an attempt to make up for the lack of excitement and personal fulfillment. This is not to mention that fact that you’re spending most of your life now doing something which you don’t enjoy just so that you can hopefully stop and learn to enjoy your life when you’re done…in spite of having spent so long doing something you don’t like. If you dislike your job, retirement is not the answer and it’s time to start working on an exit strategy.
What Will You Do When the Time Comes?
When the time comes for you to retire, what do you plan on doing? If you don’t have a clue right now, than you have nothing to inspire you because there’s not a lot to look forward to. Personal growth expert Steven Covey says that you can retire from work but that you should never retire from meaningful projects. It’s essential that your later years have a purpose and that you have something to inspire you to stay focused and to keep your creative juices flowing.
Your body will respond by keeping itself healthy for longer and you’ll have a lot more to look forward to, which will create inspiration to work harder on your retirement planning. So give these things serious consideration as you work on your plans for achieving financial freedom and retirement planning.
There is more…Click here to receive your free ebook on Personal Wealth Building and learn more.
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Nov
2012
Financial Freedom Is Not Just About Finances
If you are on a mission to achieve financial freedom, it’s essential that you understand the connection between health and finances and how it can potentially affect your aspirations for building wealth.
Considering that the number one cause of personal bankruptcy is medical bills and the fact that health insurance is getting anything but cheaper these days, it’s not hard to see where the impact of your health is on your goals to achieve financial freedom. However, it is also true that people who are in good health have a higher energy level and a greater ability to focus and to be more productive and disciplined. {Read More}
Nov
2012
How Tightly Do You Have to Manage Your Personal Finances?
A simple personal cash flow plan is always better than one which is complicated, difficult to understand and even more difficult to live on.
Too many times, people over complicate their personal cash flow plans and try to draw in their purse strings so tight that they burn themselves out and give up on their financial freedom plan altogether.
So this raises the question: “Just how tightly do you have to manage your personal finances?” This article will answer that question and help you to stay on track with a simple personal cash flow plan… {Read More}
Oct
2012
Three Reasons to Keep a Spending Journal
Keeping a spending journal is one of the most important financial decisions that you’ll ever make. So why don’t more people keep track of what they’re spending?
Chances are if you’re not keeping a spending journal right now you’ve either never heard of it or you aren’t aware of the benefits.
What could it possibly do for your financial situation to simply write down how much you’re spending? If you’re wondering about this, here are three reasons why you need to start keeping a spending journal as soon as possible. {Read More}
Oct
2012
Secrets to Financial Freedom: What’s the Safest Investment Strategy?
With all of the volatility in the economy these days, many people are questioning what the safest investment strategy is.
If this is a concern for you, then you might have already considered mutual funds, stocks, gold and several other strategies. Yet, how do you know which investment strategy to put your money in so that it will not only be safe but that it will grow? {Read More}
Sep
2012
How to Stop Stressing With Your Investments and Start Building Financial Freedom
Life is too short to spend it stressing out over your investments…whether they’re going up or down or directly into the dirt. All of the uncertainty surrounding investments is enough to make you want to stick your cash into mason jars under your bed and be done with it. Thankfully, you can put a stop to stressing over investments and start enjoying peace of mind and success.
All you have to do is start focusing on the investment strategies are timeless and which give you the greatest sense of control. Let’s look at two investment strategies which I’ve found to be pretty pain-free and great for increasing personal wealth.
Investment Strategy #1: Real Estate
No matter where you are, I want you to think about just how persistent the need is for people to purchase real estate. Everyone who needs a home needs to live somewhere, whether they’re renting from someone or mortgaging or purchasing a house outright. This means that if you invest your money into real estate, you’re investing it into something which is always going to have value. Real estate is one of the only investments which can never hit zero, although it can go down quite a bit at times.
However, even when the real estate market is taking a nose dive, you can still rent out the properties which you own until you find yourself in a position where selling them for a profit is an option.
Many people think of real estate in terms of only buying low and selling high, which is why a lot of people end up losing money. However, if you learn how to read the market, you’ll know when to buy, when to rent and when to sell. This is when real estate starts becoming a smart and stable investing strategy.
Investment Strategy #2: Your Own Business
Investing money into your own business is perhaps the most stable investment strategy which you can engage in. It’s like investing into your education, where you’re also acquiring assets that can help to create wealth using your specific knowledge and expertise. For example, if you invest money into having a product created which you can sell for years to come, you’ll have a form of wealth which can help you to earn money over and over and over…perhaps even for life (depending on the type of product).
Thankfully, with the automated technology of the internet and the global economy, creating your own signature product is now easier than it has ever been. As long as your investment goes towards building an asset which has real value to people, investing in your own business or brand can prove to be the most profitable and secure investment moves that you can make.
There is more…Click here to receive your free ebook on Personal Wealth Building and learn more…
Image made available by Marian Kraus Photography Inc.
Frederick W. James MD is both a seeker and teacher of balance. Keeping in mind the understanding, “There is always something to learn,” Dr. James knows life, like finance, is a balancing act that needs constant attention. This is the foundational thought of his behavioral philosophy that secured his wealth and guarantees it for others. After years of preparation, the career cardiologist created wealth to benefit his family and others. Now, this innovative system of responsible spending is available to all through his financial coaching program and book, Spend, Don’t Save.
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