Finance categories make it simple to manage your cashflow and to keep more of your money for investing and for using toward securing financial freedom. Many clients who I speak to have tried budgeting and have set up finance categories which were far too complicated to keep up with when life started to get busy. In this article, I’ll be showing you four simple personal spending categories which you can use to achieve financial freedom starting right now. {Read More}
Feb
2013
Is your Cash Flow Adequate? – 5 Questions to Ask Yourself
Your cash flow is the financial energy that supports your standard of living; your purchase of goods and services; your children education; your retirement planning; your need and desire to care for love ones and others; and your overall financial security.
To maintain an adequate cash flow in your life, wise planning is required through the setting of long term goals followed by the objectives that will lead to successful accomplishment of these goals. Your adequacy of cash flow is then determined by what is needed to complete these objectives and ultimately reach your long-term goals. {Read More}
Dec
2012
The Right Mindset can Help Increase Personal Wealth
One of the foundational strategies for increasing personal wealth is getting yourself into the right mindset for building wealth…and I am not talking about attracting prosperity into your life simply by the way that you think. However, every one of your consistent behaviors is driven by the frame of mind which precedes the behavior.
Developing a wealth building mindset helps you to redirect your actions so that they naturally bring about the results of increased net worth and cash flow. This will help you identify some of the mindset changes which will make all of your other strategies for increasing personal wealth work. {Read More}
Nov
2012
The Quickest Route to Financial Freedom
Financial freedom can be a really long way away if you don’t know the quickest and easiest way to get there.
In this article, we’ll be talking about the quickest route to achieving financial freedom, but first, let’s talk about the slowest route: a shortcut. That’s right. Whenever you find yourself scrambling for a quick way to build financial freedom or for increasing personal wealth, you’re being counterproductive.
The answer to financial freedom does not start with making more money or creating passive cash flow or even building a solid net worth. {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
Increasing Personal Cash Flow Using Real Estate Investing
Increasing your cash flow through investing in property has always been a popular method for personal wealth building. Think about it: housing represents a consistent tangible need, and as long as people are buying it, it will remain one of the best strategies for increasing personal cash flow and building wealth.
The problem is that you can lose LOT of money using real estate if you do it the wrong way. Let’s look at a few ways to eliminate risk when using property investments to increase your cash flow. {Read More}
Oct
2012
Three Personal Cash Flow Strategies for Financial Freedom
Personal cash flow strategies will always need to be a part of your financial plan. You’ve probably realized by now that no matter how much wealth you have, you’ll always have expenses. Even if it’s only the expenses which you need to survive, you’ll always have a “debt” to pay.
That’s why a good solid cash flow strategy is key when it comes to increasing your personal wealth and achieving financial freedom. The following are three personal cash flow strategies that can help you to build increased financial security and maintain a healthy net worth. {Read More}
Oct
2012
How to Control Your Spending and Stick With Your Financial Plan
Even with a simple personal cash flow plan like the four bucket financial system, there are times when you might find it difficult to stick with your commitment. Many people find themselves working towards financial freedom and doing very well, only to slip one day and lose control of their spending, and then it’s all downhill from there.
In this article, we’ll be looking at a simple strategy for putting a stop to overspending so you can succeed with your simple personal cash flow plan and achieve financial freedom. {Read More}
Aug
2012
Is it a Good Time to Get Started Real Estate Investing?
Many people who were once considering real estate investing for the purpose of personal wealth building are now afraid to mess with it, at least until the economy recovers. However, is it really a good idea to wait or are there still plenty of opportunities for personal wealth building by investing in properties?
Believe it or not, now is as good a time as any to invest in properties, it’s simply a matter of how you go about it…
Why Real Estate Investing Will Always be Safe
People will always be buying houses…at least as long as we remain a civilized species that lives in houses. I suppose that if we went back to being hunter gatherers that the real estate market might suffer, but I wouldn’t bank on that happening any time soon. Nope, as long as people are living in houses, real estate will be one of the most practical and effective strategies for increasing your cash flow or for your wealth building.
This is not to mention that even if you end up with a house that you can’t sell (without taking a huge loss that is), you can still use that property for creating a monthly cash flow by renting it out. Then you simply collect that cash until the market recovers and the opportunity to sell it returns. The great thing about real estate investing is that it can never go to zero and that it can NEVER become completely profitless.
However, you CAN fall flat on your face with investing if you don’t know what you’re doing. This is why there are a few things you need to do if you want to succeed…
Neutralizing Your Risk in Real Estate Investing
Anyone who is interested in property for increasing personal cash flow or for personal wealth building needs to do three things to get started:
• Get a mentor
Just get one, never mind the money you might invest in it. The money that you’ll save in learning by the “school of hard knocks” will be well worth it…and then some.
• Prepare your credit
Unless you plan on paying with cash for everything, your credit will be one of your most important tools for real estate investing. So before getting started, check your credit report (not just the beacon score) and do what you can to get anything removed which might cause doubt for a lender.
• Get control of your finances
If you don’t yet have control of your cash flow in regard to your current income and expenses, real estate investing is not a good idea…or any new financial endeavor for that matter. Use the four bucket financial system approach to get your spending in priority, then you’ll be much better prepared to execute your investment program.
These three things will help you get started with one of the safest and most practical strategies for personal wealth building.
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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