Audio from Secrets to Millionaire Success by Chris Widener
Chris Widener’s website – www.madeforsuccess.com
Financial freedom is a buzz word for our community – This is the pursuit of millions of people, but most of the people do not understand the real meaning of Financial Freedom.
Financial freedom has nothing to do with how much money you have or how much money you make.
Financial Freedom is inside you. Many people who are not making much are very satisfied and have financial freedom.
It is the ATTITUDE
What are the attributes towards financial freedom:
- Choose not to worry about money. Worry is a bad use of the imagination. Imagine a life of abundance.
- You can be happy regardless of your financial condition or state. Happiness in people who have lot is money is not due to money. Generally it is due to relationships they build.
- Money will be means to an end, not end itself. Goal should be how much to give away in the end.
- I am FREE – We are free to earn money, free to save money, free to give money away. I am free to SPEND. You can spend on yourself. We are free to make choices.
EARN ALL YOU CAN; SAVE ALL YOU CAN; GIVE ALL YOU CAN
Other considerations for Financial Freedom
- Debt is primary freedom killer. Get rid of your debt.
- Embrace delayed gratification – delay your wants now, invest money and later have your gratification fulfilled.
- Have more by managing your money better – Live by a budget
What are your attitudes about money?
Change a few attitudes and be financially free. Work with at financial advisor who can guide you.
- In investing, in beginning be aggressive and be conservative in end – maximize your return when you are young, be more aggressive. You have time on your side. The older you get be more conservative i.e. less risk.
- Use Insurance to protect yourself and your family
- Use a broker when investing in stocks – due to new technology you can do everything yourself, do a part yourself, but for major investing use the expertise of a broker who can watch your accounts when you are busy with other things.
- Start early – Law of compounding, as to how the interest works, works wonders.
- Rule of 72 – divide the interest you are making by 72 and it gives you in how many years you double your investment.
- Be Disciplined – Those who make money in long term are very disciplined.
- Control your expenditures, spend less than you earn
- Savings is important
- Investing the savings
All this will give you abundance in end
SHORT TERM INVESTIMENT x TIME = LONG TERM ACCOMPLISHMENTS
Make sure to make getting out of debt as your #1 Goal. Don’t buy anything until you are out of debt. The only debt you should have is your house debt.
Learn about money, read “Rich Dad, Poor Dad” (book by Robert Kiyosaki). Learn all you can about money and how it works, whether you like it or not. Know basics of savings, interest, investing. Read “Smart Money” magazine.
SAVE – INVEST- SEE YOU MONEY GROW OVER YEARS!