A weekly column by Peter Lawless; Business Growth Specialist and Coach to Entrepreneurs. peter@3r.ie
Riches, wealth and financial freedom are like beauty; they live in the eye of the beholder. Everyone that I speak with or coach has a different definition of what financial freedom is for them.
These articles because of their title will actually NOT be read by a lot of people.
There are three principle reasons that people might not want to take the steps to get rich; - To some people it might involve too much hard work and besides, what would they have left to moan about and whose success could they begrudge should they actually succeed?
- Other people are too frightened to try and succeed in case they might fail. Most of us as children are told not to do things, not to try new things, not to take risks. This is often because the adult in charge does not have the time or inclination to help and mentor the child with what they want to do.
- The third and probably most misunderstood categories of people are those who are genuinely afraid of succeeding.
It may seem strange, but there are people like you who actually feel that they don't deserve success. You may feel different to successful people, but you actually are the same as them.
Everyone can find their own seeds of financial freedom and when they do, they need to sow them, nurture them, remove the weeds of indecision and doubt and they will have what their heart's desire.
How will you define financial freedom?
I want you to get a blank piece of paper and a pen, right now! And now I want you to write the following heading on it, and underline it like so;
Financial Freedom for me is:
Now write down as precisely as you can exactly what your definition of financial freedom is. I have included some pointers to help you know when you are financially free: - How will you feel?
- What will you look like?
- What will you do?
- How much will you have in the bank?
- How much will you spend each week?
- What will you spend it on?
- When will you be free of all money worries?
- Where will you visit?
- What will your house look like?
- What car will you be driving?
- What will you family be doing?
So was that really difficult to write down? About 80% of you reading this article, will not actually bother to do this exercise. You probably believe that life owes you something and that if you are not successful, well it's probably not your fault.
Unfortunately for me, I will not know your answer, unless of course you wish to email me it (peter@3r.ie). I love feedback and if I get enough answers, we will print them in the next issue we will only use your initials, unless of course you wish your name printed.
However if you do write to me and we do print your answer, it will be phenomenally invaluable, because you will have made a public commitment to yourself. You will feel an immense surge of pride seeing your name in print. You will also be 99% more likely than the rest of the population to actually be completely financially free, when you actually choose to be.
What follows are some steps have that been taken by people who became financially free, even though they may have been broke one or more times in their life.
11 Real-Life strategies to financial freedom
Have a Dream and Pursue it Thomas A. Edison, the guy who invented the light bulb, was not successful in everything he did. When asked by his assistant, having failed to perfect the light bulb for the 9,999 time, when he was going to give up, his response was Give up, why? After I have just discovered the 9,999 way NOT to make a light bulb I must be close now! he also said Genius is one per cent inspiration and ninety-nine per cent perspiration .
Believe in a Cause and Focus on the Positive Nelson Mandela believed in a just and fair society in South Africa . Rather than spending his time berating his oppressors, he spent his time working out strategies of how to integrate the races. He said As we are liberated from our own fear, our presence automatically liberates others .
Create opportunities from disasters John D. Rockefeller, who is better known as one of the most successful people of all time, built his empire on oil. He also defined the structure of philanthropy as we know it today. He said I always tried to turn every disaster into an opportunity.
Make Meaningful Decisions Tony Robbins, the motivational speaker was broke aged 25. He had access to more mentor training, than most of us will ever dream of, but it just had not clicked. Until one day he decided to be a success and did something about it. Running 11 companies, commanding $100,000 for a single seminar, He Said It is in your moments of decision that your destiny is shaped .
Be Prepared to Change Jack Welch, the legendary leader of General Electric, has an annual retirement income of $8million. His final salary was $94million. Jack Welch believed wholeheartedly in people and he knew that by giving them self confidence, they would operate at their best. He said Change before you have to .
Spot opportunities and Act on them One of Sir Richard Branson's books is titled Screw it Lets Do it. The Virgin tycoon, entrepreneur and billionaire always believed in having a go. He started life as a journalist and turned entrepreneur to save his magazine. With multiple companies, and a huge net worth, he said Business opportunities are like buses, there's always another one coming.
The most important decision you can make today, is to decide to be financially free at some stage in your life. Over 95% of retired people rely on the government to provide them an income in retirement.
In Ireland, huge property increases have led to massive retained equity in older people's houses. Unfortunately not many of the older generation actually enjoy the fruits of that wealth, as it is difficult to realise the value of your property without actually selling.
How will you become financially independent? If you can actually picture yourself that way and reinforce that image regularly, you start to think in a more financially astute way. Combining what you learnt here, with the other articles in the series, should guarantee your future security.
All you need is the will and self belief!
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