9, 688 Likes 499 Dislikes
Jim Rohn: How to Gain Financial Freedom (Jim Rohn motivation)
Ever wondered how to gain financial freedom so you have no worries about money? Are you spending more than you make and going deeper in debt? You CAN reverse that trend!
The first thing you need know is this: if you are making financial planning decisions based on how much money is in the bank right now, then you are being controlled by the money, and this usually creates a constant worry about money problems. You need to control the money to gain financial freedom; not the other way around.
Fortunately, there is a money management system that you can use to control your income and debts to get on the road to financial freedom. However, most people are completely unaware that it exists. This is not the type of financial planning involved in investments such as stocks and bonds. Here are the seven steps of this business cash flow management system:
1) Accurately predict how much money is needed to operate the company this week and in the future.
Figure out exactly what has been spent, by category, over the past year. This becomes the budget. The correct definition of budget here is: the amount of money it takes for the organization or household to function and to attain its goals. That is also called the break even point and tells you the minimum amount of income required just to stay afloat. This is the first step in effective cash flow management.
2) Figure out how to collect the amount of income needed, and more, to do better than just break even. Remember, you’re going after YOUR financial freedom here.
3) Find out exactly how much you owe in bills and other debts. This takes a bit of courage to confront, but what you don’t know because you’re just not looking at it, can undermine your profit and wealth building progress.
4) Find out how much of your income is actually available to spend. Most people forget that when the money comes in, some of it is already committed. When you spend more than you brought in, the difference usually ends up on a credit card as debt. When you are striving for financial independence, spending less than you make is critical.
5) Set aside regular amounts of cash from your income for the future – always pay yourself first and put the money in savings toward gaining financial freedom. For substantial wealth building, a minimum of 10% is recommended.
6) Portion out some of your money toward paying past-due bills, debt, current bills, and then portion out a bit for future large expenses that are difficult to pay when they come due. Careful, consistent money management can speed up your business wealth building progress.
To use your money wisely, you need to treat it as a resource. Correctly managing your money will determine how well your company or family will survive now and into the future. Correctly applying these seven steps of Financial Planning will make financial freedom happen for you.
Jim Rohn, Brian Tracy
Visit Jim Rohn's websites:
Follow Jim Rohn @:
Subscribe to Brian Tracy's Channel
FAIR-USE COPYRIGHT DISCLAIMER
* Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, commenting, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use.
1)This video has no negative impact on the original works
2)This video is also for teaching and inspirational purposes.
3)It is not transformative in nature.
Law Of Attraction Coaching does not own the rights to these images, videos and audio files. They have, in accordance with fair use, been repurposed with the intent of educating and motivate others. However, if any content owners would like their images removed, please contact us by email at email@example.com