Financial Independence is Possible - Part II

Dr. Iris Fanning
 


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As we continue on the discussion of Financial Independence, it's important to see and know your Big Picture. What age do you want to have the choice of whether you have to work? How much money annually will you need? How are you going to cover insurance etc. ? What freedoms do you want i. e. travel, your home paid for, a vacation home, the ability to attend classes. Write it down and envision yourself having these things, doing what you love and being the person who creates financial independence.

CREATE A HIGH AND PROFITABLE INCOME STREAM! Think outside your normal job or career to create revenue.

* Moonlight, increase fees, decrease business expenses, be more productive, get a better paying position.

* Get yourself into a field that offers at least 10 years of opportunity, demand, growth & pays well.

* Set a goal of saving 10-40% of what you earn.

* Create a side business that brings in revenue regularly with little maintenance.

BUILD A CASH BASE

* Build $25,000 in cash or liquid investments. There is a psychological feeling of independence at this level.

* Create a plan to have $250,000 within 10 years or sooner.

* Start the plan, set the structures and take action to make this happen.

CREATE PEACE OF MIND AND PROTECT WHAT YOU HAVE.

I cant’ tell you the number of women I've met who did not have life or disability insurance for their partners. In many cases, these are working women with children whose husbands earned about twice what the women earned. Then, the husband died suddenly in his 40's or 50's and the woman suddenly plunged to the poverty level!

This is not the “sexy" aspect of money, but it is essential.

* Get plenty of insurance: Medical, life, disability, homeowners/renters, business and liability.

* Invest in safer investments; no more than 10% in high risk investments. I've also seen the do it yourself day traders end up with great losses. It ends up more like a day at the casino with the same emotional highs & lows and even addictive tendencies.

* Don't put all your money in your business; force yourself to save and keep it separate.

LIVE WELL NOW!

Make elegant choices. This doesn't have to be expensive. Simple things like drinking your tea from fine china; taking a few cut flowers to work; visiting a museum or art gallery; attending free music in the park; going to a fabulous restaurant and enjoying tea and an appetizer. Small things, beautifully done can create great joy!

* You don't have to wait for the “big" rewards to enjoy yourself.

* Know that the present is perfect. Be happy and joyful now IN the process of being, doing and creating what you want.

* Don't buy things to medicate or for “future" needs; buy for immediate needs, benefits and small rewards.

Copyright 2007, Iris Fanning. All Rights Reserved Worldwide. Reprint Rights: You may reprint this article as long as you leave all of the links active, do not edit the article in any way and give author name credit.

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