Which of these three financial freedom resources is missing?
While most people dream of financial freedom, they lack the resources to ignite a new reality of financial freedom. These are the top 3 resources you need to ignite financial freedom in your life.
Ignite the resources of financial freedom
To build a financially free life, there are only 2 approaches … save, save, save and invest your way OR create a seismic shift (big increase) in your personal income.
When you want to increase your personal income, you will need a commercial vehicle or vehicles to monetize the value-added activity.
Many people start businesses to create resources for financial freedom; however, many people also do not achieve the results they want. When you integrate the following three components into your income explosion program, you greatly increase your chances of successfully attracting substantial resources of financial freedom.
Once you’ve chosen a business to open here are the 3 points you need to master …
1) Tactical Mastery – You must learn the mechanics of your particular business. More specifically, you must learn how to attract new customers through marketing. When you start building your financial freedom resources, you need to focus on this first. If you don’t know what to do, hire the talent or a consultant to direct you to the right place.
2) Personal Growth – All new business owners experience some degree of fear, and it is this fear that will impede their progress and completely block their success. Building resources for financial freedom requires you to develop emotionally; or increase your emotional IQ about business, people, and money. Personal development is the key to emotional development.
3) Financial literacy – Understanding how to effectively manage cash flow, daily operating requirements, and financial metrics for the particular business you are in is critical. If you don’t have this experience, hire a professional like a CPA. After all, your goal is to create resources of personal financial freedom, not just distribute money. For this to happen, your business must become profitable, and a competent objective consultant / “outsider” can save you a lot of headaches and failures.
Of these three mastery points, the top priority for any new business is to generate cash flow and then profitability. A nonprofit business doesn’t become part of your financial freedom resource pool, it becomes a drain on your asset base.
The best advice you can stick to is to find your niche – don’t expect yourself to be an expert on everything; Bring in the experts you need to help get your idea to market and turn your business into cash flow. Cash flow is king in business and personal cash flow is the most important financial freedom resource you can have.