The 7 steps below are for anyone wishing to take control of their financial future. They are what many of the super rich have done and continue to do to place themselves in a position of greater financial strength. If you apply them, you to can reach a position of greater Financial Empowerment.
Here they are:
This can sometimes be an overwhelming subject. Although this maybe the case, it is one of the most important steps when it comes to Financial Empowerment. Start by taking stock of where you are today by putting in place a budget. Next track all of your expenditure. This will help you identify where all you extra money is going and what is keeping you from hitting your financial goals. Consolidate any debts you may have e.g. credit cards, personal loans, student loans, store cards etc. Quite often debt is caused not by not having enough money, but by the mismanagement of what we do have.
Make regular SAVINGS in tangible assets
This can be done with Real Estate, Gold and other precious metals, Antiques, Coins, Savings Bonds, Cash etc. Simply, tangible means there is value in their substance.
Create Multiple Sources of Income (MSI)
Put simply, the cure to harsh economic times is to develop and grow multiple sources of income when securing your financial future. Anything that will provide you with a positive cash flow is very important. No longer is security in just holding down a job. It is simply just one of many sources of income. A home based business is a great area to start developing other sources of income.
Become a Supplier of in-demand products
The great thing about the human race is that we all consume products one way or the other. This step requires a bit of thought on what you can supply that is in demand. It’s about seeing a need in the market place and filling it. Or said even simpler is to solve their problem with your product or service.
Make Compounding labour work for you
One of the best ways to achieve this is to duplicate you efforts through a business with a system. There are many real life examples of people who have made this happen. One of the most common we all know is Ray Kroc, the Founder of the McDonald’s business model. Start to think of ways that you can make this happen for you. Network marketing is one of the best models I know that can help you to achieve this by following a system of proven success. Beware though that not all of the network marketing companies have a duplicate system of success – so do your research.
Asset class Diversification
This step is quite self-explanatory. Having a diversified set of assets can mean minimizing risk when it comes to your finances. If one area were to have a downturn or fail, there are other classes to pick up the shortfall. This can create a buffer where one can counterbalance the other until the shortfalls are regained.
Being able to operate internationally is easier than ever these days with the advent of the internet. Being able to do business online has opened up so many doors to anyone wishing to gain global exposure.