The Financial Freedom Day - A Wealth Secret of Millionaires
by: Loral Langemeier
Or… what your financial advisor will never tell you
The first step on the road to making you a millionaire is to create and clarify your vision. This is true even for my clients who start from a position of great debt.
Your vision should also include an emphasis on producing income. In 1991, when Donald Trump was $900 Million in debt, it's pretty clear he didn't shrink his life and focus on reducing debts. Instead, he found a way to rebuild his wealth so that it surpassed and soon eliminated his debt, creating one of the greatest financial turnarounds in history.
Plan a Financial Freedom Day
Once you've defined your overall vision for what you wish to achieve and the lifestyle you'll be leading, it's time to declare your Financial Freedom Day, the day when you've reached your financial goals. You declare this day by quantifying your vision with a measurable goal in order to best map out a strategic plan to get you there.
There are three things you need to decide in order to declare your Financial Freedom Day:
1. How much cash flow you need to receive each month
2. What you want your net worth to be
3. The specific day, month, and year that you want this to occur
I know very well that if you start writing down numbers, they can get a bit discouraging. It's one thing to say that you'd like to have a net worth of $3 million and a cash flow of $30,000 a month by the time you're 50 years old. But it's another to make those commitments and then look at where you are now. That gap can scare you away and make you abandon any vision, no matter how compelling. It is vital that at this point you see these numbers as reference points and measurements, and every hurdle as an opportunity to learn a new lesson and make a better choice.
Take Massive Action
So now you have your vision and Financial Freedom Day clearly defined and written out. Great! But if you fail to take this next step, you won't move forward. The next step is simply taking action. The Wealth CycleTM is about massive action. Millionaires are always in motion. To produce big results, you need to take big action - massive action. This means doing many things at the same time and the right things at the right time, so as to achieve your vision.
Many people want to act on their financial goals but don't, simply because they don't know how or where to begin. To take massive action you need to do three things. The first is to define your vision. The second is to develop a strategy, and the third is to implement the strategy through multiple tactics.
Developing a Strategy
To generate wealth, you need a specific plan for doing so. For instance, this might mean a plan for a new business that will increase income, and the reallocation of your existing assets in such a way to bring in more passive income. This is where you need the guidance of experts and mentors.
Using tactics
Tactics are the means by which you will be executing your strategies. For instance, this means breaking down all the steps involved in reaching your Financial Freedom Day and putting them in the most effective sequence.
You can think about your goals and write them down as much as you'd like, but without action there will be no results. Tactics give you specific steps to work with. Action is the fuel that propels you forward. I want to assure you that at this point there is no need to actually believe you can do this. Getting started just takes getting started.
Yes, even you can do it
Many of you reading this article might be thinking, “Yeah, this all sounds great for someone else, but not me. I'm just not the millionaire type.” Creating wealth, however, is a decision. And it's a commitment to act on that decision by honestly looking at where you are now and creating a realistic plan that will get you to where you want to be. It also requires assembling a quality team that will help on this path. No matter who and where you are, wealth building is well within your grasp. You just need to step up to the plate.
About The Author:
Loral Langemeier
Learn about money strategies from a woman who makes millionaires. Get three fr ee chapters from Loral’s bestseller "The Millionaire Maker." Visit http://www.LiveOutLoud.com/millionairemaker/FreeChapters1.htm
March 2006
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