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Financial freedom is one of the most desired wishes anyone has, and it is so for a good reason. You can never expect when there will be a financial crisis, sweeping away all your wealth and income sources. As a result, educating yourself about the importance of financial freedom, as well as the means to achieve it is very essential.
Robert Kiyosaki, an eight-grade dropout entrepreneur and investor, is one of the most popular financial literary activist and commentators living today. His book “Rich Dad Poor Dad” is rated as one of the best personal finance books of all time, and in it he details many ways to achieve financial freedom.
Here are Robert Kiyosaki’s 10 Keys to Financial Freedom:
1. Accept Full Responsibility
Every choice you make has its own consequences, some of which may cause damage to your wealth irreversibly. Hence, you must accept complete responsibility to secure your financial future. Understand that every decision and choice you make today will impact your life tomorrow. Therefore, it is essential that you evaluate all your financial decisions, purchases and expenses within the context of your long-term financial objectives.
2. Control Your Spending
We live in a consumer-driven world where we are compelled to spend continuously. Your spending habits are one of the main reasons why you won’t be able to secure your financial future easily. Track your every expense and think twice before making any purchase. It will be hard to do so at first, especially if you are prone to uncontrollable spending, but once you learn how to manage your expenses, then moving towards achieving your financial freedom will be a cakewalk.
3. Having a Budget is Crucial
Creating a budget and living within its limitations is crucial for achieving financial freedom in your life. A budget gives you the input you need to manage your income and control your expenses. In short, a budget gives you a sense of accountability. If you want to secure your personal finances, then a budget will provide you with tools to achieve just that.
4. Pay Yourself First
One of the key fundamental practices to achieve financial freedom is to work for yourself, rather than work for a bank or a credit card company. Learn to pay yourself first before you pay someone else. By doing this you achieve two things: you make yourself richer, and you stop getting poorer.
Only when you save money today can you invest it tomorrow, ensuring your financial freedom in the process.
5. Never Have Any Debt
Debt is one of the leading causes of financial insecurity in many people’s lives. It starts consuming you from the inside, stopping you from pursuing your dreams, hopes and goals in life. Debt deprives you of a happy future. Being debt-free should be one your unrelenting goals in life, and you should commit yourself totally to stay that way.
Debt-free living should be your passion if you want to achieve financial freedom.
6. Establish an Emergency Fund
An emergency fund is a cash cushion that will support your living expenses for at least 3 months. It can also come in handy when you need to cover unforeseen expenses in your everyday life such as repairs, medical expenses and other emergencies. Having an emergency fund is essential to make sure that you don’t resort to debt when such situations arise. Ensuring that your living expenses will be covered will also give you “peace of mind”.
One of the best ways to have a cash cushion is to set up an alternate bank account and start saving for your emergency fund.
7. Never Stop Learning
Educating yourself about financial matters regularly should be your top priority.
Today, there are countless sources to update your knowledge about the finance industry and how it works. Take full responsibility of your financial life by committing yourself completely to it. Instead of reading all topics in one sitting, you can start learning one subject at a time. For example, you can read about home budgets if that is what you are interested in. Likewise, there are many other financial matters that you can learn consecutively, thereby increasing your overall financial literacy.
8. Have Clear and Concise Financial Goals
If you don’t have any clear defined financial goals, then it will be very hard to work towards securing your financial freedom. If you want to establish a big business, work towards it by starting your own company. Alternatively, if you want to be an investor, learn to pick the right opportunities and grab them immediately when available. Only when you have your financial goals clearly in your mind will you be able to recognize your true potential.
Having goals and working towards them will also motivate you to life the life you’ve already dreamed out.
9. Network Marketing
The low startup cost of setting up a network marketing company is a great advantage to have. It is very hard to start a big business without huge investments and time. A network marketing company will give you the time you need to build your business skills and transition from being a low-level employee to a highly paid businessperson. Hence, networking marketing is one of the perfect ways to secure your financial freedom. Network Marketing supplies you with a residual income, so you make money while you sleep and travel.
Editors note: Just make sure that you believe in the companies products and that they are legit and credited. One company with a great reputation and amazing results is Isagenix.
10. Simplify Your Life
Life is becoming more complex with almost every passing day. Running after money and your financial goals will distract you from things that are very important in life. As a result, you will start to lose your motivation and slump into the darkness. Hence, it is very essential that you simplify your life by freeing up your mind of all the clutter.
The key to financial freedom is very simple: convert your regular earned income into passive income or portfolio income. With this in mind, it is very easy to achieve the goals you desire without giving up on things that you hold close to your heart.
This article is originally posted at www.entrepreneur.co.za
If you want to take charge of your financial life we invite you to our CashFlow Club.
Are you tired with working hard?
Tired of doing the same thing every single day?
Do you want to change it and become better and more successful?
If these things are true, then you might want to go to the Rich Dad Asia workshop.
This is a workshop that is being offered only to people who are ready to change their lives, who have the ability to really improve their lives.
The Rich Dad Asia workshop is taking place in Cambodia for those professionals and entrepreneurs, who are ready to succeed in life, earn more money and have a better life.
The Rich Dad Asia Workshop will teach you many incredible techniques that you won’t have heard before that will show you exactly how to change your life. After the workshop you will be surprised that you hadn’t done this action years ago, but it is not too late – start now and change your life.
The workshop will teach you how to make your money work for you, rather than you working for your money. It will teach you how rich people become rich (here is a hint, it’s not how you think). You will learn how to become an expert at the stock market, and how real estate can make you more money than you ever thought possible.
This workshop is led by Bellum Tam. Bellum Tam is a multi-millionaire who has applied many of the concepts that he has used for his businesses and investments, and now he will teach you how to do what he has done, based on the works of Robert Kiyosaki. Robert Kiyosaki is the author of Rich Dad Poor Dad, a bestselling book teaching you exactly how to become successful and rich.
So if you’re ready to leave your boring life behind, and start living the life you know you deserve, attend the Rich Dad Cambodia workshop, you will regret it if you don’t.
Call us 023 6364 966 or e-mail us to book your seat/s.
Consumer households and businesses need to have cash on hand for general needs and for emergencies which may occur. Entities can easily run into trouble when adequate cash is not available. One thing with having steady cashflow is it is needed for long-term success and for daily expenses. The money which is earned by an individual needs to be put in a safe place to grow income. However, a household needs to have a certain amount of cash that is liquid. This means basic investment accounts need to be easy to access and are not subject to any losses.
Individuals need to be conditioned about the different aspects of earning money. This means taking the time to learn about the best ways to invest and keep extra money on hand. The best way to do this is to have a dedicated coach who is able to provide an individual with basic feedback and encouragement. This can easily be done by joining a group of like minded people, such as Cashflow Club Cambodia.
There are many aspects about finances that need to be understood by consumers. This includes how to develop financial intelligence, learning about basic accounting and skills for managing risk. There is also strategic thinking skills every person will need to know. One main aspect is being able to see opportunities that were not seen previously. Many people are stuck in a rat race and often feel they will not be able to achieve financial success.
Visit Cashflow Club Cambodia for more information about obtaining success and financial growth.
Everyone wants to know how to be happy. Despite the fact that people want to be happy and go through so much in order to do so, it seems as though there is an overwhelming amount of the population that is anything but happy. In addition, almost everyone wants to Be RICH. Being rich can often be linked to happiness because it affords an individual the opportunity to do what they want and enjoy life without worrying about whether or not there is enough money to go around.
In addition, being wealthy eliminates many of the problems that people have which prevent them from being happy in the first place. For example, people that have a lot of money do not have to worry about how they are going to pay the bills each month or whether or not they will have a roof over their head or food to eat. All of these concerns are basically taken care of as the accumulation of money all but eliminates the need to focus on these problems, allowing people to thereby place their focus on other things.
In addition, having a lot of money makes it possible for people to do many of the things they have always dreamed of doing, but were not able to do without money. For instance, rich people have the ability to travel and to allow the family to see things that they may not have ever been able to see or experience before. Traveling is something that enriches one’s own culture by being exposed to the culture of other individuals and it makes everyone a better person for having experienced these differences.
Furthermore, people that have a lot of money have the opportunity to be exposed to a higher level of education or to experience the arts. All of these things enrich personal culture and help people to become better rounded, more balanced individuals. This in turn leads to an increased level of happiness. That is not to say that money is the only thing that can make a person happy, but if a person does not have money, it can certainly lead to great deal of unhappiness. Having a lot of money essentially enables a person to live the life that they have always dreamed of living and thus be exposed to the things that make them happier. People that do not have enough money to live comfortably do not have these options and therefore are often denied the things that make a person truly happy.
In closing, money is an important factor in a person’s happiness. Being rich and being happy is a goal that many people have and there is certainly nothing wrong with that. It is simply a desire to live a good life and enjoy the things that make an individual happy. There is no reason that anyone should ever be denied this opportunity. In fact, it is something that every person should strive for in order to have the chance to experience a truly full and happy life.
We believe in the financial education is the first step to become RICH and Happy. That’s why we bring Rich Dad Asia program into Cambodia. If you have a desire to become rich and become happy then you can be our guest for the next Rich Dad Asia program in Cambodia.
According to Robert Kiyosaki, getting rich starting from THINKING. Change the way we think and our financial life will be changed.
Is it that simple? Why the mass majority of people are poor? There must be a missing link that we do not understand what he means by Changing our Thinking. Let’s listen to Robert Kiyosaki and find out how to be rich.
How do you think about his advice from the video above? Please share what you have learned from Robert Kiyosaki on how to be RICH.