Copyright 2005 William Tan
Simple Steps to Financial Freedom and Wealth Building
STEP 1: Make up Your Mind and Setting Your Goals
The first step to any form of planning is to determine your
objectives and to set your goals. Although it's the easiest to
do, most people do not do it. So, in this case, please take a
piece of paper and write down your financial objectives and
goals.
Keep it sweet and simple. And constantly refer back to remind
yourself of the goals that you have set. Trust me - you will
forget your objectives and sway off course if you do not have
your goals documented.
Decide on what you would like to achieve financially; develop a
plan to achieve it; stick to it to make sure that you stay on
track with your objectives. Put your mind, soul, and
determination to achieving these goals and you will arrive in
time.
Your goals should contain:
- Your Targeted Net Worth - Your Targeted Monthly Residual
Income - Your Starting Capital - The time (in years and months)
to achieve these goals - How much time per day would you
allocate to achieve the above goals?
For starting capital, it's best to only use risk capital because
when you are using your live savings to achieve this, you would
normally be too fearful to lose, that is when you make
emotional, instead of rational, decisions. As we know, in any
business, emotional decisions will, most of the time, turn to
bad decisions. We are talking about your financial future - so
please make only rational decisions - consider all possibilities
when things don't go your way.
Now that we have decided on your goals and your starting capital
to achieve these objectives, we are now ready for Step 2 -
Achieving Financial Freedom.
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