The 7 Steps to Financial Freedom
Do you want to be wealthy, to live a comfortable life without working and to be financially free?
If so, you’ve come to the right place!
This website is all about helping you make smarter financial decisions, put your money to work for you and reach financial freedom. To help you get started, check out the best Dreams Cash True has to offer below.
I believe that anyone can reach financial freedom if they master the seven basic steps that have been used by countless successful people to grow their wealth. I used them to increase my net worth to close to $1 million and I have no doubt they can help you do the same. I describe each of these steps in detail in my popular eBook – 7 Steps to Financial Freedom.
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Set Your Personal Finances on the Right Track
It is very important to understand that how you deal with money on a regular basis will be a major contributor to your financial successes or failures. You may be tempted to jump right into investing, but without setting your personal finances on the right track, it will be very hard for you to reach financial freedom.
Regardless of your age, income or net worth, I recommend everyone do the following:
- Get Organized: 7 Steps to Financial Freedom – Personal Finanesorganizing your finances will help you see how much money you have, where it is going and what you can do better. I suggest you use Personal Capital or Mint to get an overview of your entire financial situation.
- Create a Monthly Budget: a budget will help you work on improving your spending habits, so you have more money to save and invest.
- Set Up an Emergency Fund: it pays to be prepared for unexpected events. Having an emergency reserve will protect your savings and investments in case something happens.
- Work on Getting Out of Debt: few things are as detrimental to your finances as debt. Figure out if you want to use the debt snowball or the debt avalanche payoff strategies and begin paying off your debt as quickly as possible.
- Save Ahead for Large Purchases: one of the biggest reasons people find themselves in debt is because they fail to save ahead for large expenses like vacations, moves, new cars or college tuition. Planning and saving ahead will help you stay debt-free while still enjoying your life.
If you develop good financial habits and begin making smart every-day financial decisions, you are half way to financial freedom. Now you can start working on investing your money to help you grow your wealth.
Grow Your Wealth Through Investing
Investing sounds complicated, but it doesn’t have to be. In fact, I am a big advocate of passive investing through index funds. An index fund portfolio is easy to set up and takes only a few hours per year to maintain. It will also allow you to take advantage of tax sheltered investment accounts, such as the IRA and the 401k.
I have written a detailed article series to help you set up your first investment portfolio:
- Setting Investment Goals: 7 Steps to Financial Freedom – Investingthe first thing you need to do is to set goals to know what you are working toward.
- Determining Your Risk Tolerance: your risk tolerance will dictate which investments are most appropriate for you.
- Picking an Asset Allocation: your asset allocation is the mix of investments in your portfolio. It will have a huge impact on your overall results.
- Choosing Investments: after picking your asset allocation, you need to find suitable index funds to fit each slot.
- Opening Appropriate Investment Accounts: before you can begin investing, you need to open at least one investment account.
- Buying Investments: the last article in the series will walk you through buying your first index fund.
And if this process seems too complex, there are even simpler alternatives. You can chose to invest in a single lifecycle fund that will serve as a diversified retirement portfolio. Or you can try Jemstep – a great online tool that will create an investment portfolio for you based on your retirement goals.