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Financial freedom pitfall: Lack of purpose

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Financial freedom is the ability to sustain your chosen lifestyle for as long as you may live without ever having to work again.
 
Unfortunately, only 1% of people achieve this milestone. A lack of purpose is a major reason why 99% of people get it wrong:  
 
Wealth creation is a long term process and often a life-long journey. There are absolutely no quick fixes, unless you win the lotto or inherit a large sum of cash. But we’re not all that lucky.
 
►Where does one begin?
 
First ask yourself, ‘why do I want to be financially free or rich?’ This is an important question as wealth creation takes time, commitment, patience and requires you to break old habits.
 
If you cannot commit to change and new action, then I suggest you work on optimising your current retirement plan.
 
For me, financial freedom is not about money, it’s about freedom.
  • Freedom to spend as much time as I can with my family.
  • Freedom to give my children the very best.
  • Freedom to help mentor people to build their own financial empires.
  • Freedom to climb the world’s highest mountains including Everest (Yup, I have a thing for mountains).
If you want to be financially free, write your reasons down on a piece of paper (or wall), say them out loud to yourself every day and commit to them.
 
Start by changing your mindset and simply believing that anything is possible.   
 
Once you’ve made up your mind, decide how you’re going to achieve your goal of becoming financially free.
 
You can either watch paint dry or follow your dreams. The point is if you want to be able to live your ideal lifestyle, it’s going to take a few years to accomplish. So to keep your mind focused, you’ll want to do something that has meaning for you.
 
Why work on something that is pointless, when you have the potential to create an extraordinary life by focusing your energy on things that you truly believe in?
 
For me, it’s teaching and mentoring, and I’m currently using this as a catalyst to create my own extraordinary life.
 
How will you create your extraordinary life?
 
I like to think of freedom as a byproduct of fulfilling your life’s purpose. The most difficult part is discovering what that purpose is.
 
►Follow the three-step financial freedom plan:
  1. Discover your passion or life's purpose.
  2. Set financial goals. How much monthly passive income do you want when you stop working?
  3. Select your strategy. Acquire or build assets that will help you achieve your objectives. You must be able to measure the risks and return.

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