by Opal Minott

Created on: December 01, 2009

Should you become unemployed, could you maintain your standard of living? If not, then you are not financially free. You are probably not financially aware. Perhaps you have no savings, no insurance, low income and a huge debt burden. Your financial position can be reversed if you are willing to do the work required to do so. It will not be difficult if you get the right persons or resources to guide you along the process.

Your first step should involve learning the facts and myths about your money (Bach 1999).Many financial institutions offer services and valuable information through books, seminar videos and in articles on the internet. These include articles from: the Financial Review services (FRS); the Independence Financial Associates; Blunt money .com; www. richdad.com; and the Finishrich Quick Start programme.

The FRS built their financial programme on a four point focus as follows: Income-Increase income and earning; Debts-Effectively manage debt; Expenses-Reduce and control expenses; Protection-Protect your assets and yourself. They also highlight the value of passive income in gaining financial freedom. They recommend a five point strategy which follows this order: First is for you to build on whatever you are currently doing; second is to develop your discretionary or disposable income; Third is to diversify your source of income; Fourth is to acquire gold or silver coin sand Fifth is to develop protection for your income and fixed assets. (www.financialreviewservices.com/index.html)

Independence Financial Associates have posted an article which offers advice on the creating wealth by the following means: Estate and trusts; Retirement planning; Tax Planning; Investing; Cash Management and Risk Management. (www.independence-financial.com)

Rich Dad coaching offers to help in the following areas: Building a personalised financial and cash flow plan; Discovering your Mission, passion and purpose; Creating an individualized strategy to become secure comfortable and rich; mapping out where you want to go and what you need to do to get there; personalizing an investment plan to help you get into B and T quadrants and setting your plan in motion so that becoming rich is an automatic process. (www.richdad.com)

David Bach (1999) presents nine steps to achieving financial security, the first of which was discussed above. The other eight will be listed, with brief development on a few salient ones. They are: Put your money where your values are (step

• 1
• 2
• Next Page >>